Zimbabwe fails to meet revenue targets

via Zim fails to meet revenue targets | Fin24 Apr 08 2014 11:47 by Malcom Sharara, Fin24’s correspondent in Zimbabwe

Zimbabwe’s economic environment continues to look dire, with the country failing to meet its revenue targets for the month of February 2014.

In a monthly state of the economy statement released onApril 2, Finance Minister Patrick Chinamasa said total revenue collections of the month of February stood at US$248m against a target of $273.26m, resulting in a negative variance of $25.3m.

The income comes short of the country’s total expenditure for February of $264.8m, resulting in a deficit of $16.8m.

Analysts said the revenue situation in the country is not surprising as most sources of government revenue are struggling.

Employees who provide the bulk of the taxes through pay as you earn (PAYE) are being retrenched or going for months without pay.

Companies, which provide corporate tax, are also struggling with many having closed or gone under liquidation.

Consumer spend has also been affected due to the decline in disposable incomes, resulting in government receiving less from value added tax.

Exports have not been bringing in much either, as Zimbabwean products are less competitive on the market.

 

COMMENTS

WORDPRESS: 7
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    John Thomas 7 years ago

    Having willfully destroyed the economy these ZANU MF’ers must now eat the product. Lets hope we see some of these fat pigs getting thinner.

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    Chiwaridza 7 years ago

    Damn right… yellow eyed shona dogs

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      Please lets leave the tribalism out. Lets learn to forgive and heal. A big mistake is to paint with a broad brush. We all tend to make it. ZPf are to blame. And do you know. I find it hard to understand that there are some from the old ZAPU who have aided and abetted them.

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    Minister can you predict the March Revenue collection please?

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    ZPF judgment is knocking at your door. Repent! Has occurred to any of you that the Lord may be behind this. He will not tolerate our errant and sinful ways forever and you have long fooled yourselves into thinking you are doing the right thing and you justify all your wicked policies. God’s eyes rove over all the earth. Wake up! Where are the so called Christians in ZPF? What are they doing? Are they sleeping like the president? You should be as a prophetic voice to your party or you should get out. ‘Come out of her My people.” Can’t you see ZPF is like a lumbering Titanic headed for a submerged iceberg? God has judged every evil on the face of the earth in His time do you honestly think you will escape. Read Amos Chapter 9. Where will you hide from a just and holy God?

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    Sokomukanya 7 years ago

    Chiwaridza can not be a Ndebele, only a pretender trying to divide progressive forces by discrediting Ndebeles. Afterall You are barking up the wrong tree its Zanu PF messing the economy not your Ndebele vesus Shona tribal nonsense

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    Mlimo 7 years ago

    The downward spiral has begun in earnest