ZIMRA exceeded its own expectations in Q4 2021 with a 48% uptick in collections

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The Zimbabwe Revenue Authority (ZIMRA) has released its Q4 2021 results and the tax authority went over and above its own projections for the period under review. ZIMRA recorded ZWL$161.08 billion in gross collections which is a 48.91% increase on its target of ZWL$108.17 billion.

The net revenue collected was ZWL$157.19 billion because ZIMRA said it paid out ZWL$3.9 billion in refunds. Q4 2021’s figures were also a 71.77% increase from the ZWL$91.51 billion that the tax authority got in Q4, 2020. But when adjusted for inflation the net revenue increased by 8.81% over the same period in 2020.

Here is the spread from ZIMRA’s Q4 2021 Results

TAX HEAD2021 TARGET:2021 ACTUAL $% VARIANCE2020 ACTUALS% Nominal Growth% Real Growth
Gross VAT L/Sales16,722,654,742.0026,534,180,519.6658.67%14,549,300,375.4782.37%15.52%
Less VAT Refunds3,862,043,421.572,752,839,337.89
Net VAT L/Sales16,722,654,742.0022,672,137,098.0935.58%11,796,461,037.5892.19%21.74%
VAT on Imports9,764,728,630.0014,720,430,243.9550.75%9,914,752,134.5848.47%-5.95%
Gross Customs Duty7,159,039,404.009,178,292,827.7928.21%7,053,044,496.9130.13%-17.57%
Less Customs Refunds28,106,494.4815,041,984.73
Net Customs Duty7,159,039,404.009,150,186,333.3127.81%7,038,002,512.1830.01%-17.65%
Excise Duty12,962,962,760.0019,493,121,402.1550.38%12,447,529,776.5056.60%-0.80%
Mining Royalties3,181,425,317.003,676,402,569.8115.56%2,811,030,387.8130.78%-17.16%
WHT on Contracts1,246,000,000.001,811,154,450.4445.36%1,004,137,303.2180.37%14.25%
Intermediated Money Transfer Tax8,220,000,000.0016,471,387,524.71100.38%6,071,450,792.51171.29%71.85%
Other Taxes679,115,000.001,069,264,536.2757.45%571,791,830.4087.00%18.45%
CGT & CGT Withholding591,100,000.00677,577,875.5914.63%386,175,033.9775.46%11.14%
Other Indirect Taxes88,015,000.00377,389,381.01328.78%177,465,495.16112.66%34.70%
Tobacco Levy14,297,279.678,151,301.27
Carbon Tax681,578,186.001,973,064,440.50189.48%726,424,925.70171.61%72.05%
Gross Non Tax41,540,000.0005,008,825,215.103,157,461,427.5658.63%0.48%
Less Other Refunds7,069,287.922,663,975.50
Net Non-Tax41,540,000.0005,008,825,215.103,154,797,452.0658.77%0.57%
Total Net Revenue108,173,090,075.00157,186,086,348.4245.31%91,509,268,174.0771.77%8.81%
Total Gross Revenue108,173,090,075.00161,076,236,264.4748.91%94,279,813,472.2070.85%8.22%

Q4, 2021 revenue contribution

In its report, ZIMRA noted that Individual contributions increased due to salary increases (particularly end of year bonuses) that were brought on because of the rise in the cost of living. As for companies, the taxman said that capacity utilisation has increased in the manufacturing sector which it said led to an increase in revenue collections. Likewise Excise Duty, Customs Duty and VAT on imports performed above ZIMRA’s expectations.

You can download ZIMRA’s full Q4 2021 report with the link below

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