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ZIMRA beats revenue target, collects $1bln

19/10/2017 00:00:00
by Source.co.zw
 
 
RELATED STORIES

HARARE: Zimbabwe’s gross revenue collections in the quarter ended September amounted to $1,03 billion surpassing the target of $863 million by 19 percent, the tax agency said on Thursday.

Net revenues at $967,76 million were up 13 percent compared to last year and 12 percent above target.

Zimbabwe Revenue Authority (ZIMRA) chairperson, Willia Bonyongwe said the bulk of the revenue was realised from individual tax, which contributed 20 percent to net revenue.

The tax band however declined by 4,5 percent from $204,03 million last year to $194,75 million.

“The revenue head continues to be adversely affected by retrenchments, salary cuts and inconsistent salary payments by companies in the private sectors and others in the public sector that rely on government subvention,” said Bonyongwe.

Excise duty accounted for 19,76 percent of gross collections while net VAT on local sales and VAT on imports contributed 18,25 percent and 11,24 percent respectively.

Excise duty rose 21 percent to $191,2 million, driven by a 20,83 percent increase in diesel importations from 194 million litres in the same period last year to 234,41 million litres.

Petrol imports declined by 54,19 percent to 48,85 million litres from 106,62 litres in the comparable period last year due to the mandatory blending requirements , which make use of ethanol produced locally.

VAT on imports increased by 21,16 percent to $108,8 million from $89,79 million collected in the same period last year on increased imports of VAT paying goods, while VAT on local sales grew 12,18 percent to $176,63 million.

Mining royalties brought in $16,59 million against a target of $21,93 million attributed to fluctuating mineral prices and foreign currency constraints affecting production.

Company tax increased by 9,81 percent to $112,03 million in the quarter from $102,03 million recorded in the comparable period last year, attributed to improved compliance.

Customs duty also increased by 29,33 percent from $64,1 million in the same period last year to $82,29 million.

The tax agency said it is lobbying for stiffer penalties to be imposed on tax evaders.

“ZIMRA is also lobbying government to make the penalties for tax evasion more deterrent including disgorgement and even time in jail. Most developed and developing countries treat tax evasion as a very serious crime,” Bonyongwe said.



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