News / National
Zimra surpasses revenue targets
06 Jun 2017 at 17:01hrs | Views
THE tax collector, Zimbabwe Revenue Authority (Zimra), on Tuesday said it surpassed gross and net revenue collections for May on the back of improved collections.
Zimra said it had surpassed its May target with gross revenue collections coming in at $307.3 million, 17 percent above a target of $262.21 million while net collections after refunds were at $290.68 million, 11% above the target.
Zimra's gross and net collections for the period 1 January to 31 May 2017 amounted to $1.428 billion and $1.364 billion or at 7% and 2% above the target respectively.
Recently, Zimra announced that it had embarked on lifestyle audits as one of its initiatives to improve tax compliance levels and to assist taxpayers with information on tax matters.
The audits are being carried out to verify compliance of individual taxpayers in terms of the statutes administered by Zimra, which include Income Tax Act, Capital Gains Act, Value Added Tax Act and Customs and Excise Act.
Zimra is owed an estimated $2,5 billion in unpaid taxes.
Zimra said it had surpassed its May target with gross revenue collections coming in at $307.3 million, 17 percent above a target of $262.21 million while net collections after refunds were at $290.68 million, 11% above the target.
Zimra's gross and net collections for the period 1 January to 31 May 2017 amounted to $1.428 billion and $1.364 billion or at 7% and 2% above the target respectively.
Recently, Zimra announced that it had embarked on lifestyle audits as one of its initiatives to improve tax compliance levels and to assist taxpayers with information on tax matters.
The audits are being carried out to verify compliance of individual taxpayers in terms of the statutes administered by Zimra, which include Income Tax Act, Capital Gains Act, Value Added Tax Act and Customs and Excise Act.
Zimra is owed an estimated $2,5 billion in unpaid taxes.
Source - Byo24News
