The Zimbabwe Revenue Authority (ZIMRA) has released the tax contribution figures for the first half of 2024.
According to the Authority individual tax, Pay As You Earn accounted for 21%, Excise Duty (14.4%) and VAT 26.1% (VAT on Local Sales 14.72% & on imports 11.38%).
Company tax contribution was 8.94%. For full year 2023, this tax contributed 10.87%, from 15.4% in 2022.
Intermediated Money Transfer Tax (IMTT) which is payable by financial institutions on transactions mediating the transfer of money, with certain exceptions has been falling, a sign that cash is dominant in a mostly informal economy.
In H1, the tax accounted for 3.4% of government revenue and it was 4.56% for the full year 2023, from 9% in FY2022.
Zwnews
