Business / Companies
ZIMRA misses revenue target
31 Jul 2016 at 22:33hrs | Views
The Zimbabwe Revenue Authority (ZIMRA) has missed the first half revenue targets by six percent as gross revenue collections for the period stood at US$1,65 billion, according to the revenue performance report for the first half of 2016.
The authority is however confident of improved performance during the second half of the year.
The subdued operating environment which saw the country revising downwards its 2016 economic growth projections, impacted negatively on revenue performance.
Total revenue collections amounted to US$1,65 billion against the target of US$1,75 billion.
ZIMRA Board Chairperson, Mrs Willia Bonyongwe attributed the revenue underperformance to the depressed economic environment and non-compliance by taxpayers.
The revenue authority is however confident of improved performance during the second half of the year given the ongoing efforts to improve operational efficiencies, eradicating corruption and increasing the level of compliance amongst the taxpayers.
Tax debt rose by 33.50% to US$2,63 billion during the period under review with private sector entities accounting for 76.92% of the obligations.
The revenue authority is upbeat the finalisation of the automation process will go a long way in improving revenue inflows.
The authority is however confident of improved performance during the second half of the year.
The subdued operating environment which saw the country revising downwards its 2016 economic growth projections, impacted negatively on revenue performance.
Total revenue collections amounted to US$1,65 billion against the target of US$1,75 billion.
The revenue authority is however confident of improved performance during the second half of the year given the ongoing efforts to improve operational efficiencies, eradicating corruption and increasing the level of compliance amongst the taxpayers.
Tax debt rose by 33.50% to US$2,63 billion during the period under review with private sector entities accounting for 76.92% of the obligations.
The revenue authority is upbeat the finalisation of the automation process will go a long way in improving revenue inflows.
Source - ZBC
