Business / Local
ZIMRA exceeds 2017 annual revenue target
05 Jan 2018 at 08:11hrs | Views
The Zimbabwe Revenue Authority (ZIMRA) exceeded its 2017 gross annual performance by 17% while net collections - after deducting refunds – were surpassed by 10%. The actual gross revenue collections were US$3.978 billion for the year while net collections were US$3.75 billion, which surpassed the target of US$3.4 billion by US$350 million.
ZIMRA collected a net surplus of US$350 million reducing the projected fiscal deficit of US$400 million by 87.5%.
Revenue collections for the fourth quarter of 2017 amounted to US$1.159 billion surpassing a quarterly target of US$880 million resulting in a positive variance of 32%. Compared to the same period the previous year in 2016, where collections during that period were US$893 million, the revenue growth for the fourth quarter 2017 was 30%.
As for December 2017, collections stood at US$473 million surpassing a target of US$342 million by 38%. The Authority's revenue collections grew by 35% from US$350 million collected in 2016 for the month of December.
ZIMRA's acting Commissioner General Mr Happias Kuzvinzwa thanked the nation's valued clients, stakeholders, ZIMRA management and staff for the record-breaking 2017 revenue performance, a first in four years.
"I want to assure the nation that despite the challenges that we faced over the year, the Authority is still on solid ground. Business continuity strategies are solidly in place and going forward nothing will fall between our fingers because of our continuity strategies.
"As we move into 2018, we will upscale and redouble our efforts to surpass the US$4.3 billion target, which is an increase of 26.47% from the 2017 revenue target. ZIMRA has already planned a response through novel and robust strategies to enhance revenue collections in the New Year under the theme, "Total Citizen Involvement in Paying Taxes in full and on time," he said.
ZIMRA team signs off 2017 by declaring the biblical words of wisdom found in 2 Timothy 4 verse 7and 8: "I have fought the good fight, I have finished the race, I have kept the faith. Now the is in store for me the crown of righteousness, which the Lord, the righteous Judge, will award to me on that day-and not only to me, but also to those who have longed for his appearing. "
ZIMRA collected a net surplus of US$350 million reducing the projected fiscal deficit of US$400 million by 87.5%.
Revenue collections for the fourth quarter of 2017 amounted to US$1.159 billion surpassing a quarterly target of US$880 million resulting in a positive variance of 32%. Compared to the same period the previous year in 2016, where collections during that period were US$893 million, the revenue growth for the fourth quarter 2017 was 30%.
As for December 2017, collections stood at US$473 million surpassing a target of US$342 million by 38%. The Authority's revenue collections grew by 35% from US$350 million collected in 2016 for the month of December.
ZIMRA's acting Commissioner General Mr Happias Kuzvinzwa thanked the nation's valued clients, stakeholders, ZIMRA management and staff for the record-breaking 2017 revenue performance, a first in four years.
"I want to assure the nation that despite the challenges that we faced over the year, the Authority is still on solid ground. Business continuity strategies are solidly in place and going forward nothing will fall between our fingers because of our continuity strategies.
"As we move into 2018, we will upscale and redouble our efforts to surpass the US$4.3 billion target, which is an increase of 26.47% from the 2017 revenue target. ZIMRA has already planned a response through novel and robust strategies to enhance revenue collections in the New Year under the theme, "Total Citizen Involvement in Paying Taxes in full and on time," he said.
ZIMRA team signs off 2017 by declaring the biblical words of wisdom found in 2 Timothy 4 verse 7and 8: "I have fought the good fight, I have finished the race, I have kept the faith. Now the is in store for me the crown of righteousness, which the Lord, the righteous Judge, will award to me on that day-and not only to me, but also to those who have longed for his appearing. "
Source - Byo24News
