Zimra surpasses Q1 revenue target

THE Zimbabwe Revenue Authority (Zimra) says it has surpassed its revenue target for the first quarter of 2017.

A statement released by the authority shows that the $812 million target for the first quarter 2017 was exceeded by about six percent.

"Zimra is pleased to advise the nation that the revenue target for the first quarter of 2017, which stood at $812.94 million, has been surpassed, courtesy of your tax compliance and support.

"Gross revenue collections for the first quarter amounted to $862.47 million and were six percent above target. Net collections after refunds were two percent above target and amounted to $826.63 million," reads the statement.

The tax authority paid tribute to its clients for demonstrating patriotism through voluntary payment of taxes, custom duties and excise duties.

"The board, acting commissioner general, management and staff of Zimra sincerely thank all valued clients for paying taxes, custom duties and excise duties on time and in full to promote Zimbabwe's socio-economic development programmes," it said.

In January this year, Zimra surpassed gross and net revenue targets for January 2017 by over four percent and three percent respectively against a target of $254.10 million.

Last year, the Government missed its revenue collection target by four percent at $3.46 billion below the targeted $3.6 billion with Zimra blaming the negative performance on unwillingness by tax agents to meet obligations.

Meanwhile, the tax authority said it is also pleased that measures to enhance operational efficiency and effectiveness to boost revenue collections and to safeguard revenue are bearing fruit.