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Zimbabwe collects revenue over target in third quarter

Monetary policy interventions inflated the amounts to be collected.
Image: Shutterstock

The Zimbabwe Revenue Authority collected 57 billion Zimbabwe dollars ($701 million) for the third quarter, surpassing the target of 44.83 billion Zimbabwe dollars, after coronavirus restrictions were eased.

“Covid-19 lockdown conditions were relaxed, enabling more businesses to resume operations, thereby enhancing their ability to meet their tax obligations,” Josephine Matambo, the authority’s vice board chairperson, said in an emailed statement on Sunday.

“Furthermore, the monetary policy interventions that were done during this period inflated the amounts to be collected, resulting in a corresponding positive impact to the revenues,” according to the statement.

Mining royalties and withholding taxes missed the quarterly targets due to “operational challenges” in the mining sector caused by energy shortages and Covid-19, the statement said.

© 2020 Bloomberg L.P.

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Yaa. Hey!! They are coining it.

The border is clogged with south africans trying to find greener pastures that side.

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