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Economist Professor Gift Mugano says the proposal by the Minister of Finance, Economic Development, and Investment Promotion Mthuli Ncube to allow only traders registered for VAT purposes and in possession of valid Tax Clearance Certificates to procure goods from manufacturers is aimed at saving established supermarkets from collapse.
Mugano said if the proposal is adopted by Parliament, more than six million people who are making livelihoods from buying and selling will be negatively affected.
In his 2024 National Budget presentation on Thursday, Ncube said:
<blockquote>
To restore the supply chain from the manufacturer, wholesaler to retailer, I propose that only licensed and Tax Compliant Operators procure goods from manufacturers and wholesalers.
In addition, I, therefore, propose that only traders registered for VAT purposes and in possession of valid Tax Clearance Certificates be eligible to procure goods from manufacturers.
I, further, propose to review downwards, the VAT registration threshold to US$25 000, or local currency equivalent, with effect from 1 January 2024.
Enterprises that meet the above threshold should, thus, register and account for VAT, failure of which applicable penalties will be invoked.
</blockquote>
Responding to the Permanent Secretary in the Ministry of Information, Publicity and Broadcasting Services Ndavaningi Mangwana, who had said small-scale retailers should either “formalise or fold up”, Mugano said:
<blockquote>
In my view, this proposed policy aims to save established supermarkets from collapse at the expense of 6 million people who are making livelihoods from buying and selling.
In your view, you are convinced that a trader without a VAT certificate is informal? Most of the traders buying from manufacturers are already formalized – securing a VAT is not the only ticket to formalization.
Are you aware that these traders make sales amounting to US$500 per month which makes it difficult for them to hit US$25 000 required for them to get VAT certificate?
Again, in your view, do you think that when you shut them out of the local manufacturing sector they will fold their hands and die?
There are high chances that they will smuggle goods into the country whilst our own manufacturing companies will be closing down as sales take a drastic fall. Is this what you want to achieve as a government?
Have you ever put a thought on how products like beer, bread and ice cream are sold? Sales of these commodities are moved by traders who can’t qualify for VAT certificates, not supermarkets.
So, what is going to happen to both traders and manufacturers of these commodities?
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Proposed VAT Registration Policy Meant To Protect Supermarkets - Mugano

National Patriotic Front (NPF) spokesperson Jealousy Mawarire says President Emmerson Mnangagwa’s Government does not serve the interests of the public after Finance Minister Mthuli Ncube’s proposal in the 2024 National Budget to introduce new taxes.
Posting on X, Mawarire said the proposal to introduce a wealth tax is “silly”, adding the Government should find science-based solutions to challenges faced by Zimbabweans instead of making life harder for them. He said:
<blockquote>
If our government and its officers like Mthuli Ncube sought to “serve the interests of the public” and govern the country for the people, we were NEVER going to have absurd proposals to increase taxes on our impoverished citizens, instead, we were going to witness moves that reduced the burden of over-taxation on our poor citizens.
If @edmnangagwa wanted to govern the country “for the people”, silly proposals to reintroduce colonial hut taxes by different names, would never have been entertained.
What a people-centric presidency would have done was to advance policies which seek to develop the country scientifically, providing science-based solutions to our current problems rather than compounding our troubles through anti-people policies.
A president who serves the people would have taken President Xi’s 14th principle, “crackdown on corruption with zero tolerance” rather than promoting &amp; being at the centre of it.
If we are looking East, we certainly should be copying some of the principles that are aimed at growing China into a “world player”.
It’s never bad to learn from others &amp; the growth of the Chinese economy in the last 2 decades cannot be ignored.
</blockquote>
Ncube said the wealth tax will be levied at a rate of 1% of market values of residential properties with a minimum value of US$100 000.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mawarire Criticises Mthuli Ncube's "Absurd" Tax Proposals

