The Zimbabwe Revenue Authority (ZIMRA) says it exceeded its revenue target in 2012 despite the slow pace of economic growth in the country last year.
In a statement, ZIMRA said net tax collections amounted to $3.3 billion against a target of $3.2 billion.
ZIMRA board chairman Sternford Moyo attributed the “sterling performance to the authority’s hard work” and effective revenue enhancing projects which were aimed at enforcing compliance by clients.
Value-added tax accounted for the largest chunk of tax collections followed by individual and company tax. Mining royalties brought in only $136 million dollars.
ZIMRA said the gross tax inflows exceeded the 2011 target by 7 percent
Economist Rejoice Ngwenya of the Liberal Market Solutions said low revenue inflows from the mining sector are worrying.
“The current collections from this sector are being impeded by President Robert Mugabe’s arm of the government which is controlling mines and mining development,” said Ngwenya.
Interview With Rejoice Ngwenya