News / National
Zimra to surpass revenue target
11 Dec 2013 at 14:05hrs | Views
The Zimbabwe Revenue Authority Zimra says it will surpass its target of $3.6 billion by the 31st of December.
So far nearly $3.4 billion has been collected.
The revenue authority, which failed to meet the budgeted $904 million target for the third quarter by a marginal variance of one percent, is confident of exceeding the 2013 annual target.
In an interview on the sidelines of the Supervisory and Management Programme graduation ceremony, Zimra Finance and Corporate Planning Director Robert Mangwiro said indications are that the authority is set to exceed the 2013 revenue target of $3.6 billion at the back of improved economic outlook.
Mr Mangwiro attributed the revenue underperformance during the second and third quarter to the sluggish economic performance and the subdued performance by the local industry.
During the third quarter, revenue collections amounted to $897 million against the budgeted $904 million.
Mining royalties contributing a mere $36 million at the back of fluctuations in metal prices, while customs duty stood at $91,8 million.
Liquidity constraints, retrenchments, company closures among other challenges have led to the shrinkage of the country's revenue base.
However, the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (ZimAsset) blue print is expected to address most of the challenges and boost the local economy next year.
So far nearly $3.4 billion has been collected.
The revenue authority, which failed to meet the budgeted $904 million target for the third quarter by a marginal variance of one percent, is confident of exceeding the 2013 annual target.
In an interview on the sidelines of the Supervisory and Management Programme graduation ceremony, Zimra Finance and Corporate Planning Director Robert Mangwiro said indications are that the authority is set to exceed the 2013 revenue target of $3.6 billion at the back of improved economic outlook.
During the third quarter, revenue collections amounted to $897 million against the budgeted $904 million.
Mining royalties contributing a mere $36 million at the back of fluctuations in metal prices, while customs duty stood at $91,8 million.
Liquidity constraints, retrenchments, company closures among other challenges have led to the shrinkage of the country's revenue base.
However, the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (ZimAsset) blue print is expected to address most of the challenges and boost the local economy next year.
Source - zbc