The Mayor of Bulawayo, David Coltart says the funds allocated to the construction of dams in the 2024 National Budget are inadequate.
Mthuli Ncube, the Minister of Finance, Economic Development, and Investment Promotion, allocated ZWL$389 towards dam construction projects in the country. Said Ncube:
<blockquote>
Under the 2024 National Budget overall support towards dam dam construction projects amounts to Z$389 billion with priority being on the completion of the Gwayi-Shangani dam and pipeline with the dam now at the advanced stage of completion.
Other targetted dams include Kunzvi Dam with the associated treatment plant and conveyancing pipeline, Ziminya, Tulu-Manyange, Bindura, Semwa, Silverstroom and Vungu dams.
</blockquote>
However, Coltart said the total amount allocated to dam construction is less than a quarter of the amount needed for the Gwaai-Shangani to Bulawayo pipeline alone. He said:
<blockquote>
Professor Ncube states that a total of ZWL$369 billion has been allocated for the construction of ALL dams and pipelines in Zimbabwe next year.
He states that his priority is “the completion of the Gwaai Shangani dam and pipeline.”
ZWL$369 billion equates to US$67 million. The Gwaai Shangani to Bulawayo pipeline alone is expected to cost a minimum of US$400 million.
Accordingly, if every single cent of this budget allocation is applied to the pipeline alone it will still take almost 6 years to complete at this rate.
Obviously, it will be much longer than this because the Z$369 billion is the total applied for all dam projects.
Bulawayo simply cannot wait another decade or more. Our engineers insist that our short-term water needs are best served by duplicating the pipelines from the Insiza and Mtshabezi dams to Ncema purification works and building the Glassblock Dam (which will cost about half the cost of the Gwaai Shangani/Bulawayo pipeline.)
I implore the central Government to take what our engineers say seriously. We cannot afford to allow Bulawayo to run out of water when we have water supplies right on our doorstep.
</blockquote>
The City of Bulawayo has been grappling with water shortages for decades as its supply dams cannot provide enough water for the city throughout the year.
The city depends on six supply dams, Insiza, Inyankuni, Lower Ncema, Upper Ncema, Umzingwane, and Mtshabezi which are all located in Matabeleland South Province.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

"ZWL$369 Billion Allocated To Dam Construction Projects Too Little"

The Government of Zimbabwe intends to impose a “wealth tax” on homeowners whose properties have a minimum value of US$100 000.
Finance, Economic Development, and Investment Promotion Minister Mthuli Ncube, in his 2024 National Budget presentation on Thursday said the wealth tax will be levied at a rate of 1% of market values of residential properties with a minimum value of US$100 000. Said Ncube:
<blockquote>
Mr Speaker Sir, the key fundamental of tax policy is to address the regressivity of tax that occurs when individuals 
in a low-income category pay a higher percentage of their income as compared to individuals in higher income brackets.
Consequently, the tax incidences fall disproportionately on the low-income groups resulting in inequality.
To ensure that every person contributes to the Fiscus in line with their levels of income, I propose to introduce a Wealth Tax levied at a rate of 1% of market values of residential properties with a minimum value of US$100 000.
Resources derived from the levy will be ring-fenced towards urban infrastructure development, in particular roads, water, sewer and community health centres.
Principal Private Residential properties owned by elderly persons above 70 years will, however, be exempt from the tax.
</blockquote>
Journalist and Government critic Hopewell Chin’ono said the proposal by Ncube shows that the Zimbabwean economy has now collapsed. <a href="https://x.com/daddyhope/status/1730245562778149319?s=20">Chin’ono posted on X</a>
<blockquote>
In a move that shows that the Zimbabwean economy has now collapsed, the Government will now tax Zimbabweans and anyone else who owns houses in Zimbabwe, 1% of the house’s value.
It means that if your house is worth US$$400,000, you will pay US$4000 a year to the State.
It means with immediate effect of that tax coming in, rentals will also go up in Zimbabwe as property owners will simply pass on the tax to their tenants.
10 years of paying that tax for a person who owns one house worth US$400,000 will amount to US$40,000 or even more as the house value goes up.
The wheels have come off in Zimbabwe!
</blockquote>
However, Government spokesperson Ndavaningi Mangwana defended the proposed tax, saying:
<blockquote>
MANSION TAX was a concept proposed by one UK politician but was not eventually implemented. Levying this type of taxation is not a sign that things are collapsing. 
It’s a recognition of the fact that there are people with high-value properties who have not paid any tax on the income from which they bought or built such mansions. 
In Zimbabwe, there are many such people. A variant of the Mansion Tax has now been proposed in Zimbabwe. 
We are not alone in this. Many states in America do charge for having a high-value home. The proposal by Minister @MthuliNcube is to levy such a surcharge on houses with values above US$100 000.
This will catch many and hence many are going to express an opposition to it. But it’s natural for people to resist and try to avoid taxation.
And it’s natural for governments to insist and enforce. This one is going to be interesting because it will catch man.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mthuli Proposes "Wealth Tax" Targetting Houses Valued At US$100 000, Or More

