Zimra misses revenue targets

The Zimbabwe Revenue Authority (Zimra) says second quarter revenue figures are slightly below target as liquidity constraints continue to affect the economy.

Zimra Commissioner General, Mr Gershom Pasi said the authority will continue to implement strategies to grow the revenue base and has indicated that second quarter figures will be slightly lower than projected.

"Revenue collections are slightly below target. The lower than expected performance is due to the liquidity constraints on the market," said Mr Pasi .

The authority has also bemoaned the lukewarm response to the tax amnesty it extended to industry, but emphasised that measures to deal with the defaulters will be effected soon.

Zimra granted a tax amnesty to all classes of taxpayers for tax offenses committed between February 1, 2009 and September 30, 2014.

Revenue collections during the first quarter of the year amounted to $896.6 million against a target of $850 million, resulting in a positive variance of 5%.

The bulk of the revenue was realised from value added tax (vat), individual tax and excise duty.