News / National
Zimra surpasses target by 17%
19 Jan 2018 at 00:58hrs | Views
THE Zimbabwe Revenue Authority (Zimra) exceeded its 2017 gross annual performance by 17 percent while net collections after deducting refunds were surpassed by 10 percent.
In a statement accompanying revenue performance report for the year ended December 31, 2017, Zimra chairperson Mrs Willia Bonyongwe said the positive performance was largely due to the tax collector's concerted efforts to enhance collections through rigorous revenue enhancement measures.
During the period under review, the actual gross revenue collections were $3.978 billion while net collections were $3.75 billion surpassing the target of $3.4 billion by $350 million.
"Net collections after deducting refunds of $228.28 million amounted to $3.75 billion against a target of $3.4 billion.
"This gives a positive variance of 10.29 percent. Net revenue collection for the year improved by 15.46 percent from the $3.248 billion collected in 2016.
"The concerted effort by the authority through rigorous revenue enhancement measures, an unwavering stance against corruption and resultant improved compliance by taxpayers contributed to this positive revenue performance," said Mrs Bonyongwe.
Following the Small and Medium Enterprises formalisation programme whose moratorium expired on June 30, 2017, a total of 12 992 SMEs registered their operations for tax purposes with Zimra.
"Revenue performance for the year was encouraging notwithstanding the challenges in the operating environment. The level of compliance is still very low and there are several economic units with no relationship to the revenue authority. This is living dangerously because when Zimra catches up, there will be penalties to pay," she said.
During the period under review, the tax collector also registered a net surplus of $350 million reducing the projected fiscal deficit of $400 million by 87.5 percent.
In the fourth quarter of 2017, revenue collections stood at $1.159 billion surpassing the projected quarterly target of $880 million and thus reflecting a positive variance of 32 percent.
In the comparable period in 2016, collections were $893 million.
As at December 2017, collections stood at $473 million surpassing the targeted $342 million.
In a statement accompanying revenue performance report for the year ended December 31, 2017, Zimra chairperson Mrs Willia Bonyongwe said the positive performance was largely due to the tax collector's concerted efforts to enhance collections through rigorous revenue enhancement measures.
During the period under review, the actual gross revenue collections were $3.978 billion while net collections were $3.75 billion surpassing the target of $3.4 billion by $350 million.
"Net collections after deducting refunds of $228.28 million amounted to $3.75 billion against a target of $3.4 billion.
"This gives a positive variance of 10.29 percent. Net revenue collection for the year improved by 15.46 percent from the $3.248 billion collected in 2016.
"The concerted effort by the authority through rigorous revenue enhancement measures, an unwavering stance against corruption and resultant improved compliance by taxpayers contributed to this positive revenue performance," said Mrs Bonyongwe.
Following the Small and Medium Enterprises formalisation programme whose moratorium expired on June 30, 2017, a total of 12 992 SMEs registered their operations for tax purposes with Zimra.
"Revenue performance for the year was encouraging notwithstanding the challenges in the operating environment. The level of compliance is still very low and there are several economic units with no relationship to the revenue authority. This is living dangerously because when Zimra catches up, there will be penalties to pay," she said.
During the period under review, the tax collector also registered a net surplus of $350 million reducing the projected fiscal deficit of $400 million by 87.5 percent.
In the fourth quarter of 2017, revenue collections stood at $1.159 billion surpassing the projected quarterly target of $880 million and thus reflecting a positive variance of 32 percent.
In the comparable period in 2016, collections were $893 million.
As at December 2017, collections stood at $473 million surpassing the targeted $342 million.
Source - the herald
