THE Treasury has announced new measures aimed at enhancing the domestic use of the Zimbabwean dollar and stemming illegal foreign currency trading as well as rampant parallel market exchange benchmarking or indexation of prices and services.
These malpractices continue to weigh heavily on the
progress being made to transform the country’s economy, resulting in price
escalation and erosion of domestic and international competitiveness, Finance
and Economic Development Minister, Professor Mthuli Ncube, said.
In a latest statement issued today, the minister said the
new measures would help restore macro-economic stability and ensure smooth
operations by the diverse productive sectors.
“In this regard the public is advised that the following
measures now apply with immediate effect:
a. All mining
royalties are now payable in Zimbabwe dollars up to a limit of 50% of royalties
due
b. All duties and
taxes on the importation of designated motor vehicles are now payable in
Zimbabwean dollars again up to a limit of 50% duties and taxes payable.
c. All domestic
taxes due from exporters on their export receipts are now payable in both
foreign and local currency in direct proportion to the approved export
retention levels.” Herald
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