BREAKING: Govt Slashes Duty On Fuel Imported Using Free Funds

3 years agoFri, 13 Mar 2020 15:24:36 GMT
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BREAKING: Govt Slashes Duty On Fuel Imported Using Free Funds

The government of Zimbabwe has slashed customs and exercise duty on fuel imported using free funds by 50 percent for diesel and 44 percent for both leaded and unleaded petrol.

The announcement was done through Statutory Instrument 64 of 2020 also referred to as Customs and Exercise (Tariff Amendment) Notice 2020 number 14.

Duty for petrol is now US$0, 25 per litre down from US$0, 45 per litre while diesel will be levied US$0, 20 per litre down from US$0, 40. Reads the SI in part:

… companies with free funds shall be allowed to import the goods designated. . . with the listed commodity (fuel) being imported entirely for use in their production process, and pay for the duty in foreign currency.

This facility shall also be open to designated fuel stations authorised to sell the listed commodity codes (fuel) in foreign currency.

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The development is premised at reducing the cost of importing fuel which is scarce in the country. The government used to give fuel dealers the money to import the commodity but it did not end well as some companies reportedly abused the facility.

Reduced fuel prices will likely result in reduced prices of other commodities in the country as there is a direct relationship between the prices of fuel and other commodities.

More: The Herald



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