Zimbabweans engaged in cross-border trade have expressed outrage after the Minister of Finance, Economic Development, and Investment Promotion Mthuli Ncube proposed to hike passport fees.
Presenting the 2024 National Budget on Thursday, 30 November, Ncube proposed to raise the fee for an ordinary passport from US$120 to US$200 and for an emergency passport from US$220 to US$300 with effect from 01 January 2024.
He said the additional revenue generated from the increase “will be ring-fenced towards road infrastructure development”.
Amid Zimbabwe’s economic challenges, many people survive by doing cross-border trade, and therefore, for them, a passport is a vital tool of their trade.
Thousands of unemployed Zimbabweans make a living by travelling, primarily to South Africa, Dubai and Turkey to buy goods unavailable or too expensive in Zimbabwe, for resale.
Mavis Chiangwa travels to South Africa regularly to buy spare parts for cars for sale in Harare.
She told <a href="https://www.bbc.com/news/world-africa-67587440">BBC</a> that although her passport is valid for another five years, the proposed hike is too much. She said:
<blockquote>
The 67% increase is too high and will make it difficult for those wanting to apply for new passports or those renewing.
</blockquote>
Journalist and political commentator Hopewell Chin’ono said the Zimbabwean Government “wants to make money from the misery of Zimbabweans who are running away from ZANU PF’s failed policies and corrupt rule.”
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabweans Furious Over Hike In Passport Fees

The Government plans to take over the running of third-party motor vehicle insurance with effect from April 2024.
Presenting the 2024 National Budget on Thursday, 30 November, Finance, Economic Development, and Investment Promotion Minister Mthuli Ncube said motorists were finding that insurance companies “have no motivation to compensate” for losses incurred because they were “profit-oriented”. He said:
<blockquote>
Third party insurance for the private and public motor vehicles was established under the Road Traffic Act in order to cushion against losses through road accidents and property damages.
Road traffic accidents are now ranked as the most prevalent cause of deaths and injuries across the globe.
Whilst insurance is an appropriate mechanism to cover liability costs, it has, however, proved difficult to enforce third party liabilities since private insurers are profit oriented, hence, have no motivation to compensate for the losses incurred.
In that regard, I propose that the government assumes third party motor vehicle insurance to private and public motor vehicles as is the case with other countries in the region.
</blockquote>
Ncube said the prescribed compensation limits provided through the Road Traffic Act are inadequate as they are restricted to death, permanent disability, and medical and funeral expenses. He said:
<blockquote>
I, therefore, propose to broaden the scope of third-party insurance cover under the Third-Party Motor Vehicle Scheme to include the following: medical benefits; rehabilitation; injury grants; funeral grants and loss of income.
The scheme will be operational with effect from April 1, 2024.
</blockquote>
Every vehicle on the road is required by law to have insurance, and the most common is the third party scheme.
Third party insurance provides coverage for damages or injuries caused by the policyholder to a third party, and does not cover damages to the policyholder’s own vehicle or injuries sustained by the policyholder.
Meanwhile, Ncube did not say anything about comprehensive insurance cover, the more expensive scheme which not only covers third-party liabilities but also the insurance holder’s vehicle.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Govt Plans To Take Over Third-party Motor Vehicle Insurance

