VAT dominates Zim revenues

VAT dominates Zim revenues
Published: 13 July 2017 (604 Views)
Zimbabwe's revenue inflows are now being dominated by the value added tax (VAT) which contributed 60 percent of gross collections for the first half of this year.

The first half of this year has resulted in the revenue collector ZIMRA registering an 8 percent rise in gross collections to $1.8 billion against  a target of $1.65 billion.

However, in terms of overall contributions, VAT has accounted for more than $500 million against a target of $170 million.

Tax experts have attributed the dominance of VAT to an effective tax compliance monitoring system and improved availability of locally manufactured goods.

Individual taxes accounted for $347 million in the first half with expectations of a rise in revenues from the small to medium enterprises industry.

Revenue collections from the excise duty was pegged at $319 million against a target of $330 million.

Gross collections for the custom duties, however, dropped to $139 million against a target of $141 million.

The recovery within the mining sector global prices has also resulted in tax contributions in the form of royalties increasing by 22,84 percent to $34,27 million against a target of $27,90 million.

In a related development, 12 992 SMEs have also registered for VAT after the expiry of a deadline for the industry to comply on June 30 this year.


- zbc

Tags: ZAT, Zimra, Revenue,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

'Learn to appreciate good deeds,' Adv. Mahere told

by Simbarashe Sithole | 21 February 2018 | 142 Views

Pastor fails to pay maintenance

by Staff reporter | 21 February 2018 | 116 Views

Hooker stabs client to death

by Staff reporter | 21 February 2018 | 120 Views

Elizabeth Tsvangirai story: A true mirror of human rights encroachments faced by widows in Zimbabwe

by Patience Sibanda (intern at Zimbabwe Democracy Institute) | 21 February 2018 | 194 Views

'Chamisa now unstoppable'

by Staff reporter | 21 February 2018 | 183 Views

Tshinga Dube wades into 'foreign' labour saga

by Staff reporter | 21 February 2018 | 131 Views

Mnangagwa's govt fails to pay bonuses

by Staff reporter | 21 February 2018 | 75 Views

Zanu-PF MP's son shot

by Staff reporter | 21 February 2018 | 93 Views

Chamisa bemoans violence against party leaders

by Stephen Jakes | 21 February 2018 | 136 Views

Mnangagwa commissions NRZ rolling stock

by Staff reporter | 21 February 2018 | 77 Views

Ban on kombis in CBD slammed

by Staff reporter | 21 February 2018 | 227 Views

Mahamat of supporting a coup government in Zimbabwe

by Staff reporter | 21 February 2018 | 86 Views

President Mugabe's 94th birthday photos

by Staff Reporter | 21 February 2018 | 881 Views

Mugabe feeling 'unloved' on his 94th birthday

by BBC - Brian Hungwe | 21 February 2018 | 136 Views

What peace and reconciliation without truth

by S.V Mabhena | 21 February 2018 | 65 Views

MDC-T splits as Obert Gutu quits MDC-Chamisa

by Staff reporter | 21 February 2018 | 158 Views

US to withdraw MDC-T funding over terror attacks on Khupe?

by Staff reporter | 21 February 2018 | 138 Views

Turning blind eye on violence, root cause of MDC split - Coltart

by Simbarashe Mwandipendaa | 21 February 2018 | 76 Views

PICTURES: Bhalagwe memorial service

by Staff reporter | 21 February 2018 | 68 Views

The Menzisi Dube Foundation Appeal

by Agencies | 21 February 2018 | 48 Views

Billy Graham dies

by BBC | 21 February 2018 | 94 Views

Happy national youth day comrades

by NPP National Youth | 21 February 2018 | 103 Views

Happy Birthday Baba Bona

by Belinda Chowa | 21 February 2018 | 232 Views

WATCH: The moment Khupe was attacked by Chamisa's supporters

by Staff reporter | 21 February 2018 | 132 Views

Zhuwao 'reacts angrily' as AU supports Mnangagwa' - report

by Staff reporter | 21 February 2018 | 87 Views

WATCH: Chamisa supporters called Khupe a dissident

by Staff reporter | 21 February 2018 | 140 Views

Chamisa apologise but tells Khupe to go to Mars

by Staff reporter | 21 February 2018 | 150 Views

The politics of gender and tribe must fall - NPP Youths

by Khulani David Ndlovu | 21 February 2018 | 72 Views

Econet Media's Kwesé and iflix Deepen Partnership

by APO | 21 February 2018 | 89 Views

Khupe attackers were chanting Chamisa slogans

by Simbarashe Sithole | 21 February 2018 | 88 Views

Mujuru in Buhera

by Advocate Gift Nyandoro | 21 February 2018 | 83 Views

Attack on Khupe a Gukurahundist replica

by Mkhululi Zulu | 21 February 2018 | 100 Views

Thank You Zimbabwe - MDC-T

by Luke Tamborinyoka | 21 February 2018 | 177 Views

No lavish 94th birthday celebrations for Mugabe

by Staff reporter | 21 February 2018 | 211 Views

Mnangagwa's emissary humiliated at Tsvangirai burial

by Staff reporetr | 21 February 2018 | 132 Views

Mutambara whip up MDC-T crowd with partisan speech

by Staff reporter | 21 February 2018 | 129 Views

Chamisa invaded Tsvangirai's most private space

by Staff reporter | 21 February 2018 | 159 Views

Kaseke, ministry official clash over Mzembi

by Staff reporter | 21 February 2018 | 89 Views