MTHULI : TAXES TO BE PAID IN ZiG

Most of the taxes will be paid strictly in the Zimbabwe Gold (ZiG) currency to steer demand and drive up its value.

This was said by Finance Minister, Mthuli Ncube said this in Harare yesterday :“Already, customs duties are now payable in local currency. Going forward and in line with the de-dollarisation roadmap, other taxes will also be paid exclusively in local currency, including payment for government services.

In his midterm fiscal policy review, Ncube proposed to amend the legislation to allow companies to settle corporate income tax in local and foreign currency on a 50:50 basis. He also proposed to amend legislation and compel any corporate whose revenue exceeds 50% in foreign currency to account for corporate income tax on a 50:50 basis.

Critics say government services such as passport fees should be paid exclusively in ZiG to buttress the use of the local currency. Government, however, argued that there is an existing arrangement which demands that the fees be collected in United States dollars.

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