<h3>Statement by Zimbabwe Congress of Trade Unions (ZCTU) Secretary General Japhet Moyo on the 2024 National Budget president by Finance, Economic Development, and Investment Promotion Minister Mthuli Ncube on Thursday, 30 November 2023.</h3>
<blockquote>
The ZCTU has noted with shock and disbelief the proposed 2024 National Budget announced by Finance Minister Mthuli Ncube which has strong traits of capitalism with tragic consequences to workers and the ordinary person.
Hinged on brutal taxation, the budget has failed to rescue the already underpaid workers by pegging the PAYE tax-free threshold to a paltry Z$750000-00 from 1 January 2024.
A fair tax-free threshold in USD was more sensitive and welcome to workers than this pittance which would be eroded to nothing before it was even effected. The budget is ignorant of the glaring fact that the economy has self-dollarize hence wages and salaries also need to be in USD.
It is a fact that the erosion of purchasing power has exacerbated an already difficult situation for the poor and vulnerable, especially the working class.
The proportion of the working poor has increased markedly with average salaries lagging behind the poverty datum line (PDL).
The average minimum wage in Zimbabwe as of October 2023 was about US$230. The World Bank’s international poverty line is US$2.15 per day.
The government has piled taxes on the ordinary people by increasing fuel tax, introducing the wealth tax, and sugar tax, and sharply increasing passport, toll and vehicle registration fees among a cocktail of other blood-sucking measures.
These proposals clearly indicate that the powers in government are detached from the lived realities of most citizens.
Our view is that the tax regime in the country is already burdensome.
It will result in a drastic increase in the cost of accessing public services, transport and logistics, the price of fuel, and the overall cost of doing business in the country.
A sensitive government would not punish its struggling citizens by taxing them to the marrow.
Service providers will cushion themselves by parcelling the burden to the end user by charging exorbitantly.
The cost of living will spike in 2024 and poverty levels are likely to rise and the government has already approved the mass suffrage by turning a blind eye to the wanton pillage.
The budget has also failed to alleviate the raging informality by barring unregistered entities from buying from manufacturers.
The larger population is in the informal economy and it is common cause that they will be adversely affected by this measure.
In any case, the budget does not contain any direct employment creation incentives and strategies which is a concern, especially given the fact that the country is facing huge employment-related challenges arising from an increase in proportion of informal and vulnerable employment.
Given the high levels of informality, the budget should support and facilitate transitioning from informality to formality.
Integrating informal enterprises into the formal economic fabric is particularly vital for effective domestic resource mobilisation as it expands the tax base.
Vote allocations still remain below regional and global benchmarks. For instance, education got the highest vote at Z$10.3 trillion constituting 17.7% of the total vote allocations, this is still below the Dakar Declaration target of 20%.
Health got Z$6.3 trillion (10.8%), a decline from the 11.2% allocated in 2023, below the Abuja Declaration target of 15%. Agriculture got Z$4.3 trillion, which is 7.4% of the total votes and is below the Maputo Declaration target of 10%.
Public Service, Labour &amp; Social Welfare which is responsible for social protection got ZW$2.4 trillion, which is 4.1% of the total votes and 1.5% of GDP.
According to the Social Policy for Africa Agreement (2008), African Gvts must spend at least 4.5% of GDP on social protection.
In the midst of a cholera outbreak &amp; addressing this requires significant public investments in Water, Sanitation and Hygiene (WASH).
Gvt has allocated ZW$ 608.3 billion towards WASH which represents just 0.4% of GDP, which is way below the 1.5% of GDP benchmark.
We expected gvt to be awake to the realities of the majority and come up with a pro-poor budget.
The only way to relieve workers and ordinary people is to dollarize the economy, pay wages and salaries in USD, and lower taxes so that people have meaningful disposable incomes.
We urge parliamentarians to reject the tragic bill that is sending the majority to the gallows and for the government to revise it to humane standards
JAPHET MOYO
SECRETARY-GENERAL
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mthuli Ncube's Budget A Tragedy - ZCTU

