Home LOCAL NEWS Zimra Has Lost Millions Of Dollars Through Irregular Import Documents

Zimra Has Lost Millions Of Dollars Through Irregular Import Documents

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THE Zimbabwe Revenue Authority has lost close to US$70 million in potential revenue after being prejudiced through irregular import documents, an official has revealed.

In a summary presentation for the company’s annual general meeting, Commissioner General Ms Fath Ms Mazani said a special post clearance audit conducted by Zimra on luxury motor vehicles revealed that there were close to 500 vehicles with irregular import documents.

She said Zimra was prejudiced of US$ 70 million and has since launched investigations into the issue and also in the process of recovering the money.

Ms Mazani said Zimra was working closely with the Zimbabwe Anti-Corruption Commission in order to plug revenue leakages.

“Zimra signed a Memorandum of Agreement with the Zimbabwe Anti-Corruption Commission (ZACC) and the two organisations are now working in partnership to combat corruption.

A special Post Clearance Audit on imported Luxury Motor Vehicles carried out in 2019 and it unearthed 485 vehicles with irregular import documents. Investigations and recoveries are ongoing and potential prejudice is valued at US$70 million,” she said.

Ms Mazani said Zimra was in the process of recovering more than $ 153 million as well as property acquired through fraudulent means.

“At least 601 cases were investigated in 2019. There is $153.78 million identified for recovery and recovery is ongoing.

Zimra is now aggressively using the Money Laundering and Proceeds of Crime Act to seize and attach properties acquired through fraudulent means. I am pleased to announce that Zimra won the first historic asset forfeiture case in the first quarter of 2020,” she said.

Ms Mazani said Zimra had also surpassed its target revenue collection between January and May this year.

“Zimra collected $13.88 billion in the first quarter of 2020 against a target of $12.27 billion. This translates to 10.42 percent above target. As of 31 May we had collected $22.49 billion against a target of $21.13 billion. This means we are 6.41 percent above target.

In 2019 Zimra collected net revenue of $23.19 billion against a target of $18.6 billion which was 24.65 percent above target. There was 358 percent nominal growth from 2018 and 13.55 percent real growth from 2018 after adjustment for inflation. Net Revenue to Gross Domestic Product (GDP) ratio was 18 percent against regional benchmark of 15 percent,” she said.

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