Zimra collects $1,7 billion, surpasses half-year revenue target

The Zimbabwe Revenue Authority (Zimra) collected $1,7 billion, surpassing its half-year revenue target by by 8 percent above the target of $1,656 billion.

In a statement chairperson of Zimra Mrs Willia Bonyongwe said that revenue collection can increase to 6 billion if everyone complies. Bonyongwe said that the major performing tax heads were company tax, dividends, fees, interest and remittances (DFIR), customs duty, excise duty and mining royalties. The bulk of the revenue collected in the last six months was realised from individual tax, which contributed 20 percent to total gross collections. Excise duty accounted for 17,8 percent of gross collections while net VAT on local sales and VAT on imports contributed 18 percent and 10,5 percent respectively.

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