Former Finance Minister Tendai Biti, says the 2024 National Budget shows that the Government oblivious to the structural challenges facing the economy. <a href="https://x.com/BitiTendai/status/1730466254387822823?s=20">Biti posted on X</a>:
<blockquote>
The just presented 2024 Budget is a shocking parody of fascism, extraction, dishonesty, incompetence &amp; downright narcissism.
The 2024 Budget reflects a regime totally oblivious to the structural challenges facing the economy, the plight of the ordinary citizen, and the myriad issues affecting business.
The Budget betrays a lack of respect for economic fundamentals &amp; as a result, its prescriptions are a disastrous panoply of cruel extractive illegal if not unconstitutional measures.
This a budget that reflects a regime with total contempt for its subjects. The imposition of a massive array of taxes on a population mulcted by poverty and social challenges is reflective of this anti-citizen polity.
The increase in toll gate charges, passport fees, duty on soft drinks, vehicle registration, and fuel levy is narcissistic &amp; unnecessary.
The proposed Government takeover of Third Party insurance is clearly unconstitutional &amp; zany. The massive removal of VAT zero rating on all goods except exports &amp; medicines will hurt the poor &amp; elderly as will the removal of duty suspension on basic goods.
The powers given to the Zimbabwe Revenue Authority of temporarily shutting down businesses, seizing storage devices, raiding custody vaults at Banks, seizure of goods, and seizure of digital data, without due process are fascist &amp; unconstitutional. These measures can’t stand legal scrutiny.
The introduction of a 1 % tax on people’s homes above $100 000 is another ill-thought measure that will hurt innocent homeowners &amp; struggling working people. After all, capital gains, rates &amp; stamp duties are already being paid by homeowners.
Structurally, the Budget is technically unsound. Failure to express the same in USD makes the same lose any decency or credibility.
Further, the budget grossly hides the huge budget deficit created in 2023 which will be reflected in a condonation Bill that will come 2 years from now.
The Budget fails to address the exchange rate mess thus guaranteeing the continued existence of exchange rate arbitrage &amp; hyperinflation.
It fails to give relief to working people &amp; punishes the same through a vast array of punitive revenue measures. It will be a long winter of suffering.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

