Zimra makes $262.21 million in net revenue, surpasses January revenue target

In a statement Zimra head of corporate communications Mr Canisio Mudzimu said that the Zimbabwe Revenue Authority (Zimra) surpassed gross and net revenue targets for January 2017 by over four percent and three percent respectively against a target of $254,10 million.

Said Mudzimu:

The authority collected gross and net revenue amounting to $264.79 million and $262.21 million respectively, against a target of $254.10 million. This translates to a growth in net revenue of over 13 percent when compared to the $232.01 million, which was collected during the same period last year. The sterling performance was mainly driven by contributions from Value Added Tax (VAT) on local sales, which were 41 percent above target with total net collections of $76.90 million.

The increase in revenue has been attributed to increased consumption of goods, which attract VAT during the festive season, coupled with use of plastic money and the ongoing fiscalisation project whose aim is to plug revenue leakages. Last year, the Government missed its revenue collection target by four percent at $3,46 billion below the targeted $3,6 billion with Zimra blaming the negative performance to unwillingness by tax agents to meet obligations.

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