Zimra surpasses target

improved economic performance.
Zimra board chairman Mr Sternford Moyo said the organisation collected US$660,7 million against a target of US$654,9 million.
“Total net collections for the quarter amounted to US$660,7 million against a target of US$654,9 million resulting in a positive variance of three percent.

“Cumulative net collections are now slightly below US$2 billion against a target of US$1,8 billion.
Mr Moyo said most of the revenue was realised from Value Added Tax (US$225,5 million), Individual Tax (US$148,6 million) and Customs Duty (US$85,2 million).
“The third quarter registered a positive performance owing to revenue enhancement measures that were implemented by Zimra as well as a gradual improvement in compliance levels.

“In addition the economy is gradually picking up, pointing to a positive year end,” he said.
Zimra also collected US$67,9 million in corporate taxes, US$81,1 million in excise duty while other taxes contributed US$52,4 million.
Mr Moyo however said collections from companies of US$67,9 million were below the target of US$81,1 million and blamed this on liquidity challenges in the economy.

“There was a decline in this revenue head as compared to last quarter’s performance.
“Many are still affected by liquidity challenges, owing to a lack of lines of credit, resulting in them operating with low working capital.
“In addition, constant power outages are working against productivity in many companies and this is negatively affecting profitability,” Mr Moyo said.

In the second quarter the Zimra collected US$675,9 million against a target of US$595,60.
This represented a nine percent rise in collections from the US$618 million collected in the first quarter.

Mr Moyo commended Zimra staff for their commitment to work and said this year’s targets were likely to be surpassed.

“Given the momentum gathered so far and the level of dedication and team spirit that is prevailing within the organisation, Zimra is confident that this year’s target will be surpassed.
Government is mainly relying on revenues generated internally as there are no lines of credit from international financial institutions due to the illegal sanctions imposed on Zimbabwe by Western countries.