(3 Minutes Read)
The shortfall in meeting the revenue target was mostly due to hefty tax refunds of K1.3 billion paid out mostly to mining firms. The authority further underperformed under company tax collections by 36%, collecting K3.5 billion, against a target of K5.5 billion.
The Zambia Revenue Authority – ZRA- has missed its April 2024 tax collection target by a notable 11%. ZRA collected a total of K12 billion (about USD 460 million) against a set target of K13.6 billion for the month of April 2024. This shortfall puts further pressure on the treasury.
The shortfall in meeting the revenue target was mostly due to hefty tax refunds of K1.3 billion paid out mostly to mining firms. The authority further underperformed under company tax collections by 36%, collecting K3.5 billion, against a target of K5.5 billion.
ZRA collected K1 billion for the month of April 2024 under mining company tax, which was 64% below the target of about K3 billion. Most areas under inland revenue underperformed as tax-paying companies, businesses and individuals struggled to cope with rising inflation, raising the cost of doing business as well as a depreciating local currency – Kwacha.
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However, the customs division which posted a 17% performance above the set collections target. The ZRA customs division exceeded the minerals concentrates export duty target of K3.7 million by about 60%. Another area of better performance was the fuel import levy which delivered revenues of K138 million which was about 40% above target
