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Senior Business Reporter
THE Zimbabwe Revenue Authority (Zimra) surpassed the 2022 fourth-quarter revenue collection target by 34.05 percent to ZWL$935 billion, and the 2022 annual target by 26.47 percent.
The authority collected total net revenue of ZWL$2 trillion in 2022 against a target of ZWL$1.6 trillion (26.4 percent) above the target.
In a trading update for the period ending 31 December released on Monday, the tax collector said individuals accounted for the bulk of revenue collected, at 18.88 percent
“Despite the challenging operating environment, the authority managed to surpass the Q4 2022 target by 34.05 percent and the 2022 Annual target by 26.47 percent,” said the authority.
Net revenue collected in Q4 2022 grew by 467.56 percent 59.50 percent in normal and real terms respectively from the same period in 2021.
All revenue heads registered growth in both nominal and real terms.
Individuals were the highest contributors with 18.88 percent, excise duty (14.16 percent), value added tax on Local Sales (14.11 percent), companies accounted for 13.92 percent and VAT on the Imports was 12.06 percent.
“Tax from individuals exceeded the set target by 70.92 percent and revenue growth was 76.69 percent in real terms as compared to Q4 2021,” said Zimra.
“The positive real growth is mainly attributable to salary adjustments, bonus payments, partial payments, and full payments of salaries in foreign currency.”
Net revenue grew by 331.72 percent in nominal terms from 2021 and after adjusting for inflation net revenue grew by 51.97 percent.
The authority cleared exports amounting to ZWL$1.28 Trillion in 2022 up from ZWL$192.56 billion in 2021 as compared to 2021 representing a 563.07 percent nominal growth).
derick.khumalo