Zimra's US$7 billion forecast

Published: 20 December 2018

The Zimbabwe Revenue Authority (ZIMRA) is projecting strong growth in revenue collection to at least US$7 billion within the next five years supported through their five year strategic plan that will run from next year until 2023 which was unveiled today.

The tax collector has developed strategies to enhance operational efficiency, revenue collection, improved trade facilitation, all defined in its five year strategic document.

Speaking during at the presentation of the strategic plan, ZIMRA Commissioner General Ms Faith Mazani said the revenue collector intends to record strong growth in its revenue collections to 25 percent of the gross domestic product by 2023, with forecasts of enhanced collections starting from next year, that are projected to hit US$6.2 billion.

The revenue authority is seeking to wean off some of the challenges that burdened the parastatal during this year, characterised by a US$4.5 billion debt owed by tax payers.

ZIMRA also intends to grow the tax base, which effectively means extending the tax net to the small to medium scale entrepreneurs.

Finance and Economic Development Permanent Secretary Mr George Guvamatanga in a speech read on his behalf by Chief Economist Mr Kudakwashe Mudereri, said the government identifies that domestic resource mobilisation for the tax collector will be critical going forward.

The strategic plan by ZIMRA dovetails into the broader vision of an upper middle income economy by 2030 and seeks to address the fundamental pillars to improve the ease of doing business, restoration of fiscal balance, and plugging revenue leakages.
- zbc

Tags: Zimra,