Surprise, surprise! Zimbabwe in $3m surplus!

Zimbabwe’s treasury has reported a budget surplus of $3 million for August driven by over the budget individual taxes and cuts in operating expenses despite missing aggregate revenue targets, according to latest official data.

The latest consolidated statement of financial performance of the consolidated revenue compiled  by the Accountant General’s department shows that the state collected $305 969 354.68 million in revenue, which was below the target of $334 million.

But the government spent only $302 735 570.10 to leave the Treasury with a $3 million surplus.

The tax agency ZIMRA collected $82 million from individual tax from a budgeted $63 million, making the tax head the main source revenue for the month.

While employment costs advanced to $174 million from a budgeted $162 million, travel and foreign expenses were kept under check.

About $2.5 million was used in foreign travels against a budgeted $2.9 million, while provisions for institutions stood at nearly $1 million from $3.5 million that was set in the budget.

Last month, ZIMRA said revenue collections for the third quarter of the year fell nine percent behind target after most revenue heads underperformed on the back of company closures and scaling down of operations.- The Source

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