The taxman’s net revenue was $834,6 million. But ZIMRA boss, Gershom Pasi, warned that revenue targets may not be met going forward due to poor performance of the economy.
“VAT brought in the greatest portion of revenue, 25 per cent, while individual tax and excise duty contributed 23 and 13 per cent respectively,” said Pasi.
The individual tax revenue head performed dynamically, raking in $193 million against a target of $168 million, which resulted in a positive variance of 15 percent. The tax man attributed this to “follow-ups and audits that the Authority carried out specifically on remuneration, which resulted in more revenue being collected.”
The lower tobacco prices this year resulted in only $1,9 million being collected, against a target of $2,8 million. Collections are expected to increase as the tobacco selling season progresses.
Post published in: Business