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Enacy Mapakame
The Zimbabwe Revenue Authority (ZIMRA) is upbeat that it will exceed its 2022 annual revenue target of $809 billion after it surpassed its half-year target by 36,8 percent.
Acting Commissioner General Regina Chinamasa told stakeholders at an annual general meeting on Wednesday that the authority had collected $491 billion during the half-year period to June 30, 2021, against a target of $359 billion target.
“During the first half of the year, $491 billion was collected against a target of $359 billion and we are hopeful of meeting the annual target.
“The 2022 Annual revenue target of $809,4 billion is likely to be reviewed upwards in the second half of 2022,” she said.
Figures from the Zimbabwe National Statistics Agent (ZIMSTATS) show that annual inflation increased from 60,7 percent in December 2021 to 191 percent in June 2022 creating scope for review of revenue collection targets.
In 2021, ZIMRA collected net revenue amounting to $463,57 billion which was 154,77 percent growth in nominal terms and 4,73 percent real growth from 2020.
According to the Authority, annual net revenue was 19,66 percent ahead of the target of $387,40 billion.
The top five revenue earners were Value Added Tax VAT, which accounted for 25,17 percent; companies at 20,42 percent; individuals at 17,12 percent; excise duty at 12,29 percent while the Intermediated Money Transfer Tax (IMTT) popularly known as the 2 percent tax accounted for 9,64 percent.
“The Authority has consistently recorded positive real growth from 2019 to 2021,” said Ms Chinamasa.
Figures from ZIMRA show that the debt to revenue ratio increased from 4,76 percent as at December 2020 to 7,17 percent as at December 2021.
ZIMRA income statement had a surplus of $723,3 million compared to $187,2 million in 2020. A surplus on revaluation amounting to $9,355 billion was realized due to revaluation of assets. During the financial year 2021, capital expenditure for the year was $1,3 billion against a budget of $5,5 billion while recurrent expenditure increased by 262 percent from $5,733 billion in 2020 to $15 billion in 2021.
ZIMRA also emphasised its commitment to support Government programmes in line with the National Development Strategy (NDS1). But at the core of its business is fighting corruption and plugging revenue leakages. The Authority is a member of the National Anti-Corruption Strategy Steering Committee and actively participates in five of the six National Sub-Committees.
Chairman Mr Anthony Mandiwanza said investment in technology and digitalisation was key in combating corruption.
“The fight against corruption is a key strategic matter and has to be dealt with the use of technology being significant in this agenda,” he said at the same AGM.
Online Reporter