Diamond discovery in Zimbabwe set to revolutionize national revenue collection.
An efficient national revenue collection system in Zimbabwe is crucial for managing finances and reducing reliance on foreign sources. The country has made significant reforms over the years, such as establishing a national revenue authority, adopting new tax systems, and introducing VAT and toll gate systems. The discovery of diamonds has also boosted revenue potential. However, there are still challenges like loopholes in tax frameworks, lack of transparency, and corruption in revenue collection institutions. To improve revenue collection, structural and operational frameworks need to be reviewed, treasury control tightened, oversight and audit functions strengthened, tax frameworks tightened, and transparency in revenue processes increased.