adminchairman Mr Sternford Moyo said the strong revenue performance was a result of effective compliance measures the taxman adopted to enhance inflows.
“Gross (revenue) collections for the year (2012) amounted to US$3,4 billion against a target of US$3,2 billion, giving a positive variance of 7 percent,” Mr Moyo said.
Value Added Tax accounted for the largest chunk of collections after weighing in with 33 percent at US$1,083 billion, representing a negative variance of 1 percent off target.
Individual Tax came in second, having contributed 21 percent after collections totalled US$686,4 million, a 6 percent positive variance on projection.
Company tax inflows at US$442,7 million accounted for 14 percent of total collections representing a 7 percent variance. Zimra attributed the performance to recapilisation.
Excise duty inflows totalled US$394,1 million against a target of US$385,9 million, a 2 percent deficit as the head’s performance was largely helped by duty increase on fuel.
This performance represented 12 percent of the total revenue.
Customs duty contributed the second least amount at US$354,2 million against a target of US$376, 9 million, a 6 percent negative variance due to the impact of the tax regime (rebates, duties and bilateral arrangements) on the tax head.
Collections from the customs duty revenue head, Zimra said, accounted for 11 percent of the annual revenue inflows.
At the bottom end of the revenue heads inflows was mining royalties, which chipped in with US$136,9 million against a US$130 million target, 5 percent above target.
This tax head represented 4r percent of the total collections.
Mr Moyo said carbon tax accounted for 1 percent of total collections while other taxes constituted 4 percent.
While revenue collections eventually exceeded targets, Finance Minister Tendai Biti had early in the year expressed doubts that the initial targets, later revised, would be met.
This saw him revise his initial 2012 National Budget from US$3,8 billion to US$3,6 billion due to worrying poor revenue inflows, which affected Government programmes.
Online Reporter