Zimbabwe revenue collection up 16 percent in July

Zimbabwe Revenue Authority (ZIMRA) net revenue collections grew 6.3 percent to $286.5 million for July against a target of $269.4 million.

The revenue was also 16 percent higher than the comparable period last year, the tax agency said.

“The sterling performance is a result of the automation drive, stakeholder engagements, anti-corruption initiatives and intensified enforcement programmes that are being implemented by the authority to enhance revenue collections,” Zimra said in a statement.

Net value added tax on local sales rose eight percent to $60 million after deducting refunds.

Imports VAT stood at $37.7 million against a target of $26.6 million.

Individual tax grew by a percent to $64.7 million against the $63.7 million target and 16 percent up on the prior period in 2016.

“Value Added Tax on both local sales and imports performed above set targets, mainly due to the increase in the use of electronic payment systems and the rolling out of the Electronic Cargo Tracking System, which continues to bear fruits through curbing smuggling and transit fraud,” said Zimra.

Excise duty was 6.3 percent up to $59.9 million against the $56.4 million target due to the use of electronic system at the borders, improving volumes of properly declared fuels.

Corporate income tax collections were 15 percent up to $12.4 million while customs duty put on 16.9 percent to $27.7 million. –The Source

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