Zimra collects ZWL$6.59bln in Q3

Zimra collects ZWL$6.59bln in Q3

Harare(New Ziana) –The Zimbabwe Revenue Authority (Zimra) said on Sunday it collected about ZWL$6.59 billion in the third quarter of this year, surpassing its target of ZWL$6 billion.

Zimra vice board chairperson Josephine Matambo attributed the positive variance of collections to both inflation and the authority’s voluntary compliance and enforcement strategies.

“Revenue performance for the third quarter of 2019 exceeded the set target on both gross and net positions. Gross for the third quarter (Q3) of 2019 were $6.59 billion against the targeted $6.00 billion, thereby surpassing the third revised set target by 26.55 percent.

“After deducting refunds of $167.44 million for the quarter, net collection of $6.42 billion surpassed the target of $6.00 billion by 8.79 percent,” said the agency.

Zimra said the bulk of the revenue for the third quarter was realized from individual tax, company tax, value added tax on imports, excise duty, dividends, fees, interests and remittances, withholding tax on contracts and tobacco levy.

Zimra is the main source of funding for the government budget.

Matambo said the agency was optimistic it would attain its target again this year, after managing to do so in the previous year.

“At this rate, Zimra is set to exceed the 2019 annual revised net revenue mobilisation target of $18.6 billion,” she said.

Some of the interventions earmarked for the 4th quarter of 2019 include intensification of debt recoveries, increasing compliance and fighting corruption and prosecution of tax offenders.

“These interventions, together with other compliance and enforcement projects, foreign currency traders, fuel, mobile transactions and other taxes should see Zimra’s cumulative collections meeting and surpassing the 2019 annual target,” she said.

To address the issue of corruption within the agency, Matambo said Zimra had conducted 181 lifestyle audits on its employees while a total of 389 corruption cases had been investigated this year.

“The authority has started scoring successes in property seizures under the Money Laundering and Proceeds of Crime Act particularly houses and motor vehicles. Seizing all proceeds of corruption and prosecuting the offenders will reinforce the zero tolerance to corruption,” she said.

New Ziana

  •  
  •  
  •  
  •  
  •  
  •  
  •  

New Ziana

Leave a Reply

Your email address will not be published. Required fields are marked *