2020 Revenue Will Decline Because Of COVID-19 - ZIMRA

ZIMRA has said the COVID-19 pandemic has greatly affected revenue collection and the taxman might not meet the targetted revenue projections, NewsDay reports.

This was revealed by the ZIMRA Spokesperson Francis Chimanda who said;

Indeed, revenue collection has greatly been affected due to the lockdown-related factors that include shutdown of borders, travel restrictions that have disproportionately reduced imports, thereby affecting revenue collection from excise duty and customs duty, reduced receipts from tourism

So far, among other factors, the above have contributed to performance below quarterly target for value-added tax (VAT) on local sales, capital gains tax (CGT) and CGT withholding, tobacco levy, excise duties and mining royalties for the first quarter of 2020

According to Chimanda ZIMRA collected revenue that was 6.86% below their target in April 2020. However, for the first quarter of 2020, ZIMRA collected 10.62% above their target.

More: Newsday