"A Long Winter Of Suffering", Tendai Biti Comments On 2024 National Budget

Opposition legislator Fadzayi Mahere says the 2024 National Budget will harm small businesses after the Finance Minister proposed to reduce the Value Added Tax threshold to US$25 000 from US$40 000.
In his budget presentation on Thursday, 30 November, Ncube said only traders registered for VAT and with valid Tax Clearance Certificates can buy goods from manufacturers.
The VAT registration threshold will be cut from US$40 000 to US$25 000, or the local currency equivalent, starting in January 2024.
Posting on X, Mahere said this will result in a hike in the prices of goods and negatively affect overall demand. <a href="https://x.com/advocatemahere/status/1730463660043129273?s=20">She said</a>:
<blockquote>
The attack on small businesses in the new Budget is staggering.
The Value Added Tax threshold has now been reduced to US$25 000 from US$40 000.
In simple terms, this means that any small business that makes an average of $2100 per month or more will now have to register for VAT.
The impact on small businesses is that they will now have to increase the cost of their goods by 15% to enable them to collect the VAT.
The impact on a consumer is that the cost of goods will go up by at least 15% to accommodate this tax.
The impact overall is that demand will go down because the prices are too high.
Spending will go down and the economy will become even more comatose than it is now.
The VAT tax rate is at 15% despite calls from businesses for it to come down to 14.5%.
In a country where unemployment exceeds 85%, it is grossly irrational to propose a budget that taxes those trying to run a small business for survival.
The entire budget is anti-people. It’s a mess.
</blockquote>
However, responding to Mahere, one Mbonisi Siziba said nothing will change as producers already sell their goods with 15% VAT. He said:
<blockquote>
Manufacturers already sell their goods with 15% VAT, therefore tax is trickled down to the final consumer, nothing changes except that tuckshops will be charging the same prices as supermarkets.
VAT registration will also enable the SME to purchase directly from the manufacturer legally.
</blockquote>
Tafadzwa Marere concurred, saying small businesses don’t have to increase prices by 15%. He said:
<blockquote>
Not quite. They deduct the input tax on VAT on goods they buy so they don’t have to increase by 15%. If they use the same markup they should be fine.
What happens is that they start to have to remit that value added to Zimra. It’s only fair, isn’t it? Maybe the cost of compliance.
</blockquote>
Economa added:
<blockquote>
It doesn’t work like that Fadzi, the small businesses will be able 2 claim input tax on the purchases. If goods cost $10, the input tax is 1.30 which they claim from ZIMRA hence no need to increase by 15% coz the net cost is now $8.70. When they sell for $12 the tax is $1.57, therefore 0.27c tax.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mahere Says 2024 National Budget To Harm Small Businesses

Economic commentator Professor Gift Mugano has implored Parliament to reject Finance, Economic Development, and Investment Promotion Minister Mthuli Ncube’s 2024 National Budget to save the majority of Zimbabweans from further impoverishment.
Ncube announced the proposed 2024 National Budget in Parliament on 30 November 2023. The budget will be debated and adopted or rejected by Parliament.
Responding to the budget proposals, Mugano urged ZANU PF and CCC MPs to reject it and request Ncube 
redo the budget and produce a pro-poor budget. <a href="https://x.com/gift_mugano/status/1730484283041534383?s=20">Wrote Mugano on X</a>:
<blockquote>
Parliament must reject the anti-people and anti-industry budget that was presented by Mthuli Ncube yesterday.
The proposed tax hikes and the move to exclude informal traders from the mainstream economy will bring more pain to the already impoverished people.
The decision to exclude traders without VAT certificates is very harsh and insensitive considering that more than 6 million people thrives on trading in the face of 85% formal unemployment and drought of economic opportunities.
These people, in their individual capacities, don’t have annual sales turnover of US$25 000 which is required to secure the VAT certificate.
This measure is expected to impact on the manufacturing sector negatively because the informal sector helps them to push volumes especially in manufacturing industries such as food and beverages (bread, ice cream, drinks, etc).
In the bread sector, for example, the volumes are pushed by vendors and tuckshops (not supermarkets) which are now supposed to be excluded from the bread value chain.
This will result in drastic fall in sales which has a net negative effect on production and jobs.
Is Mthuli Ncube aware of these dynamics and possibilities?
The following increases in taxes, levies and fees are a thorn in the flesh for an already struggling population:
– more than 100% increase in toll fees will push up bus fares and transport cost for the commuting public. The rural folks and pensioners will suffer the most as the timing of this policy measure is coinciding with a devastating drought – they will have to bear with these new measures over and above their struggle to put food on the table.
– introduction of levies on beverages with sugar is again insensitive as these are the drinks of the poor and our children.
– passport and vehicle number plates fees hikes are again schemes put in place to milk the poor.
– the US$300 will be taxed come January 2024 – so insensitive to the underpaid civil servants who were expected a salary hike.
– wealth tax reminds of the Rhodesian government which introduced hut tax and Mthuli Ncube admires the very same exploitative tax regime and introduce it again in “independent” Zimbabwe.
If Parliament is going to act in the best interest of the public, they must reject this budget and request Mthuli Ncube redo the budget and produce a pro-poor budget.
It is my prayer that ZANU PF and CCC MPs unite on this one and reject this useless budget.
If ZANU PF uses their majority vote to support this useless budget and overpower CCC by virtue of their numbers they are voting for more poverty for their rural constituencies where they got most of their votes.
In the same way, they are punishing the 6 million people in the informal sector as they will be endorsing their exclusion from the manufacturing sector value chains.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Gift Mugano Urges Parliament To Reject Mthuli's 2024 National Budget

