The Zimbabwe Revenue Authority (ZIMRA) has surpassed its revenue collection target for February, driven by company tax which was more than 40 percent above the target.

Data obtained by the ZBC News from ZIMRA on Wednesday showed that company tax, value added tax (VAT) and mining royalties were the major contributors of revenue inflows.

Net revenues for ZIMRA increased by 4,58 percent in February to US$253,46 million compared to US$246, 76 million for the same month last year.

Compliance by companies to a voluntary tax payment system, firming of global mineral commodity prices and increased consumption of commodities also contributed to the rise in revenue collections, according to Tax Matrix Managing Director, Mr Marvellous Tapera.

A financial analyst, Mr Lican Mlambo said strategies introduced by treasury to increase revenues such as cargo tracking, automation, enhanced audit and negotiations with tax payers on payment terms are beginning to yield results as evidenced by the rise in net revenue collections.

Faced with tight fiscal space, the government is therefore intensifying measures to improve revenue collection by reducing leakages, tax evasion and smuggling.