The Zimbabwe Revenue Authority (ZIMRA) has reportedly exceeded its 2017 gross annual performance by 17% while net collections – after deducting refunds – were surpassed by 10%.

In a statement the Authority noted that the actual gross revenue collections were $3.978 billion for the year while net collections were $3.75 billion, which surpassed the target of $3.4 billion by $350 million.

Revenue collection

ZIMRA collected a net surplus of $350 million reducing the projected fiscal deficit of $400 million by 87.5%, according to the statement.

Revenue collections for the fourth quarter of 2017 amounted to $1.159 billion surpassing a quarterly target of $880 million resulting in a positive variance of 32%.

Compared to the same period the previous year in 2016, where collections during that period were $893 million, the revenue growth for the fourth quarter 2017 was 30%.

As for December 2017, collections stood at $473 million surpassing a target of $342 million by 38%.

The Authority’s revenue collections grew by 35% from $350 million collected in 2016 for the month of December.

Forward planning

ZIMRA’s acting Commissioner General, Happias Kuzvinzwa, said: “I want to assure the nation that despite the challenges that we faced over the year, the Authority is still on solid ground. Business continuity strategies are solidly in place and going forward nothing will fall between our fingers because of our continuity strategies.

“As we move into 2018, we will upscale and redouble our efforts to surpass the $4.3 billion target, which is an increase of 26.47% from the 2017 revenue target.” Read more…

Kuzvinzwa added: “ZIMRA has already planned a response through novel and robust strategies to enhance revenue collections in the New Year under the theme, ‘Total Citizen Involvement in Paying Taxes in full and on time.’


Featured image: Stock