Finance, Economic Development, and Investment Promotion Minister Mthuli Ncube’s 2024 National Budget has been described as “anti-people” after he proposed to increase toll gate fees by 150 percent and nearly double the cost of a passport.
Ncube also proposes to increase the Strategic Reserve Levy by US$0.03 and US$0.05 per litre of diesel and petrol, respectively, with effect from January. He raised fees for an ordinary passport from US$120 to US$200.
Ncube proposes to hike toll fees for light-motor vehicles from the current US$2 to US$5 or equivalent on what he calls “premium roads”. These include the Harare-Beitbridge highway and the Plumtree-Mutare road. Toll fees for other vehicle categories are also set to go up.
Citizens Coalition for Change (CCC) Member of Parliament, Fadzayi Mahere said “The only thing left is to tax babies for being born”. She said:
<blockquote>
Mthuli Ncube’s punitive taxes leave no person and no place behind. The only thing left is to tax babies for being born.
The entire budget is anti-people, anti-investment, anti-growth and anti-productivity.
They’ve destroyed the economy and now want to take it out on the people. It’s a mess.
The budget was presented in our unstable Zimbabwe dollar notwithstanding that the economy has largely dollarised meaning that it’s a tabulation of figures that will be meaningless by the end of 2024 when these amounts are eroded by inflation.
</blockquote>
Economist Tinashe Murapata said Ncube’s budget will accelerate the informalisation of the economy. He said:
<blockquote>
Why is Ncube scrounging around for revenue in a purportedly growing economy? All these taxes have been tried elsewhere and only result in a parallel or as they say black market.
They accelerate the informalisation of the economy and punish those that are law-abiding.
Treasury is desperate. In their desperation, they’ve increased avenues for corruption. When the Intermediated money transfer tax (IMTT) was introduced, it was 11 percent of revenue. It’s now 5.4 percent and falling. How? The market is now using cash dollars.
</blockquote>
The ZW$59.5 trillion budget will be financed through projected Z$51.2 trillion tax revenues and Z$2.7 trillion non-tax revenue. The 2023 budget was Z$4.2 trillion.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

