Some Taxes to Be Paid Exclusively in ZiG
Most of the taxes will be paid strictly in the Zimbabwe Gold (ZiG) currency to steer demand and drive up its value.
Mthuli Reassures People on ZiG: Public Remains Skeptical
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.
Some Taxes to Be Paid Exclusively in ZiG
Government, however, argued that there is an existing arrangement which demands that the fees be collected in United States dollars.
Meanwhile…
The Government is now reviewing its National Diaspora Policy which was adopted in 2016 as it attempts to woo the diaspora to invest in Zimbabwe.
According to The Herald, Deputy Chief Secretary in the Office of the President and Cabinet, Mr Willard Manungo, said in Bulawayo: “The review of Zimbabwe’s National Diaspora Policy also targets to empower the diaspora community to realise all business and investment opportunities arising in their motherland by being allowed space and scope to also contribute towards Zimbabwe’s socio-economic development while ensuring their rights and interests are safeguarded.
“The participation of the diaspora community in national development programmes and individual entrepreneurial initiatives fulfils the call by His Excellency President ED Mnangagwa that “nyika inovakwa nevene vayo, brick upon brick and stone upon stone.”
