https://www.techzim.co.zw/2022/01/zimra-exceeded-its-own-expectations-in-q4-2021-with-a-48-uptick-in-collections/

Jan. 31, 2022

The Zimbabwe Revenue Authority (ZIMRA) has announced its Q4 2021 figures, revealing that the tax authority outperformed its own forecasts for the quarter. Gross receipts for ZIMRA was ZWL$161.08 billion, up 48.91 percent from the objective of ZWL$108.17 billion.

Pilot phase of the National Fuel Management System

The Zimbabwe Revenue Authority surpassed its target for the second quarter

The Zimbabwe Revenue Authority surpassed its target for the second quarter of the year as measures to improve monitoring took effect and businesses reopened. Zimra retrieved 109 billion Zimbabwean dollars ($1.3 billion) for the period, 16% more revenue than expected.

Zimbabwe’s Fiscal Surplus Not Superficial – World Bank

World Bank country economist Stella Ilieva highlighted the fiscal surplus reported by Finance Minister Professor Mthuli Ncube is not superficial. She made the remarks at a virtual discussion hosted by the Zimbabwe Economic Society this week amid scepticism over the availability of the alleged surplus when the country is failing to meet some of its financial obligations.

Budget surplus in the first quarter of 2021

Zimbabwe recorded a budget surplus amounting to ZWL$9,8 billion in the first quarter of 2021 on the back of continued fiscal consolidation measures and sustained macro-economic stability.

Publication of Beneficiaries of Foreign Auction System

Every company or person allotted forex through the Foreign Exchange Auction System have their name published so the public knows who is getting the resource

Zimbabwe prepares for bumper harvest

The Agricultural Marketing Authority will no longer be issuing out import permits for maize and maize meal due to bumper harvest. In 2020 the country spent US$300 million on maize imports

Zimbabwe Economy Shows Signs of Recovery

Zimra surpasses Q1 revenue target

The Zimbabwe Revenue Authority (Zimra)’s 2021 first quarter to March 31, revenue collection totalled $90,62 billion, which is a 4,73 percent ahead of the targeted $86,52 billion. Net collections stood at $88,26 billion after refunds of $2,35 billion were deducted, giving a positive variance of 2,01 percent.

Zimra surpasses set targets

Zimbabwe Revenue Authority (Zimra),had its collections for the three months to December surpassed the revised set targets. Net collections for the period under review amounted to $91,51 billion resulting in a positive variance of 8,44 percent against the target. For the full year, Zimra collected net revenue of $182,59 billion against a target of $171,90 billion for the year ending  December 31, 2020 and this translated to 6,22 percent above target.

Budgets for 52 local authorities approved

By the end of December 2020 Government had approved 52 out of 92 local authorities’ 2021 budgets; 24 budgets were received in the last two days and were still being analysed and should be finalised by January 8, 2021

Cabinet adopted the National Development Strategy (NDS) 1: 2021-2025 which will replace the Transitional Stabilisation Programme.

 Cabinet adopted the National Development Strategy (NDS) 1: 2021-2025 which will replace the Transitional Stabilisation Programme. NDS 1 will be replaced by NDS 2 post 2025. NDS 1 and NDS 2 are a stepping stone towards achieving vision 2030 and would run under the theme: “Towards a Prosperous and Empowered Upper Middle-Income Society by 2030.”

Red flagging of suspicious accounting records by the Auditor General's Office.

Auditor-general Mildred Chiri has raised  a red flag over the Zimbabwe Manpower Development Fund (ZIMDEF)’s non-compliance to International Accounting Standard 21 in respect of its 2018 financials.

IAS 21 outlines how to account for foreign currency trans­ac­tions and op­er­a­tions in financial state­ments, and also how to translate financial state­ments into a pre­sen­ta­tion currency.

Upward revision of National Budget by 30% to curb inflation

Government has revised 2020 expenditure ceiling from $28 billion by over 30 percent in light of inflation and the need to grow the economy. This was said by Finance and Economic Development Minister Professor Mthuli Ncube in a report titled “2020 Pre-Budget Parliamentary Consultation Meetings; October 30 to November 4, 2019”.

The 2019 Budget will focus on addressing fiscal and current account deficits.

The economy is showing signs of recovery albeit with a number of challenges and risks. Indications are that, the economy will grow by 6.3% against the original Budget projection of 4.5% and 4.8% estimated for 2017. With this projected growth Zimbabwe will join the “6% club” of African countries growing at more than 6% per annum. However, the quality of the growth, which is primarily being driven by two sectors of agriculture and mining is obviously not inclusive.