Govt Contemplates Reducing Excise Duty On Fuel - Report

4 years agoTue, 05 Mar 2019 13:42:42 GMT
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Govt Contemplates Reducing Excise Duty On Fuel - Report

The Minister for Finance and Economic Development Mthuli Ncube is mulling plans to reduce taxes on fuel to ease the burden on consumers, a Business Times report claims.

The government raised fuel prices by over 150 per cent in January making Zimbabwe’s fuel the most expensive in the world.

The Business Times report reads in part:

High-level sources at the Ministry of Finance told Business Times this week that the Treasury could soon reduce the tax on fuel to cushion motorists who are now paying up to RTGS$3,33 for a litre of petrol.

The reduction in taxes is in anticipation of exchange rate fluctuations following the establishment last week of an interbank foreign exchange market.

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… According to a source privy to the developments, “the finance minister has declared war on inflation, and managing inflation is one of his top priorities. He is also expected to reduce lower growth rate projections to match economic developments.”

Finance Minister Mthuli Ncube could not be reached for comment as he was said to be attending the bi-national meetings between Zimbabwe and Botswana.


More: Business Times



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