Business / Economy
Zimra misses target
01 Nov 2015 at 15:56hrs | Views
The Zimbabwe Revenue Authority (ZIMRA) has missed its third quarter revenue target by about nine percent.
ZIMRA had set a target to collect US$964 million in the third quarter but managed US$878 million, falling short of the projected earnings by US$86 million.
ZIMRA board chairperson, Mrs Willia Bonyongwe attributed the revenue underperformance to the depressed economic environment for the quarter which was characterised by power supply challenges, low industry output and softening of metal prices on the international market.
Net cumulative revenue collections as at 30 September amounted to US$2,54 billion, which is 67,54 percent of the 2015 annual target of US$3,76 billion.
According to the revenue report for the third quarter, the bulk of the revenue was realised from individual tax, excise duty and value added tax (VAT).
Individual tax was the major contributor with collections from the revenue head amounting to US$195 million, representing a 22 percent contribution.
The tax authorities also described as disappointing the response to the tax amnesty meant to give clients chance to regularise their tax affairs.
ZIMRA has also warned it will leave no stone unturned in pursuing tax evaders who did not take advantage of the window of amnesty that had been extended to them.
ZIMRA had set a target to collect US$964 million in the third quarter but managed US$878 million, falling short of the projected earnings by US$86 million.
ZIMRA board chairperson, Mrs Willia Bonyongwe attributed the revenue underperformance to the depressed economic environment for the quarter which was characterised by power supply challenges, low industry output and softening of metal prices on the international market.
Net cumulative revenue collections as at 30 September amounted to US$2,54 billion, which is 67,54 percent of the 2015 annual target of US$3,76 billion.
Individual tax was the major contributor with collections from the revenue head amounting to US$195 million, representing a 22 percent contribution.
The tax authorities also described as disappointing the response to the tax amnesty meant to give clients chance to regularise their tax affairs.
ZIMRA has also warned it will leave no stone unturned in pursuing tax evaders who did not take advantage of the window of amnesty that had been extended to them.
Source - zbc
