News / National
Zimra surpasses revenue target
16 Jan 2013 at 18:30hrs | Views
The Zimbabwe Revenue Authority (ZIMRA) has surpassed the annual revenue targets by 7% to US$3,454 billion against a target of US$3,233 billion.
The last quarter of the year saw revenue inflows improving significantly with the month of December recording the highest collections of US$414,58 million.
In a statement, ZIMRA board chairman, Mr Stenford Moyo said value added tax and individuals contributed to the bulk of the revenue with 33% and 21% respectively.
Companies' contributions were on third place with 14% while excise and customs duty contributed 12% and 11% respectively.
Mr Moyo said revenue targets were surpassed because of the effective revenue enhancing projects that were carried out by his organisation to enforce compliance by clients.
Mining royalties were 5% above target after contributing US$136,9 million against a target of US$130,1 million.
The high figure was attributed to the increase in the rates of royalties on gold and platinum.
The last quarter of the year saw revenue inflows improving significantly with the month of December recording the highest collections of US$414,58 million.
In a statement, ZIMRA board chairman, Mr Stenford Moyo said value added tax and individuals contributed to the bulk of the revenue with 33% and 21% respectively.
Companies' contributions were on third place with 14% while excise and customs duty contributed 12% and 11% respectively.
Mr Moyo said revenue targets were surpassed because of the effective revenue enhancing projects that were carried out by his organisation to enforce compliance by clients.
Mining royalties were 5% above target after contributing US$136,9 million against a target of US$130,1 million.
The high figure was attributed to the increase in the rates of royalties on gold and platinum.
Source - zbc
