Chinamasa reviews revenue projections

Government has revised downwards revenue projection for 2013 from the initial $3.86 billion to $3.762 billion owing to the poor performance of the economy in October.

The decision by government to revise revenue collections for 2013 comes on the back of poor performance of the economy, with latest figures from the Zimbabwe Revenue Authority indicating that revenue collections for the third quarter missed a target by one percent.

Briefing parliamentarians and other stakeholders during the pre-budget seminar in the resort town of Victoria Falls, the Minister of Finance and Economic Development, Patrick Chinamasa said interim revenue collections for the month of October show that the target of $328.8 million was missed, managing only $248 million.

Chinamasa said this has forced government to revise downwards revenue collections for November and December from a cumulative total of $816.2 million to $702.2 million.

The downward revision of the revenue collections is in line with the developments in the economy as the growth rate has also been revised.

The country's revenue collection is being pushed by value added tax contributing 29 percent, individual income tax raking in 20 percent, excise duty at 13 percent with customs duty and corporate income tax contributing 20 percent.