Zimbabwe’s tax authority misses its revenue target
The economy stalled and weak global commodity prices hit mineral royalties
Harare — Zimbabwe’s tax agency Zimra said on Thursday it failed to meet its 2016 revenue target by 4%, as the economy stalled and weak global commodity prices hit mineral royalties. The southern African nation’s economy stagnated last year while its budget deficit exploded, putting political pressure on long-serving President Robert Mugabe’s government. Zimra chairman Willia Bonyongwe said in a statement that the agency collected $3.46bn in taxes between January and December 2016 compared with a target of $3.61bn. "The failure to surpass revenue targets in 2016 is largely due to the prevailing harsh economic conditions," Bonyongwe said.
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