Currency reforms promote shift in tax payment patterns

By ZBC Reporter
INDIVIDUAL taxes dominated revenue inflows in the third quarter of the year, as the country experiences a shift in tax payments due to currency reforms and effects of COVID-19.
According to the latest Zimbabwe Revenue Authority (ZIMRA) report, individual taxes are being mainly attributed to adjustments in cost of living structures by most firms.
The abolishment of money agents and tight monitoring of mobile cash has seen the two percent revenue inflows slowing down.
However, it is the relaxation of lock down restrictions that resulted in firms increasing their revenue contribution.
The revenue agency states that the closure of borders as a Covid-19 mitigation strategy resulted in low revenues from custom duties.
ZIMRA Commissioner General, Mrs Faith Mazani says changes in tax contribution systems will require the institute to focus on sustainable ways of collecting revenue.
“We are aware of changes within the economy so we need to tighten our belts, she said.
The tax collector said it is watching the trends on the fiscal and monetary systems to ensure efficiency on revenue streams.

%d bloggers like this: