ZIMRA’s net revenue collections for the month of February surged by 4.59% to US$246.76 million from the US$235.94 million realised last year.

Despite the increase, the authority missed the net collections target of US$254.75 million by 3.14%.

Gross collections for the month amounted to US$256.67 million, thus exceeding target by 0.75%, while refunds were US$9.91 million.

ZIMRA Board Chairperson, Mrs Willia Bonyongwe said the authority is geared at increase collections and has prioritised efficiency and automation of its operations.

Company tax contribution was US$18.19 million against a target of US$9.42 million, representing a 93.15% positive variance.

Value Added Tax (VAT) on imports revenue head contributed US$30.66 million against a target of US$28.70 million, while individual tax contribution was US$54.88 million against a target of US$61.41 million.

Revenue collections are expected to improve due to the first quarter payments date which is due on the 25th of March with a significant amount of revenue also expected from corporate income taxes judging from the profitability of the financial services sector.