Government has come up with a legal instrument compelling
traders selling goods and services in foreign currency to pay taxes in the
currency in which they levy their customers, Senators heard yesterday.
Finance and Economic Development Minister Prof Mthuli Ncube
said the proposed law would be presented before Parliament next week.
“We are dealing with that. That will be contained in the
Finance Bill, which we are bringing to Parliament. The Bill will compel
retailers and traders to pay taxes in currencies that they would have quoted
for goods prices,” said Prof Ncube.
He was responding to Harare Metropolitan Senator Omega
Hungwe who had asked what Treasury was doing to deal with such traders.
Sen Hungwe said some retailers were issuing receipts
reflecting Zimbabwean dollar on a transaction that would have been paid for in
United States dollars.
Senators raised questions after Prof Ncube gave an overview
about the Mid-Term Fiscal Policy Review that he presented in the National
Assembly last week, while members of the Upper House were on recess.
Prof Ncube said the future of the country’s economy was
bright given the several fiscal measures they have put in place that included
the foreign currency auction system aimed at stabilising the local unit.
He said the country’s economy had shown great resilience,
as it was still recording surpluses despite being ravaged by several
misfortunes such as successive droughts, Cyclone Idai and Covid-19.
“We have suffered some shocks. We have had several
challenges, but we are still standing, so the future of our economy is bright,”
said Prof Ncube. Herald
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