From The Tanzania Citizen

Zanzibar government failed to meet the target of collecting revenue by 11.3 percent in October last year, according to November 2014 Monthly Economic Review issued by the Bank of Tanzania (BoT).

Revenue collections during October 2014 amounted to Sh29.0 billion with tax revenue amounting to Sh27.0 billion which was also 11.8 percent below the target.

The BoT report also shows that during the month Zanzibar budgetary operations recorded an overall deficit of Sh1.7 billion which was financed by external resources.

“Total resources during the period under review amounted to Sh33.3 billion, out of which 87.1 per cent was from domestic revenue and the balance from grants. Total expenditure during the month amounted to Sh36.7 billion,” the report reads in part.

In terms of contribution to the total revenue, the BoT report shows that tax on imports during the same month accounted for the largest share of Sh9.5 billion, followed by VAT and excise duties which contributed Sh8.2 billion.

Read more at The Tanzania Citizen