Business - Local - October 26, 2020

Zimbabwe’s tax revenue seen at ZWL$172bn in 2020

Falton Zveushe

HARARE – Zimbabwe’s tax authority, ZIMRA, on Monday said it has revised full year revenue target to ZWL$172 billion backed by the opening up of business sectors in the economy after months of not operating at full capacity owing to the pandemic.

The taxman collected ZWL$57 billion in revenue for the quarter ending 30 September 2020 against a target of ZWL$44.83 billion. Total net revenue was 788.16% above the same quarter last year.

“Momentum in revenue collection is expected to be gained in the last quarter of the year with the revenue collection target for the year having been increased to ZWD172 billion,” ZIMRA vice-Board Chairperson Josephine Matambo said.

“The growth is expected to come from increased productivity with the opening up of more business sectors in the economy. In addition, the Government’s strategy to target low hanging fruits in various sub-sectors of the manufacturing industry is expected to attract the much- needed investment for domestic production.”

South Africa has opened its borders and cross-border trade which is projected to increase “thereby feeding into higher collections in import duties.”
Matambo added that: “The weather forecasts are projecting good rains in the coming farming season; this boosts economic activity in all sectors as value chains can then be easily promoted.”

The Authority has already started aligning its strategies with the National Development Strategy (NDS) 2021 to 2025 and will play its expected role in mobilizing domestic revenue for the national goals to be achieved.

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