Zimbabwe Revenue Authority collects $1.2 billion in third quarter

Zimbabwe Revenue Authority collects $1.2 billion in third quarter

Zimbabwe’s gross revenue collections in the quarter ended September amounted to $1.28 billion surpassing the target of $1.089 billion by nearly 9 percent, the tax agency said today.

Net revenue at $1.19 billion was 22.56 percent higher than the $967.76 million realized during the same period last year after refunds of $95.94 million.

The southern African nation relies entirely on taxes to fund its budget in the absence of foreign capital in the form of aid or investment.

Finance secretary, George Guvamatanga said major contributors to revenue were individual tax, which accounted for $214.9 million, about 18 percent of the total.

Excise Duty contributed 21 percent while tax on local sales contributed 19 percent.

“The positive revenue performance is attributed to concerted effort by the Authority through rigorous revenue enhancement measures, an unwavering stance against corruption, increased use of electronic and mobile money in transacting which resulted in improved compliance,” said Guvamatanga in the announcement.

Private sector’s tax debt rose to $4.55 billion in the period, from $4.54 billion in the previous quarter.

The tax agency was placed under the direct purview of Treasury after Finance Minister Mthuli Ncube dismissed the Willia Bonyongwe-led board. – The Source



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