ZIMRA surpasses July revenue target

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The Zimbabwe Revenue Authority (ZIMRA) has exceeded the US$269.41 million target for July after gross collections amounted to US$302.86 million, while net collections - after deducting US$16.37 million refunds – were US$286.49 million. Net revenue collections were, therefore, 6.34 percent above target and outweighed the July 2016 collections by a whopping 16.36 percent.

Revenue collections for the seven months from January 2017 were also above the 2016 collections, except for April and June where revenue targets were marginally missed by 6.70 percent and 2.24 percent respectively. 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.

Value Added Tax (VAT) 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.

Gross VAT collections on Local Sales of US$76.32 million were 37.52 percent above the target of US$55.50 million. Net VAT on Local Sales amounted to $60.08 million after deducting refunds of US$ 16.24 million, resulting in a positive variance of 8.25 percent.

Collections under VAT on Imports were US$37.73 million against a target of US$28.60 million. Revenue collections under this revenue head exceeded the set target by 31.93 per cent and increased by 24.07 percent as compared to the      US$30.41 million collected in July 2016.

Individual Tax recorded a 6.09 percent rise from the July 2016 collections due to intensified enforcement measures being implemented by the Zimbabwe Revenue Authority. The US$64.72 million collected in July was also 1.48 percent above the target of US$63.77 million.

Increase in volumes of fuel imports, owing to improved availability of foreign currency on priority imports and the Electronic Cargo Tracking System - which is improving volumes of properly declared fuels entering the domestic market, saw an upsurge in Excise Duty collections. The revenue head contributed US$59.96 million against a target of US$56.39 million, resulting in a positive variance of 6.34 percent. Excise Duty collections were, thus, 30.32 percent above the US$46.01 million collected in July 2016.

Corporate Income Tax collections of US$12.42 million were 15.03 percent above target.  Customs Duty, on the other hand, contributed gross collections of     US$27.72 million and net revenue of US$27.71 million against a target of         US$23.70 million, resulting in a positive variance of 16.90 percent on net revenue collections. Net collections for July 2017 increased by 35.01 percent from the US$20.52 million collected in the same period last year.

ZIMRA has continued to step up efforts to mobilise revenue through stakeholder engagements and implementation of programmes meant to boost operational efficiency and effectiveness. The moratorium for registration of small-to-medium enterprises, which ran from 1st January to 30th June 2017 has seen almost 13,000 new taxpayers registering with ZIMRA, which signals an increase in the tax base.

 
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