Zimbabwe Beats Its Target for Revenue in Third Quarter
Zimbabwe earned more in tax receipts and other income in the third quarter than it had forecast, according to the Zimbabwe Revenue Authority, which is responsible for revenue streams from customs duties to mining royalties.
The Zimbabwe Revenue Authority, or Zimra, collected Z$117 billion ($1.2 billion) in the third quarter. That’s above its target of just under Z$99 billion, despite the country having been subject to coronavirus restrictions for most of the quarter.
“Revenue collections recorded a positive performance, a trend that is expected to continue for the remaining months of the year,” Josephine Magombo, Zimra’s vice board chairperson, said in a statement. The easing of restrictions will allow businesses to open longer coupled with more vaccinations will have a positive impact on future revenue collections, Magombo said.
Major revenue collections for the quarter were individuals and companies, both at 17%. Value added taxes on local sales accounted for 16% and excise duty was 12%. So far, 2,590,742 people have been fully vaccinated against the virus, according to the Ministry of Health. In total, 4,677 people have died from Covid-19 in the country.
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