Zimra misses revenue target again

The Zimbabwe Revenue Authority missed its September quarter revenue target by 9% due to the liquidity crisis, fall in industrial capacity utilisation and lack of lines of credit which have resulted in a reduction in  the volumes of duty paying imports, Zimra third quarter performance report revealed.
 
Zimra's net revenue collections amounted to $884.5 million against a target of $972.3 million.

Value Added Tax (VAT) contributed $250.2 million which is 28% of total collection, Individual Tax and Excise Duty contributed $226.2 million (26%) and $122.9 (14%) million respectively.
 
Gross VAT collections were $325.7 million against a target of $321.4 million but VAT refunds amounted to $75.9 million resulting in net collections of $250.2 million
 
Individual tax revenue increased 7% to $226.2 million and 19% ahead of the target of $190 million. Corporate income tax was down 10% to $92.2 million and 11% below the target.

Gross collections from Customs Duty were $88.7 million while net collections for the quarter were $88.2 million against a target of $117.1 million.