Published: 18 July 2013

The Zimbabwe Revenue Authority (Zimra) missed its revenue collection target for the second quarter of this year by six percent after its net collection amounted to US$836,9 million against a target of US$886,2 million.

The gross collection for the quarter was US$873, 6 million. The revenue authority's failure to meet the target resulted in it missing its target for the first-half of the year by a marginal one percent.

Net collections for the first half were US$1,66 billion against a target of US$1,67 billion, resulting in the marginal negative variance of the one percent.

Gross collections for the first half were US$1,73 billion against a target of US$1,67 billion, resulting in a positive variance of four percent.

Zimra had exceeded its first quarter target by five percent.

Board chairman Mr Stanford Moyo said the authority's failure to meet its target was due to economic setbacks that led to the shrinkage of the revenue base.

"The first half of 2013 has seen the Zimbabwean economy being characterised by liquidity constraints, power shortages, retrenchments, scaling down of operations and company closures, among many other challenges," he said.
- herald

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