The Zambia Revenue Authority (ZRA) has announced that it surpassed its revenue target of K51.8 billion for the fiscal year 1st January 2019 to 31st December 2019 by K1.1 billion.
Speaking during the end of year review for 2019 in Lusaka, ZRA Commissioner General Kingsley Chanda said during the year, the Authority collected K63.8 billion in gross revenue while the refunds stood at K10.9 billion resulting in a net collection of K52.9 billion.
He said the net collection of K52.9 billion translates to 17.6% of the projected GDP estimate for 2019 compared to the targeted 17.3%.
Mr. Chanda said this outstanding performance is despite the unfavorable economic environment especially during the second half of the year.
Chanda further stated that during the year, ZRA paid out K10.5 billion in VAT
refunds while a further K400 million was refunded towards direct taxes and duty
He indicated that the bulk of the vat refunds 78%, was paid to the mining sector.