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Friday, July 12, 2024

Measures to raise funds for development rolled out    

Story by Stanley James, Business Editor

ZIMBABWE’S domestic resource mobilisation agenda is on track as authorities roll out more measures to remove revenue leakages.

It emerged during the Zimbabwe Revenue Authority (ZIMRA) Annual General Meeting this Thursday that the past five years have seen government rolling out developmental projects aimed at stimulating socio-economic growth.  
The move has resulted in ZIMRA being tasked by fiscal authorities to raise more revenue locally, as the external debt overhang is stifling efforts to borrow from foreign creditors.    
“The thrust is on track and it is premised on the need to broaden the tax base while focusing on measures to raise more money that is critical in sustaining the development needs of the nation, it is within such a perspective that we are committed to further growing the tax base,” said ZIMRA Commissioner General, Ms Regina Chinamasa.
Treasury is confident revenue generation measures from the local resources will ease government borrowings thereby consolidating current development gains.
“Revenue inflows are the key pillars of development, remember the Government is forging ahead with its thrust of creating a strong and robust economy so it is within such a perspective that we find ourselves working with ZIMRA in consolidating revenue generation gains,” said Deputy Minister of Finance Economic Development and Investment Promotion, Honourable Kuda Mnangagwa.
Some of the key components of domestic resource mobilisation include the Pay as You Earn, Customs Duty, Corporate Tax, Mining Royalties, Value Added Tax and Intermediated Money Transfer Tax.

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