News / National
Zimra revenue collections to reach $5bn by year end
21 Dec 2018 at 05:54hrs | Views
ZIMBABWE'S tax agency says it has met this year's revenue target of $4,7 billion and it sees collections reaching $5 billion by year end.
Last year, the actual gross revenue collections totalled $3,978 billion, ahead of the target of $3,4 billion by $350 million.
Zimbabwe Revenue Authority (Zimra) commissioner-general Faith Mazani told journalists yesterday that revenue collection had been consistently above target from January to November 2018, on the back of various interventions aimed at maximising collections.
"We will close 2018 with more than $4,7 billion (targeting to reach the $5 billion phychological mark). We are targeting to grow revenue by 32% in 2019 to $6,2 billion, and 16% to $7,1 billion in the following year,"Mazani said.
The 2019 budget proposes expenditure of $8,2 billion implying a shortfall of $2 billion.
Mazani said the taxman was faced with a ballooning debt which currently stands at US$4,5 billion including penalties and interest. About 80,4 % of the tax debt emanates from the private sector while parastatals and local authorities account for 13,4% and 6,11% respectively.
In a bid to deal with the ever-growing debt, Mazani said Zimra had set up a fully-fledged and standalone debt recovery unit together with flexible payment plans for selected clients.
She said among a cocktail of measures to maximise revenue collection, the tax agency would aim to grow the tax base and enhance integrated data management, increase security and agility in the international flow of goods and services, modernise infrastructure and integrate ICT systems.
Mazani added that Zimra had launched a five year strategy anchored on four Ps (People, Processes, Partnerships and Projects).
"This will be achieved through appropriate human resources structure and adequate skills which support strategy, simplified, effective and efficient processes dependant on robust IT systems, Win-Win strategic partnerships for increased voluntary compliance and adoption of international best practice in project management which results in successful implementation of strategic projects," she said.
Government has since appointed a new board for Zimra led by Calisto Jokonya who will be deputized by Josephine Matambo.
Other members include Finance ministry secretary George Guvamatanga, Chamber of Mines chief executive Isaac Kwesu, human resources consultant Memory Nguwi and the chief executive of the Zimbabwe Consolidated Diamond Company, Morris Mpofu.
Last year, the actual gross revenue collections totalled $3,978 billion, ahead of the target of $3,4 billion by $350 million.
Zimbabwe Revenue Authority (Zimra) commissioner-general Faith Mazani told journalists yesterday that revenue collection had been consistently above target from January to November 2018, on the back of various interventions aimed at maximising collections.
"We will close 2018 with more than $4,7 billion (targeting to reach the $5 billion phychological mark). We are targeting to grow revenue by 32% in 2019 to $6,2 billion, and 16% to $7,1 billion in the following year,"Mazani said.
The 2019 budget proposes expenditure of $8,2 billion implying a shortfall of $2 billion.
Mazani said the taxman was faced with a ballooning debt which currently stands at US$4,5 billion including penalties and interest. About 80,4 % of the tax debt emanates from the private sector while parastatals and local authorities account for 13,4% and 6,11% respectively.
In a bid to deal with the ever-growing debt, Mazani said Zimra had set up a fully-fledged and standalone debt recovery unit together with flexible payment plans for selected clients.
She said among a cocktail of measures to maximise revenue collection, the tax agency would aim to grow the tax base and enhance integrated data management, increase security and agility in the international flow of goods and services, modernise infrastructure and integrate ICT systems.
Mazani added that Zimra had launched a five year strategy anchored on four Ps (People, Processes, Partnerships and Projects).
"This will be achieved through appropriate human resources structure and adequate skills which support strategy, simplified, effective and efficient processes dependant on robust IT systems, Win-Win strategic partnerships for increased voluntary compliance and adoption of international best practice in project management which results in successful implementation of strategic projects," she said.
Government has since appointed a new board for Zimra led by Calisto Jokonya who will be deputized by Josephine Matambo.
Other members include Finance ministry secretary George Guvamatanga, Chamber of Mines chief executive Isaac Kwesu, human resources consultant Memory Nguwi and the chief executive of the Zimbabwe Consolidated Diamond Company, Morris Mpofu.
Source - newsday
