ZIMBABWE’s annual net revenue collections grew by 6,22 percent to ZWL$182,59 billion last year underpinned by fiscal and monetary measures that ushered in the much-needed stability and enhanced businesses viability.
The Zimbabwe Revenue Authority (Zimra) had projected annual net revenue collections of ZWL$171,90 billion in 2020.
In a revenue performance report for the quarter ended December 31, 2020, the tax collector also posted an 8,44 spike in net revenue for the fourth quarter recording ZWL$91,51 billion.
“The authority collected net revenue of $182, 59 billion against a target of ZWL$171,90 billion for the year ending 31 December 2020 and this translated to 6,22 percent above target.
“Gross collections for the quarter were ZWL$94,28 billion, translating to 11,72 percent above the targeted ZWL$84,38 billion,” said Zimra.
“After deducting refunds of ZWL$2,77 billion, net collections stood at ZWL$91,51 billion. This resulted in a positive variance of 8,44 percent against target.”
Commenting on the overall tax revenue collections, Zimra said 2020 ended on a positive note as the fourth quarter and annual tax revenue collections surpassed the revised set targets.
The tax collector said this was despite the dark cloud of the Covid-19 pandemic, which engulfed Zimbabwe and the rest of the world.
“A cocktail of fiscal and monetary measures
introduced by the Government brought about the much-needed stability that enhanced businesses viability and bolstered revenue inflows.
“This was augmented by the authority’s revenue enhancement strategies and an effective business continuity plan that ensured safety of both staff and clients,” it said.
During the period under review, which marked the end of the two-year Transitional Stabilisation Programme (TSP), Zimra said it strategically focused on supporting the programme in three areas namely, restoration of fiscal balance, ease of doing business and, plugging of revenue leakages.