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Zimra says to surpass FY target by 15pct

15/10/2017 00:00:00
by Source.co.zw
 
 
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Zimbabwe’s tax agency says it expects to surpass the $3,7 billion revenue target by at least 15 percent, as it ups collection efforts. 

In the half year to June 30, revenue inflows amounted to $1,7 billion which was 8 percent above target and 9,74 percent higher than the comparable period last year. Last month’s collections at $326,49 million also exceeded its target by 14,34 percent.

In an interview with The Source on Friday, Zimbabwe Revenue Authority (Zimra) chairperson Willia Bonyongwe said the agency was in an aggressive drive to increase compliance.

“There was a lot of fraud involved in the issue of refunds and we have been able to catch some people who have been doing that. We have reduced a lot in terms of fuel smuggling and smuggling at the borders so all that works out to improve our revenue,” she said.

“We are most likely to surpass the 2017 annual target probably by 15 to 20 percent”. In 2016, revenue collections fell short of target by 4 percent at $3,46 billion.

With no access to concessionary lines of credit the southern African nation relies entirely on taxes to fund government operations.



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