Zimbabwe revenue exceeds targets

HARARE – Zimbabwe’s revenue performance remains in the positive trajectory with collections for July 2018 exceeding set targets due to an increase in earnings from beverages, airtime and fuel taxes.

Net collections for July amounted to $372,58 million translating to a 10,8 percent rise compared to the same period in July last year where $286,49 million was realised, according  to a July 2018 revenue report released to the media on Thursday.

A tax expert, Mr Tendai Mavhima said the positive trajectory is expected to continue after the harmonised elections where investment commitments are being projected to start materialising.

“There are expectations of continued rise in terms of taxes, a factor that will positively impact on the country,” he said.

Another tax expert, Mr Simon Gwenzi said a rebound in productive sectors of the economy during the first seven months has also created a favourable platform for increased revenue collections.

“The trend will continue in the country as we anticipate for increased returns in an economy that needs fresh capital injection,” he said.

According to the July 2018 revenue report, positive performances were realised in companies tax, value added tax on imports, excise duty, mining royalties and other taxes, when compared to the same period in 2017.