Zimra surpasses Sept collections

Zimra surpasses Sept collections

Source: Zimra surpasses Sept collections | Newsday (Business)

The Zimbabwe Revenue Authority (Zimra) surpassed its revenue target by 14,34% in September, with net collections of $373,23 million on the back of tax compliance.

BY BUSINESS REPORTER

The net collections target was $326,49 million. Net collections for the month were 6,06% up from the $352 million realised in the same period last year.

“Zimra is pleased to advise the nation that the revenue target for the month of September 2017, which stood at $326,49 million, has been surpassed courtesy of your tax compliance and support,” the tax collector said yesterday.

It said gross collections, at $388,65 million, were 19,04% above target. Refunds for the month stood at
$15,33 million.

Zimra said measures to enhance operational efficiency and effectiveness to boost collections and safeguard revenue were bearing fruit.

Zimra is rolling fiscal gadgets to increase compliance by companies. It is also pursuing a new virtual system to connect companies and Zimra.

Zimra’s annual gross collections amounted to $3,462 billion last year.

Treasury has toughened its stance on errant transit truckers by introducing penalties, as it moves to stem smuggling.

It is estimated that the government is losing $1 billion annually through smuggling.

In a statutory instrument (SI) gazetted last month, transit truckers will be fined $2 000 for diverting from the route specified by the Commissioner-General of Zimra.

SI 113 of 2017 also aims to bring legislative changes that improve the management of transit cargo in Zimbabwe and to buttress the electronic cargo tracking system introduced in May.

Zimra has also proposed new round of penalties to stem tax evasion.

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