Zimra remits US$40bn to Treasury over 20yrs

10 Dec, 2021 - 00:12 0 Views
Zimra remits US$40bn to Treasury over 20yrs Professor Ncube

The Herald

Enacy Mapakame Business Reporter

Finance and Economic Development Minister Professor Mthuli Ncube has commended  the Zimbabwe Revenue Authority (ZIMRA) for its role in domestic resource mobilisation (DRM) at a time Zimbabwe has limited access to international funding due to sanctions.

Among the revenue authority’s key milestones have been facilitation of exports worth US$58 billion and imports worth US$86 billion since 2003.

Since 2001, the Government has been setting a target for ZIMRA to collect an average revenue of US$1,84 billion every year and authority obliged by surpassing the targets after US$1,99 billion was collected every year.

Official figures show that ZIMRA only missed the revenue target by small margins in 2001, 2009, 2014 and 2016 due to different internal shocks that the revenue collector had to grapple with.

Cumulatively, ZIMRA managed to contribute a total of US$39,8 billion to the national purpose from 2001 to 2020.

As such, Professor Ncube said the authority has been instrumental in keeping Zimbabwe on its feet since it was formed on September 01, 2001, ZIMRA.

“Since 2001, ZIMRA has helped the country stand on its feet by providing over 90 percent of the country’s budgetary resources annually,” he said on Wednesday evening while officiating at a dinner celebration to mark Zimra’s 20th anniversary.

“Coincidentally, the birth of the ZIMRA in 2001 coincided with the imposition of sanctions by western imperial forces on Zimbabwe which took effect in 2002 resulting in lines of credit being cut off by many development partners.

“As most of the international credit lines closed when the sanctions were imposed on Zimbabwe, ZIMRA became key in domestic resource mobilisation which ensured that budgetary funding gaps were closed to a greater extent.

“ZIMRA’s relevance was as important then as it is now given the pro- development mode adopted by the Second Republic,” he said.

ZIMRA is a product of Government reform and modernisation processes, which saw the amalgamation of the then Department of Taxes and the Department of Customs and Excise into one Revenue Administration.

It has grown to become critical in DRM enabling the Government to spearhead education, healthcare, water, and infrastructure development projects across the country.

Professor Ncube added state entities such as ZIMRA were key enablers for economic growth through employment creation, development of local economies, stimulating downstream industries

and facilitating trade.

As such, the Government would continue to support such entities as they help build a better Zimbabwe as espoused in Vision 2030.

He said: “The positive spirit, drive and dedication of the ZIMRA team to collect and timely remit tax collections due to the State has proved beyond reasonable doubt that indeed, as per our Excellency, President  E.D. Mnangagwa’s call, “Nyika inovakwa nevene vayo.”

“Under the Second Republic, we will continue to build a better and modern Zimbabwe for Zimbabweans, brick by brick as we gravitate  towards an Upper Middle Income Society by 2030.”

Professor Ncube also recognized ZIMRA’s long serving members who received accolades for their dedicated service to the Authority. ZIMRA currently employs 2 750 people across the country and about 618 of them are part of the pioneer group that joined the Authority at its formation on September 01, 2001.

 

Share This:

Sponsored Links