Zimbabwe’s local industry has received a major boost towards growth after the government suspended duty on basic commodities.
This was revealed by Finance and Economic Development
Minister, Professor Mthuli Ncube in his ZWL$ 4,2 trillion national budget for
2023, this Thursday.
Presenting the national budget at the New Parliament
Building in Mt Hampden, Professor Ncube said it is meant to promote the growth
of local industries.
“Mr speaker sir, the government suspended customs duty on
basic commodities in order to cushion consumers from unjustified price
increases, this measure has contributed to stability in prices of basic commodities,
hence the suspension which expired on November 16, 2022 will not be extended,”
he said.
In terms of budget allocations, the Ministry of Primary and
Secondary Education received the highest chunk of over ZWL$ 630 billion with
the treasury also setting aside ZWL$ 76 billion for the forthcoming harmonised
elections.
“Mr Spaker Sir this budget is premised on the need to
consolidate gains such that we are optimistic about the allocations that we
have done to productive sectors,” said Professor Ncube.
Tax relief packages for the local industry were also
unveiled.
“In order to promote the use of the banking system, I
propose to align IMTT on foreign currency transactions to the rate applicable
to local currency transactions at two percent,” said the Finance Minister.
Other highlights of the national budget include a four
percent economic growth forecast, a 10,4 mining sector growth forecast and the
reinstatement of the 15 percent rate on VAT.
Revenue collections are anticipated to rise to ZWL$ 1,7
trillion with month-on-month inflation expected to be between one and three
percent. zbc
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