By ZBC Reporter
TREASURY has managed to restore the much needed fiscal balance to pave way for economic growth with the revenue performance report for the fourth quarter showing an increase of more than 47 percent.
In 2019 Treasury set its sights on achieving a fiscal balance as the anchor to economic stabilisation enshrined in the Transitional Stabilisation Programme.
Measures to create additional revenue streams and plugging revenue leakages are bearing fruit with the Revenue performance report of the fourth quarter showing that the Zimbabwe Revenue Authority collected 11.71 billion dollars which was 47.27 percent above the target of 7.95 billion.
This also means that the net revenue collected in the fourth quarter of 2019 grew by 651.52% in nominal terms as compared to the same period in the year 2019 and in real terms revenue was up 11.44% for the same period.
Major contributions to revenue were excise duties which added 15.63%, individual companies 14.25% and net value added tax on local sales which put in an impressive 12.86%.
The revenue collection authority noted that it is intensifying efforts to plug revenue leakages through the plugging revenue loopholes, fighting and prevention of corruption by Zimra staff members and clients.
The report also notes that the performance of Customs and Vat on imports was mainly driven by the floating of the exchange rate in February 2019 as well as the increased demand for imports to supplement locally produced goods.
In order to improve the ease of doing business the Authority has started the process of acquiring a modern tax administration system (TarMS) as well as increased involvement in the One Stop Investment Centre to increase convenience to the transacting public.
By ZBC Reporter