Zim revenue collections plummet

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ZIMBABWE’S revenue collections took a knock in the seven months to July, dropping by 18 percent — as the effects of the Covid-19 pandemic and an ever-deteriorating economic environment stifled business in the country, the tax agency has said.
Before the pandemic, the southern African nation was already dogged by the rapid depreciation of the local currency and soaring inflation — which peaked to 785 percent in May, weakening business confidence.

Francis Chimanda, Zimbabwe Revenue Authority (Zimra) head of corporate communications, told The Financial Gazette that while revenue collection was 30 percent higher than the previous year in nominal terms, it was actually lower in real terms taking into account hyperinflation over the seven-month period.