Government Achieved A Fiscal Surplus Of $159.8 Million In June - Report

The Consolidated Revenue Fund consolidated statement of financial performance for the period ended June 30, 2019, has revealed that there has been an increase in tax collections. Zimra managed to surpass their target of $903.5  by a huge margin and collected $1.3 Billion in June 2019. According to the report, this resulted in a fiscal surplus of $159,8 million against a target of $90 million. The statement reads in part:

Total revenue collection for the month of June 2019 amounted to $1,310 billion against a target of $903,5 million resulting in a positive variance of $407,3 million (45 percent),

The positive performance was mainly recorded under the taxes on income, which contributed $424,9 million against a budget of $304,5 million; intermediated money transfer tax, commonly known as the 2 percent tax, contributed $163,6 million against a budget of $95 million, while tax on goods and services generated $625,3 million against a budget of $436,6 million.

In the period under review, airtime levy contributed $15,8 million against a budget of $12,9 million.In June, employment costs rose to $377,4 million against a target $328,7 million resulting in a variance of $48,6 million (15 percent)

Expenditure of goods and services was $216,7 million against a target of $66,9 million, resulting in a negative variance of $149,8 million, mainly due to the general price rises.Capital expenditures for June amounted to $344,1 million against a target of $347,3 million, giving a positive variance of $3,2 million.

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