Zimbabwe Exempts All Basic Goods From Import Licenses, Duties And Taxes

11 months agoFri, 12 May 2023 06:07:59 GMT
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Zimbabwe Exempts All Basic Goods From Import Licenses, Duties And Taxes

The Finance and Economic Development Minister, Professor Mthuli Ncube, declared that import licenses will no longer be required for all basic goods entering the country and they will also be exempt from import duties and taxes.

In a statement seen by Pindula News, Ncube said the move is meant to enhance the supply of basic goods to the public. Reads the statement:

Lifting of All Restrictions on importation of Basic Goods.

In order to enhance the supply of basic goods to the public, all basic goods will no longer be subject to import licences, and will also come into the country free of import duties and taxes.

The majority of Zimbabwe‘s imports are subject to the open general import license (OGIL) and do not necessitate special permits or licenses, with the Ministry of Industry and Commerce managing the process for products that do require them.

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Furthermore, the government mandates certain documentation for importing goods, including a bill of entry, pertinent invoices, shipping documents such as a bill of lading, freight statements, and certificates of origin, particularly for products entering from SADC member states and the Preferential Trade Area (PTA) of Eastern and Southern Africa.

Imposing these requirements discouraged imports and promoted buying from local producers, but as the local industry operates below capacity, it fails to meet local demand, resulting in some dealers with a monopoly on scarce commodities increasing prices arbitrarily. Thus, lifting all restrictions on importing crucial goods is an effort to curb the steep price hikes.

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