By Natalie Chiwomadzi
ZIMBABWE Revenue Authority (ZIMRA) says it has posted a six-month gross collection of $4.96 billion against a target of $4.30 billion despite the challenging economic environment characterised by rising inflation.
Speaking during the company’s annual general meeting, commissioner general Faith Mazani said that the performance snapshot for 6 months ending 25 June 2019 is 15.54% above the estimated target.
“Net collections increased from $2.31 billion same period in 2018 to $4.77 billion in 2019, 106.5% nominal growth and 4.38% real growth after adjustment for annual inflation,” she added.
Mazani also added that “the authority’s 2019 annual revenue collection target is $9.6 billion and currently is set to exceed $5 billion gross revenue collection mark by 30 June 2019”.
Meanwhile, Zimra also revealed that it has launched a new 5-year strategy that will run from 2019-2023 which is aligned to the government’s Transitional Stabilisation Program (TSP) and National Vision 2030 ‘Towards a Prosperous and Empowered Upper Middle-Income Society by 2030’.
“ZIMRA’s strategic initiatives in the new strategy mainly supports ease of doing business, restoration of fiscal balance and plugging revenue leakages TSP target areas,” said Mazani.
The organisation has adopted a new strategy foundation that is also known as ZIMRA’s 4Ps, which stands for People, Processes, Partnerships and Projects with implementation methodology to ensure that projects are completed within time, budget and scope.
The authority intends to acquire a new tax and revenue management system (TRM) as part of the process strategy.
“Development and implementation of simplified, effective and efficient processes dependant on robust IT systems,” she said.