Revenue Performance Report Q4 2021: ZIMRA Surpass Revenue Targets Despite Challenges

The Zimbabwe Revenue Authority (ZIMRA) has said the authority surpassed revenue targets despite a number of challenges the whole nation faced in 2021. The taxman announced this in its revenue performance report for the fourth quarter of 2021. Pindula News presents ZIMRA’s report:

1. Introduction

The general economic environment weakened marginally in the fourth quarter of 2021 with year-on-year inflation increasing by 9.19% percentage points from 51.55% as at end of September 2021 to 60.74% by end of December 2021. Economic growth is projected at 7.8% driven by electricity generation, agriculture, mining and infrastructure developments. On the other hand, local currency further weakened against the US dollar during the quarter from 87.6653 at the end of September 2021 to 108.70 at the end of December 2021.
The year 2021 ended on a positive note in terms of revenue collections as ZIMRA surpassed revenue targets despite a number of challenges that confronted the Revenue Authority and the nation as a whole.

The biggest adversity was the continued COVID-19 pandemic that affected business operations and led to death of fellow citizens and some of the Authority’s staff.

ZIMRA continued to support the Government‘s National Development Strategy 1 (NDS-1) through implementation of various revenue collection and trade facilitation strategies.

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2. Domestic Revenue Mobilization (DRM)

This report gives a summary of the 2021 annual net revenue collection performance and also provides a review of ZIMRA’s strategic performance for the quarter ended 31 December 2021.

2.1 Revenue Performance for Q4 2021

Gross collections for the fourth quarter amounted to ZWL$161.08 billion, against a target of ZWL$108.17 billion (48.91% above target). The Authority paid out refunds of ZWL$3.90 billion during the quarter under review. Table 1 below shows that net collections for the quarter were
ZWL$157.19 billion (45.31% above target).

Download: Revenue performance report for the fourth quarter of 2021