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Zimbabwe's revenue collection down by 9.75 pct in Q1  

Xinhua, May 12, 2016 Adjust font size:

Zimbabwe missed net revenue collection target for the first quarter of the year by 9.75 percent to 724.89 million U.S. dollars due to poor economic performance, the revenue collection agency said Thursday.

The bulk of the revenue was realized from individual tax which accounted for 23.10 percent, followed by excise duty which contributed 22.13 percent.

Value added Tax (VAT ) on local sales contributed 18.08 percent while VAT on imports accounted for 11.55 percent, the Zimbabwe Revenue Authority (ZIMRA) board chair Willia Bonyongwe said in a statement.

She indicated that actual revenue collected across all revenue heads was below target and disappointingly low below the first quarter of 2015.

She attributed the poor revenue performance to the harsh economic environment, drought, non-compliance by tax payers and corruption.

"Some tax payers do not pay their tax in full, and others do not pay their tax at all," Bonyongwe said.

She said the tight liquidity conditions prevailing in the economy had further depressed operations of the few companies still operating and led to more company closures and downsizing.

Consequently, revenue mobilization was below target and ZIMRA was struggling to restrain the tax debt, which rose by 30.9 percent from 1.97 billion dollars at the end of 2015 to 2.58 billion dollars by the end of first quarter in 2016, she said. Enditem