ZIMRA Collects RTGS$ 2 Billion Thanks To 2% Tax And Duty

The Zimbabwe Revenue Authority (ZIMRA) collected $2.059 billion in taxes from January to March 2019. The tax collector surpassed its target which was to collect $1.455 billion in that period.

According to ZIMRA in its Revenue Performance Report for the 3 months ended 31 March 2019, the growth in collections is mainly because of the 2% Tax (technically known as the Intermediate Money Transfer Tax), Duty, and Corporate Income Tax.

The 2% Tax revenue collected for the 3 months was $282.84 million. ZIMRA’s target for the 3 months was just $150 million.

Duty collections in the period, grew the most in absolute terms with $565.65 million collected, against a target of $242.19 million. $242 million Income Tax was collected against a target of $172 million.

Said ZIMRA Board Chairman Callisto Jokonya, in the report:

This is the first report coming out after the appointment of the new Board of Directors as announced by the Minister of Finance and Economic Development on 20 December 2018. As a new Board we have started on a high note with the first quarter revenue collection targets having been significantly surpassed. We have confidence that this trend is going to be maintained throughout the year. A number of strategies are lined up to increase revenue collections and to enhance levels of efficiency in ZIMRA’s operations.

ZIMRA has made a note however that the collections are in RTGS$. The value of the RTGS$ has fallen significantly both on the interbank and the parallel markets.

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