The Zimbabwe Revenue Authority (ZIMRA) has expressed optimism of surpassing the US$1,8 billion revenue collection target by the end of the year after a positive performance during the third quarter where it surpassed the US$654 million target by 3%.
The revenue performance report for the third quarter of 2011, which has just been released by the authority, shows a positive performance with a total of US$660,7 million having been collected against the Ministry of Financeâ€™s target of US$654,9 million.
In a statement, ZIMRA Board Chairperson, Mr Sternford Moyo attributed the positive performance to revenue enhancement measures which were introduced by the authority and expressed optimism of meeting the 2011 target of US$1,8 billion.
Cumulative net collections indicate that to date close to US$2 billion has been collected.
Value Added Tax was once again the biggest contributor with a total of US$225,5 million, while Individual Tax and Customs Duty contributed US$148,6 and US$85,2 million respectively.
ZIMRA is expected to play a critical role in the resurgence of the economy by providing the necessary fiscal space and ensuring that the country, which is under illegal sanctions relies on its internal resources rather than foreign aid.
ZIMRA recently celebrated its 10th anniversary with the launch of the Taxpayer Appreciation Day aimed at recognising the contributions made by clients who consistently pay their taxes on time and in full.