The Zimbabwe Revenue Authority, ZIMRA reports to have exceeded both its gross and net annual performance by 17% and 10% respectively in 2017.
Not only do these stats surpass the previous year’s (i.e. 2016), but they are clearly record breaking; well, at least in the last four years.
This could be a shocker for some considering how their online service has been up and down especially in the last months of 2017. However, in November they reported a 30% revenue increase from what they had projected for that month regardless.
Therefore, this implies that had their systems been perfectly in place, ZIMRA would have made much much more. Hopefully this is something they will look into this year in order to avoid frustrations (clients) and unnecessary loss of money considering that their problems are not too out of this world.
Nonetheless, this is the statement which was released in the press:
The Zimbabwe Revenue Authority (ZIMRA) exceeded its 2017 gross annual performance by 17% while net collections – after deducting refunds were surpassed by 10%. The actual gross revenue collections were US$3.978 billion, which surpassed the target target of US$3.4 billion by US$350 million.
ZIMRA collected a net surplus of US$350 million reducing the projected fiscal deficit of US$400 million by 87.5%.
Revenue collections for the fourth quarter of 2017 amounted to US 1.159 billion surpassing a quarterly target of US$880 million resulting in a positive variance of 32%. Compared to the same period the previous year in 2016, where collections during that period were US$893 million the revenue growth for the fourth quarter 2017 was 30%.
As for December 2017. collections stood at US$473 million surpassing a target of US$342 million by 38%. The Authority’s revenue collections grew by 35% from US$350 million it collected in 2016 for the month of December.
ZIMRA’s acting Commissioner General Mr Happias Kuzvinzwa thanked the nation’s valued clients, stakeholders, ZIMRA management and staff for the record-breaking 2017 revenue performance, a first in four years.
“I want to assure the nation that despite the challenges that we faced over the year, the Authority is still on solid ground. Business continuity strategies are solidly in place and going forward nothing will fall between our fingers because of our continuity strategies.
As we move into 2018, we will upscale and redouble, our efforts to surpass the USS4.3 billion target. which is an increase of 26.47% from the 2017 revenue target. ZIMRA has already planned a response through novel and robust strategies to enhance revenue collections in the New Year under the theme “Total Citizen Involvement in Paying Taxes in full and on time.
ZIMRA team signs off 2017 by declaring the biblical words of wisdom found in 2 Timothy 4 verse 7 and 8: “I have fought the good fight, I have finished the race, I have kept the faith. Now there is in store for me a crown of righteousness, which the Lord, the righteous Judge, will award to me on that day – and not only to me, but also those who have longed His his appearing”.
4 comments
lets take a step back demand didnt not increase it either stagnated or reduced by a bit. now the past year companies increased prices by 50%+ to reflectthe cost of forex @an avergae of 40%. zimra now has a revenue increase. please economists analyse this cz it sure seems like zimra is benefiting from this forex trading. considering when we used usd exclusively zimra had issues meeting the target. great that you achieved this but it still worries me why we did.
They are collecting all this money through charging unrealistic percentages to importers. They maybe happy about achieving their goals but who in their right senses would invest in Zim, where if you import your machinery for a business that creates jobs, you will pay one and half to double what you paid for that machinery. Zimra’s lack of wisdom and greedy duty percentages are killling job creation in Zimbabwe, as investors are getting turned off. The new president asked all Zimbabweans living abroad to come back home and invest, but didn’t say what he was going to do to help them bring in their business equipment. As a Zimbabwean I don’t want affirmative action or the dirtbag indegenisation, but tax breaks and duty breaks so I can grow my business. Job creation and investment is key to growing the economy and not Zimra charging dubiois and unrealistic duties at the ports of entry.
ZimRa is collecting too much from people esp Zim people living abroad
These people have done a lot for the country but when coming home or sending things home they are penalised
Not celebrating this cruelty by Zimra
They need to be sensible in their approach
Everyone in Zim wants foreign direct investment
The best investment for the country would be by Zimbabweans living abroad they have a vested interest in the country : it is their home so they will not up.and leave at the drop of a hat
But it seems the govt is not making use of that potential choosing to make people pay penalty like taxes to Zimra . That has stopped many businesses from getting started now we have a very players in the market making pricesure very high
Those few players happen to be government people