Zanzibar Revenue Authority Surpasses Revenue Targets Amidst Economic Boost
ZANZIBAR REVENUE AUTHORITY SURPASSES ITS REVENUE TARGETS, ACHIEVING A 4.89% SURPLUS IN THE LAST SIX MONTHS. ECONOMIC ACTIVITIES, VOLUNTARY COMPLIANCE, AND EFFECTIVE PARTNERSHIPS CONTRIBUTE TO THIS SUCCESS, WITH PRESIDENT MWINYI’S LEADERSHIP PLAYING A PIVOTAL ROLE.
Zanzibar Revenue Authority (ZRA) celebrates a remarkable 4.89% revenue surplus in the last six months, attributing success to heightened economic activities and increased voluntary compliance.
Key Contributors to ZRA’s Triumph
Efficient operations, infrastructure development aligned with President Hussein Ali Mwinyi’s policies, and collaborative efforts with institutions like the Tanzania Revenue Authority contribute to ZRA’s 22.96% revenue surge compared to the previous financial year.
The agency reports surpassing monthly targets consistently from July to December 2023. This achievement reflects Zanzibar’s commitment to economic growth and fiscal responsibility.
Presidential Influence on Revenue Growth
President Mwinyi’s dynamic leadership over three years has propelled Zanzibar’s revenue from Sh304.342 billion in his first year to a staggering Sh351.768 billion in just six months of the current fiscal year.
ZRA expresses gratitude to taxpayers for increased voluntary compliance, acknowledging their pivotal role in this fiscal success. The agency vows to sustain momentum, following President Mwinyi and President Samia Suluhu Hassan’s directives.
About Zanzibar Revenue Authority (ZRA)
Zanzibar Revenue Authority (ZRA) plays a vital role in the economic landscape of Zanzibar, overseeing the collection of revenue to support government initiatives and services. Its primary function involves implementing and enforcing taxation policies to ensure a sustainable financial framework for the region. ZRA engages in the assessment and collection of various taxes, such as income tax, value-added tax (VAT), and customs duties. Beyond revenue collection, the authority focuses on fostering voluntary compliance among taxpayers through awareness campaigns and educational programs. Additionally, ZRA collaborates with other institutions, like the Tanzania Revenue Authority, to enhance efficiency and strengthen the overall economic infrastructure. As a key player in Zanzibar’s financial ecosystem, ZRA contributes significantly to the island’s economic development and stability.
