Staff Reporter

…As it surpasses revenue collection target

Zimbabwe Revenue Authority (ZIMRA) managed to surpass its revenue collection target despite the Covid19 pandemic and a host other challenges that confronted both the nation and the Authority.

In its Revenue Performance Report for the fourth quarter ended 31 December 2021, ZIMRA indicated that it managed to surpass both its gross and net collection targets.

“Gross collection for the fourth quarter amounted to ZWL$161.08 billion, against a target of ZWL$108.17 billion, a 48.91% above target.

“The Authority paid out refunds of ZW$3.90 billion during the quarter under review, leaving the net collections for the quarter at ZWL$157.19 billion which is 45.31% above target,” read the report.

According to the report a comparison of the fourth quarter revenue collection for 2020 and 2021 reveal that net revenue collections for 2021 surpassed that of 2020.

“Fourth quarter net revenue collections grew by 71.77% in nominal terms when compared to the ZWL$91.51 billion collected during the same period in 2020.  After adjusting for inflation, net revenue grew by 8.81% in the fourth quarter of 2021 as compared to the same period in 2020,” read the report.

Meanwhile, despite the Covid 19 challenges ZIMRA continues to support Government National Development Strategy 1 (NDS-1), through the implementation of various revenue collection and trade facilitation strategies.