GOVERNMENT OF ZIMBABWE

Transcription

1 ") r,',> \, \ ' GOVERNMENT OF ZIMBABWE CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE OF THE CONSOLIDATED REVENUE FUND For the period ended 31 January JPage DISTRIBUTED BY VERITAS veritas@mango.zw; website: Veritas makes every effort to ensure the provision of reliable information, but cannot take legal responsibility for information supplied.

2 CONTENTS Secretary and Paymaster General's Approval 3 Accountant General's Review 4 Accounting Policies 5 Monthly Consolidated Statement of Financial Performance 6 Notes to the Consolidated Financial Statements

3 SECRETARY AND PAYMASTER GENERAL'S APPROVAL The Consolidated Statement of Financial Performance (CSFP) is prepared on the going concern basis. The Consolidated Statement has been based upon accounting policies, which have been consistently applied. The Consolidated Statement of Financial Performance on pages 6 to 1 0 has been approved by the Secretary and Paymaster General, and the Accountant General. /7 {~1j,.. SECRETARY AND PAYMASTER GENERAL ACCOUNTANT GENERAL 31

4 ACCOUNTANT GENERAL'S REVIEW Mandate Section 38 of the Public Finance Management Act (Chapter 22:19) requires Treasury to publish consolidated financial reports in the Gazette within thirty days after the end of each month. The mandatory Consolidated Statement of Financial Performance (CSFP) for government for the month ended 31 January 2017 as required by section 38 of the Public Finance Management Act is hereby presented. Besides being mandated by legislation, CSFP is meant to provide a summary of national government's financial resources and their application for the benefit of the people of the Republic of Zimbabwe. 41

5 NOTES TO THE MANAGEMENT ACCOUNTS FOR THE MONTH OF JANUARY REVENUE revenue for the month of January was $ 278 million against budget of $ 278 million demonstrating that what was budgeted was achieved.major contributors to the revenue were VAT which contributed 36%, tax on income and profits 27% and excise duties with 17% respectively. Major challenges were on nontax revenue which reported a negative variance of 31%.the negative variance was caused by low revenue from property Airtime levy for January contributed $3 million against a budget of $4 million 2. EXPENDITURE expenditure was $308 million incurred against budget of $362 million resulting in a positive variance of $54 million. Major costs incurred related to employment costs amounted to $238 million which is 86% of total expenditure. For the month $9 million was incurred on good and services against a budget of $14 million. Majority of expenses incurred by line ministries were not paid for due to cash flow constrains faced currently by the Government of Zimbabwe. Cash generated is inadequate to meet all the current obligations. Capital Expenditures and Transfers Capital Expenditures Acquisition of various capital expenditure (vehicles, furniture and equipment) amounted to $3 million against budgeted of $15 million due to limited available cash resources. Capital Transfers During the month of January we transferred funds to the following: Caps holdings GMB ZIMRA $7.5 million $46.3 million $ DEFICIT FOR THE MONTH During the month of January 2017, a deficit of $30 million was reported against budgeted deficit of $84 million. 51

6 CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE FOR THE MONTH OF JANUARY 2017 MONTHLY PERFORMANCE ACnJAL BUDGET VARIANCE % Notes USD USD USD TAXES ON INCOME Tax on goods and services ; Cusbms duties 2.1 ~ {13.90) Excise duties Q.80 (U2J Value added lax ,354,«l5.2(J OTHER TAXES 3 11,521,83d U9 TOTAL TAX REVENUE NON TAX REVENUE Revenue fi'om properly Fees,fines,lioonces and contributions TOTAL INCOME EXPENDinJRE Recurrent Expenditure Errployment cost Goods and services Current transi=lrs lnerest On debt DEFICIT BEFORE CAPITAL Capital Expenditure Capital expendilire Capilallransi=lrs Equity participation/net lending TOTAL EXPENDinJRE tSSt.t7'Uf DEFICIT FOR THE PERIOD 2t,ie1,flt8;,18}.541J7.stfM. 61 P e

7 NOTES TO THE CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE FOR THE PERIOD ENDED 31 JANUARY 2017 Notes 1 TAXES ON INCOME & PROFITS Individuals Companies Domestic Dividend and interest Other incomes taxes ACTUAL USD 54,770, ,471, ,593, ,796, ,631, BUDGET USD 61,300, ,200, ,380, ,900, ,780, TAX ON GOODS & SERVICES 169,035, ,591, Customs duties Oil Products Prime & Surtax Refunds 20,716, (79,151.53) 23,970, ,637, ,970, Excise Duties Beer 4,993, ,640, Wines & Spirits 1,950, ,240, Tobacco 1,582, , 700, Second Hand Motor vehicles 203, , Fuels 36,192, ,800, AirTime 3,121, Electric Lamp , ,043, ,621, Value Added Tax VAT on domestic goods 79,113, ,400, Imported Goods & Services Refunds 23,811, (2,570,099.30) 27,600, ,354, ,000, p

8 3 OTHER TAXES Mining Royalties Vehicle Carbon Taxes Stamp Duties Presumptive Tax Withholding tax on tenders ATM levy Tobacco levy Banking levy Intermediate money transfer 5,416, ,2 33, , , ,986, , , ,018, ,527, ,500, ,800, ,432, , ,257, , ,600, TOTAl TAX REVENUE 261,194, ,911, NON TAX REVENUE 4.1 Revenue from Investments & Property Govt Property rent Interest Dividends 4.2 Fees,fines,licences and contributions Fees:Govt Dept facilities & services Road Access Pension Contribution Judicial fines Govt Sales,licences Rummage Sale Refunds Refunds of Miscellaneous Payments from Votes Miscellaneous 159, , ,128, ,584, , (18,323.84) 34, , ,603, ,990, ,990, ,924, ,565, , , , ,279, Non Tax Revenue 16,762, ,269, TOTAl REVENUE 277,957, ,240,000.00

9 ACTUAL USD BUDGET USD EXPENDITURE 5 Recurrent Expenditure 5.1 Employment cost Civil Services Wage Bill Diplomatic missions PSMAS NSSA Funeral Expenses 249,962, ,978, ,978, ,027, ,858, ,100, ,900, , ,898, Goods and Services Domestic travel expenses Foreign travel expenses Communication Supplies and Services Education supplies and services Medical supplies and services Office supplies and services Training expenses Rentals and other services charges Institutional Provisions Other goods and services Maintenance Programmes and Institutions 74, ,588, , ,415, , , , ,219, , 782, , ,109, ,121, , , , , ,854, ,160, , ,348, ,115, ,704, Current Transfers Pension Other current transfers: Employment costs (zimra +grant aided salaries) Operations( current trf +zimra) ForeignIMF subscriptions 39,800, ,397, ,276, ,474, ,800, ,960, ,127, ,887, Page

10 5.4 Interest and Debt Foreign: Domestic: 2,727, ,727, ,538, ,538, Capital Expenditure 57,982, ,705, Capital Expenditure Furniture and equipment Vehicles, plant and mobile equipment Acquisation & Construction of buildings Intangible assets Feasibility studies 2,203, , ,040, ,419, ,922, , ,779, , , ,775, Capital transfers 54,538, ,538, ,247, ,247, Equity participation/lending 25, , ,930, ,930, TOTAL EXPENDITURE 307,945, ,274, I P e