ZIMRA Surpasses $6B Target In 3rd Quarter
The Zimbabwe Revenue Authority (Zimra) has in its report released over the weekend revealed that the authority surpassed the target of six billion dollars in the third quarter.
The taxman raised ZWL$6,42 billion dollars and says an increase to a widening tax base, stamping out of revenue leakages and prevention of corruption by its members contributed to increased revenue.
The report identifies company tax, tax on imports, excise duty, dividends, fees, and tobacco levy, debt follow-ups audits and compliance by some sectors of the economy as major contributors of revenue whilst the 2% transaction tax, foreign currency trading, fuel transactions and an increase in mobile payments are expected to to further increase revenue collections.
Meanwhile, analysts say that the country needs to broaden its tax base and find measures to deal with its porous borders which they say constitute a soft spot for revenue leakage.
They also say that authorities also need to find ways to motivate members of the public to pay taxes. They say the government can, for instance, introduce tax holidays and also simply the tax process which tends to frustrate those who intend to comply with the process.
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