Business / Economy
Zimra surpasses revenue target
05 May 2014 at 06:22hrs | Views
THE Zimbabwe Revenue Authority (Zimra) has surpassed the revenue projection for first quarter by two percent to $834,6 million against a target of $817,9 million.
In a statement, Zimra commissioner general Gershem Pasi said most of the revenue was collected from Value Added Tax (VAT), individual tax and excise duty which contributed immensely to the amount of revenue collected.
"Net revenue collections for the first quarter amounted to $834,6 million against a target of $817,9 million, resulting in a positive variance of two percent," he said.
"VAT brought in the greatest portion of revenue after contributing 25 percent while individual tax and excise duty contributed 23 percent and 13 percent respectively," he said.
Pasi said collections under the individual tax amounted to $193,3 million against a target of $168 million.
"Collections under this revenue head amounted to $193,3 million against a target of $168 million resulting in a positive variance of 12 percent growth in revenue and this can be attributed to follow ups and audits carried out by the authority," he said.
The companies or corporate income tax amounted to $104,7 million against a target of $88 million. There has been a 22 percent growth in the revenue collected from $85,6 million collected last year during the same period.
He said Capital Gains Tax and withholding tax collected $8,4 million against a target of $5,9 million while last year $3,6 million was collected.
"This can be attributed to availability of mortgage loans from some financial institutions which resulted in increased purchases of property."
VAT from imports contributed revenue amounting to $107,8 million against a target of $95 million showing a positive variance of 13 percent.
Last year, during the same period $123,4 million was realised translating to a 13 percent decline in revenue collected.
"This revenue head contributed 13 percent to the total revenue collected and 51 percent to total VAT revenue," he said.
Mineral royalties contributed nine percent, VAT on local sales 12 percent, companies 13 percent, carbon tax one percent, customs duty nine percent and other taxes seven percent to the revenue collected.
In a statement, Zimra commissioner general Gershem Pasi said most of the revenue was collected from Value Added Tax (VAT), individual tax and excise duty which contributed immensely to the amount of revenue collected.
"Net revenue collections for the first quarter amounted to $834,6 million against a target of $817,9 million, resulting in a positive variance of two percent," he said.
"VAT brought in the greatest portion of revenue after contributing 25 percent while individual tax and excise duty contributed 23 percent and 13 percent respectively," he said.
Pasi said collections under the individual tax amounted to $193,3 million against a target of $168 million.
"Collections under this revenue head amounted to $193,3 million against a target of $168 million resulting in a positive variance of 12 percent growth in revenue and this can be attributed to follow ups and audits carried out by the authority," he said.
The companies or corporate income tax amounted to $104,7 million against a target of $88 million. There has been a 22 percent growth in the revenue collected from $85,6 million collected last year during the same period.
He said Capital Gains Tax and withholding tax collected $8,4 million against a target of $5,9 million while last year $3,6 million was collected.
"This can be attributed to availability of mortgage loans from some financial institutions which resulted in increased purchases of property."
VAT from imports contributed revenue amounting to $107,8 million against a target of $95 million showing a positive variance of 13 percent.
Last year, during the same period $123,4 million was realised translating to a 13 percent decline in revenue collected.
"This revenue head contributed 13 percent to the total revenue collected and 51 percent to total VAT revenue," he said.
Mineral royalties contributed nine percent, VAT on local sales 12 percent, companies 13 percent, carbon tax one percent, customs duty nine percent and other taxes seven percent to the revenue collected.
Source - chronicle
