Tax tar­get for 2016 not met

The Star Early Edition - - LETTERS -

ZIM­BABWE’S tax agency Zimra said yes­ter­day it failed to meet its 2016 rev­enue tar­get by 4 per­cent, as the econ­omy stalled and weak global com­mod­ity prices hit min­eral roy­al­ties. The na­tion’s econ­omy stag­nated last year, while its bud­get deficit ex­ploded, putting po­lit­i­cal pres­sure on the govern­ment. Zimra chair­per­son Wil­lia Bony­ongwe said the agency col­lected $3.46 bil­lion (R46.75bn) in taxes be­tween Jan­uary and De­cem­ber 2016, com­pared to a tar­get of $3.61bn. “The fail­ure to sur­pass rev­enue tar­gets in 2016 is largely due to the pre­vail­ing harsh eco­nomic con­di­tions,” Bony­ongwe said. She said the tax author­ity would au­to­mate its rev­enue col­lec­tion op­er­a­tions and de­ploy other mea­sures to im­prove rev­enue in 2017. – Reuters

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