Zimbabwe Revenue Authority exceeded its first quarter revenue collection targets by 6.09%, with actual gross collections
Net revenue grew from $724.89 million in the same period in 2016 to $826.63 million in 2017, which represents a 14.04 percent growth. Gross revenue collections in 2017 were 10.29 percent above the 2016 gross revenue collections.
Zimra chairperson, Willie Bonyongwe, said the performance was satisfactory and very encouraging and sets the right tone for what the Authority needs to achieve throughout the year.
"The depressed economy presented a significant challenge to revenue mobilization, but ZIMRA rose to the challenge, creating a strong foundation in systems development, revenue enhancement and compliance measures. That the targets were exceeded shows what a determined people can achieve," she said.
The bulk of the revenues in Q1 were from Value Added Tax on Local Sales (22.42%), Individual Tax (20.05%) and Excise Duty (18.17%) while Company Tax contributed 11.20%, with the rest of the revenue heads contributed 28.16%.