The Zimbabwe Revenue Authority (ZIMRA) has released its Q4 2021 results and the tax authority went over and above its own projections for the period under review. ZIMRA recorded ZWL$161.08 billion in gross collections which is a 48.91% increase on its target of ZWL$108.17 billion.
The net revenue collected was ZWL$157.19 billion because ZIMRA said it paid out ZWL$3.9 billion in refunds. Q4 2021’s figures were also a 71.77% increase from the ZWL$91.51 billion that the tax authority got in Q4, 2020. But when adjusted for inflation the net revenue increased by 8.81% over the same period in 2020.
Here is the spread from ZIMRA’s Q4 2021 Results
| TAX HEAD | 2021 TARGET: | 2021 ACTUAL $ | % VARIANCE | 2020 ACTUALS | % Nominal Growth | % Real Growth |
| Individuals | 22,341,434,065.00 | 26,784,286,403.70 | 19.89% | 13,741,022,023.50 | 94.92% | 23.47% |
| Companies | 22,085,920,000.00 | 31,721,669,442.02 | 43.63% | 19,496,024,210.40 | 62.71% | 3.06% |
| Gross VAT L/Sales | 16,722,654,742.00 | 26,534,180,519.66 | 58.67% | 14,549,300,375.47 | 82.37% | 15.52% |
| Less VAT Refunds | 3,862,043,421.57 | 2,752,839,337.89 | ||||
| Net VAT L/Sales | 16,722,654,742.00 | 22,672,137,098.09 | 35.58% | 11,796,461,037.58 | 92.19% | 21.74% |
| VAT on Imports | 9,764,728,630.00 | 14,720,430,243.95 | 50.75% | 9,914,752,134.58 | 48.47% | -5.95% |
| Gross Customs Duty | 7,159,039,404.00 | 9,178,292,827.79 | 28.21% | 7,053,044,496.91 | 30.13% | -17.57% |
| Less Customs Refunds | 28,106,494.48 | 15,041,984.73 | ||||
| Net Customs Duty | 7,159,039,404.00 | 9,150,186,333.31 | 27.81% | 7,038,002,512.18 | 30.01% | -17.65% |
| Excise Duty | 12,962,962,760.00 | 19,493,121,402.15 | 50.38% | 12,447,529,776.50 | 56.60% | -0.80% |
| Mining Royalties | 3,181,425,317.00 | 3,676,402,569.81 | 15.56% | 2,811,030,387.81 | 30.78% | -17.16% |
| WHT on Contracts | 1,246,000,000.00 | 1,811,154,450.44 | 45.36% | 1,004,137,303.21 | 80.37% | 14.25% |
| Intermediated Money Transfer Tax | 8,220,000,000.00 | 16,471,387,524.71 | 100.38% | 6,071,450,792.51 | 171.29% | 71.85% |
| Other Taxes | 679,115,000.00 | 1,069,264,536.27 | 57.45% | 571,791,830.40 | 87.00% | 18.45% |
| CGT & CGT Withholding | 591,100,000.00 | 677,577,875.59 | 14.63% | 386,175,033.97 | 75.46% | 11.14% |
| Other Indirect Taxes | 88,015,000.00 | 377,389,381.01 | 328.78% | 177,465,495.16 | 112.66% | 34.70% |
| Tobacco Levy | 14,297,279.67 | 8,151,301.27 | ||||
| Carbon Tax | 681,578,186.00 | 1,973,064,440.50 | 189.48% | 726,424,925.70 | 171.61% | 72.05% |
| DFIR | 3,086,691,971.00 | 2,634,156,688.37 | -14.66% | 2,735,843,787.65 | -3.72% | -39.01% |
| Gross Non Tax | 41,540,000.000 | 5,008,825,215.10 | 3,157,461,427.56 | 58.63% | 0.48% | |
| Less Other Refunds | 7,069,287.92 | 2,663,975.50 | ||||
| Net Non-Tax | 41,540,000.000 | 5,008,825,215.10 | 3,154,797,452.06 | 58.77% | 0.57% | |
| Total Net Revenue | 108,173,090,075.00 | 157,186,086,348.42 | 45.31% | 91,509,268,174.07 | 71.77% | 8.81% |
| Total Gross Revenue | 108,173,090,075.00 | 161,076,236,264.47 | 48.91% | 94,279,813,472.20 | 70.85% | 8.22% |
Q4, 2021 revenue contribution
In its report, ZIMRA noted that Individual contributions increased due to salary increases (particularly end of year bonuses) that were brought on because of the rise in the cost of living. As for companies, the taxman said that capacity utilisation has increased in the manufacturing sector which it said led to an increase in revenue collections. Likewise Excise Duty, Customs Duty and VAT on imports performed above ZIMRA’s expectations.
You can download ZIMRA’s full Q4 2021 report with the link below
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2 comments
I was feeling rather anaemic recently. This explains it
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