Source: Zimbabwe’s Q1 tax revenue up to $1,1 billion | The Financial Gazette April 16, 2018
ZIMBABWE’S tax revenue rose 29 percent to $1.1 billion during the first quarter of the year, the tax agency said on Monday, citing better tax compliance and an improving business environment under new President Emmerson Mnangagwa.
The southern African nation has not been able to access foreign funding since 1999 when it defaulted on its debt, hobbling the economy and making tax collections crucial to financing the government budget.
“Gross and net revenue collections were above last year’s levels for the same period, an indication of an improving operating environment for business and effective enforcement,” Zimbabwe Revenue Authority chairperson Willia Bonyongwe said in a statement.
Mnangagwa has promised to protect foreign investment in Zimbabwe and has watered down some of Mugabe’s policies, including the black economic empowerment law that forced foreign-owned firms to sell majority shares to locals. – Reuters
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