HARARE – The Zimbabwe Revenue Authority (ZIMRA) has reported a strong performance in the first half of 2024, surpassing its revenue target by 1.88%, according to ZIMRA Board Chairperson Antony Mandiwanza.
The economic environment showed marked improvement following the introduction of the ZiG currency on April 5, replacing the ZWL. This shift stabilized the exchange rate and reduced inflation to below 5% on a month-on-month basis,ZIMRA said. The resulting economic stability facilitated ZIMRA’s smooth transition to the new currency, ensuring business continuity and enhancing revenue collection.
ZIMRA’s gross collections for the period amounted to ZIG37.44 billion, with net collections at ZIG36.06 billion, against a target of ZIG35.40 billion. The top contributors were Individuals (PAYE) at 24.35%, Excise Duty at 16.20%, VAT on Local Sales at 14.53%, VAT on Imports at 12.83%, and Companies at 10.74%.
Significant advancements in systems development included the successful launch of the second phase of the Tax Revenue Management System (TaRMS), which has streamlined tax management. Additionally, the deployment of drones at Beitbridge border post has increased surveillance, reducing smuggling. The operationalization of the single window initiative and fast scanners has improved customs clearance times.
Despite the overall positive performance, some sectors faced challenges. Collections from Companies fell short of the target by 14.46%, and VAT on Imports decreased by 21.51% due to reduced trade transactions.
Trade facilitation efforts resulted in processing imports worth ZIG3.09 trillion and exports amounting to ZIG4.20 trillion. The introduction of drones for surveillance and the Single Window facility have significantly enhanced border management and customs processes.
ZIMRA remains focused on increasing revenue collection in the second half of the year, aiming to support national development goals and economic stability. The authority expects to collect over ZIG55 billion by the end of 2024.
Mandiwanza expressed gratitude to the Ministry of Finance, Economic Development and Investment Promotion, and ZIMRA’s stakeholders for their dedication and excellence, which have been instrumental in achieving these milestones. He urged all taxpayers to meet their obligations to contribute to the nation’s growth.
