Zimra surpasses revenue target

The Zimbabwe Revenue Authority (ZIMRA) has surpassed the annual revenue targets by 7% to US$3,454 billion against a target of US$3,233 billion.

The last quarter of the year saw revenue inflows improving significantly with the month of December recording the highest collections of US$414,58 million.

In a statement, ZIMRA board chairman, Mr Stenford Moyo said value added tax and individuals contributed to the bulk of the revenue with 33% and 21% respectively.

Companies' contributions were on third place with 14% while excise and customs duty contributed 12% and 11% respectively.

Mr Moyo said revenue targets were surpassed because of the effective revenue enhancing projects that were carried out by his organisation to enforce compliance by clients.

Mining royalties were 5% above target after contributing US$136,9 million against a target of US$130,1 million.

The high figure was attributed to the increase in the rates of royalties on gold and platinum.

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