Zimra collects $58 billion revenue Q3

THE Zimbabwe Revenue Authority (Zimra) recorded a 31.19 percent jump to ZWL$58,81 in gross revenue collections above the ZWL$44.83 billion target for the third quarter ended 30 September 2020, as more businesses re-opened in response to relaxation of Covid-19 restrictions by the Government.

In a revenue performance report for the quarter under review, Zimra said the upward trajectory was attributable to recovery in business operations.

"Covid-19 lockdown conditions were relaxed, enabling more businesses to resume operations, thereby enhancing their ability to meet their tax obligations.

"Gross collections for the quarter were ZWL$58,81 billion, translating to 31,19 percent above the targeted ZWL$44.83 billion. After deducting refunds of ZWL$1,81 billion, net collections came down to ZWL$57 billion," said the tax authority. "This gives a positive variance of 27,16 percent."

Compared to the same period last year where ZWL$6,42 billion was collected, nominal net revenue collections grew by 788,16 percent, said Zimra. During the period, major revenue contributions came from individual tax at 15,26 percent, companies' tax 14,63 percent while excise duties contributed 14,17 percent, Value Added Tax (VAT) on local sales (13,24 percent) and VAT on Imports (13,08 percent).