The Zimbabwe Revenue Authority (ZIMRA) has surpassed its month of April target after net revenue collections improved by 41.92% from the US$247.90 million that was collected during the same period in 2017.
According to the group financial report, there was an improvement in the performance of revenue heads with Companies, VAT on Imports, Customs Duty and Other Taxes recording a positive performance and surpassing set targets.
“There was a general improvement in the performance of revenue heads with Companies, VAT on Imports, Customs Duty and Other Taxes recording a positive performance and surpassing set targets.
“The Companies revenue head was the highest performer with collections rising to US$46.89 million against a target of US$13.70 million,” they said.
They added that gross collections for the month was 9.18% above the targeted amount.
“Gross collections for the month amounted to US$361.88 million, which translates to 9.18% above the targeted US$331.47 million.
“After deducting refunds of US$10.06 million, net collections stood at US$351.83 million. This gives a positive variance of 6.14% against the target of US$331.47 million,” reads the report.
According to ZIMRA, revenue collections from Excise Duty were 5.95% below the targeted US$69.11 million.
“Revenue collections of US$65 million from Excise Duty were 5.95% below the targeted US$69.11 million.
“However, a 21.11% increase in revenue collections was recorded from the US$53.67 million that was collected during the same period last year.
“Major contributors to the revenue head were fuel (68.79%), beer (14.98%) and airtime (10.46%),” noted ZIMRA.
