Published: 12 December 2013

The Zimbabwe Revenue Authority Zimra says it will surpass its target of $3.6 billion by the 31st of December.

So far nearly $3.4 billion has been collected.

The revenue authority, which failed to meet the budgeted $904 million target for the third quarter by a marginal variance of one percent, is confident of exceeding the 2013 annual target.

In an interview on the sidelines of the Supervisory and Management Programme graduation ceremony, Zimra Finance and Corporate Planning Director Robert Mangwiro said indications are that the authority is set to exceed the 2013 revenue target of $3.6 billion at the back of improved economic outlook.

Mr Mangwiro attributed the revenue underperformance during the second and third quarter to the sluggish economic performance and the subdued performance by the local industry.

During the third quarter, revenue collections amounted to $897 million against the budgeted $904 million.

Mining royalties contributing a mere $36 million at the back of fluctuations in metal prices, while customs duty stood at $91,8 million.

Liquidity constraints, retrenchments, company closures among other challenges have led to the shrinkage of the country's revenue base.

However, the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (ZIM ASSET) blue print is expected to address most of the challenges and boost the local economy next year.
- zbc

You might also want to read this

• ZIMRA delays Prospect's bid to increase stake in Arcadia
• Companies, parastatals default paying tax: Zimra boss
• Zimra sweats over tax defaulters
• Zimra lifestyle audit: 36 suspended
• Zimra on course to surpass $4,8 billion target
• Zimra collects $230m in Q1 at Beitbridge
• Zimra alerts buying public
• Chaos in Beitbridge after system collapse
• Zimra finalising fiscalisation project
• Zimra net closes in on tax dodgers