Zimra's third quarter revenue up 6%

The Zimbabwe Revenue Authority (ZIMRA) collected US$919 million gross revenue in the third quarter which is a six percent increase compared to what the authority collected in the second quarter.

The figures however missed the quarterly target.

According to revenue performance for the third quarter released by ZIMRA this Friday, figures indicate that there has been an increase of revenue collection at US$919.90 million compared to second quarter's figure of US$854.17 million.

In a statement, ZIMRA board chairperson Mrs Willia Bonyongwe attributed the increase in revenue to the combined effect of automation, enhanced enforcement and efficiency measures and the fight against corruption.

In the third quarter, ZIMRA had a net collection of US$854 million out of a target of US$917 million.

The net figure was reached after value added tax refunds of US$64 million customs and other refunds amounting to US$761 000.

According to the statement major contributors of in the quarter review are individual tax at 23.89 percent, excise duty at 18.50 percent, vat on sales at 18.43 percent whilst vat on imports contributed 10.51 percent.

Mrs Bonyongwe said the third quarter was characterised by the softening of global commodity prices which had a direct impact on the performance of the country's major foreign currency exports such as diamonds, platinum, gold and chrome.