2024 National Budget Is Anti-people, Anti-productivity - Mahere

On November 30, 2023, Professor Mthuli Ncube, the Minister of Finance, Economic Development, and Investment Promotion, delivered the 2024 National Budget Speech titled “Consolidating Economic Transformation.” Ncube raised taxes and introduced more new ones. The ZW$40 trillion budget is still awaiting adoption. The budget will be debated and passed or rejected by Parliament. Here are some key points from the speech:
– Ncube suggested that the Tax-Free Threshold should be reviewed to Z$750,000 per month or Z$9,000,000 per year. Additionally, the tax bands will be adjusted to end at Z$270 million per year. Any income above this amount will be taxed at a rate of 40%. These changes are proposed to take effect from January 1, 2024.
– The tax-exempt threshold on withholding tax for agricultural commodities like soya beans, sunflower, groundnuts, and cotton seed will be increased from US$1,000 to US$5,000 per year.
– Safari and Tour Operators will continue to have a duty suspension on new motor vehicles imported for another 2 years starting from January 1, 2024.
Screws On Tax Evaders:
– Only licensed and tax-compliant operators will be allowed to procure goods from manufacturers and wholesalers to restore the supply chain.
– Traders must be registered for VAT and possess a valid Tax Clearance Certificate to buy goods from manufacturers.
– The VAT registration threshold will be lowered to US$25,000 from January 1, 2024, and businesses meeting this threshold must register and account for VAT.
– The Domestic Minimum Top-Up Tax (DMTT) will be introduced to prevent ceding taxing rights to foreign jurisdictions on tax incentives given to investments.
– A 30% surcharge on high-value motor vehicles will continue for wealth redistribution purposes.
Mining:
– All documents or agreements for the transfer, disposal, or lease of mineral rights must be reviewed and approved by the State before concluding the transaction.
– Mining rights cannot be transferred without paying capital gains tax, stamp duty, or other applicable taxes.
– Revenue from privately disposed mining rights will be shared equally with the State.
– Measures will be introduced to track the movement of mining rights, and a register of mining rights will be maintained by the Zimbabwe Revenue Authority.
– The Strategic Reserve Levy on diesel and petrol will be increased, as well as toll fees on premium roads.
Need a new Passport or Register a Vehicle?
– Passport and Central Vehicle Registry fees will be increased.
– A wealth tax of 1% will be levied on residential properties with a minimum value of US$100,000, with exemptions for principal private residential properties owned by elderly persons above 70 years.
– A digital platform will be explored to combat illicit trade in cigarettes and provide real-time data on locally manufactured goods.
– A digital platform will be explored to combat illicit trade in cigarettes and provide real-time data on locally manufactured goods.
– Additional revenue generated from the proposed measures will be allocated to road infrastructure development.
Do you own a home? There’s a Tax now:
– A wealth tax of 1% will be imposed on the market values of residential properties with a minimum value of US$100,000, with exemptions for elderly individuals above 70 years.
– The growth of illicit trade, particularly in cigarettes, has negatively impacted revenue growth, and a digital platform will be explored to address this issue.
Do you drive a car? Fuel has gone up!
– The Strategic Reserve Levy has been raised by US$0.03 and US$0.05 per litre of diesel and petrol, respectively, with effect from 1 January 2024.
Want to buy Soft Drinks (Kambucha, coke, etc) there is a tax now!
Ncube introduced a levy on the sugar content of beverages saying it was in response to concerns about the negative effects of consuming sugary drinks, which are linked to health problems. He said:
– The aim is to discourage the consumption of high-sugar beverages.
– The proposed levy is US$0.02 per gram of sugar in beverages, excluding water.
– The levy will take effect from January 1, 2024.
– The funds generated from this levy will be used specifically for cancer therapy and the procurement of diagnostic equipment.
Are you a civil servant? Your $300 Covid allowance is now taxable!
– As part of the remuneration review process for civil servants, the Government will convert the current COVID and Cushioning allowances, aggregating to US$300, to be part of the pensionable.  This means that these allowances will now be considered when calculating the pension benefits for civil servants, potentially increasing their retirement benefits and tax too.
Want to travel out of town? Toll Fees doubled with effect from 1 January 2024!
– Light Motor-Vehicles: 
– Current fee: US$2 
– Proposed fee on Premium roads: US$5 
– Proposed fee on other roads: US$4
– Minibuses (kombi): 
– Current fee: US$3 
– Proposed fee on Premium roads: US$8 
– Proposed fee on other roads: US$6
– Buses: 
– Current fee: US$4 
– Proposed fee on Premium roads: US$10 
– Proposed fee on other roads: US$8
– Heavy Vehicles: 
– Current fee: US$5 
– Proposed fee on Premium roads: US$15 
– Proposed fee on other roads: US$10
– Haulage Trucks: 
– Current fee: US$10 
– Proposed fee on Premium roads: US$25 
– Proposed fee on other roads: US$20
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Zimbabwe 2024 National Budget: Passport, Vehicle Registration, Toll Fees Raised, Tax For Soft Drinks

On November 30, 2023, Professor Mthuli Ncube, the Minister of Finance, Economic Development, and Investment Promotion, delivered the 2024 National Budget Speech titled “Consolidating Economic Transformation.” The ZW$60 trillion budget is still awaiting adoption. The budget will be debated and passed or rejected by Parliament. Here are some key points from the speech:
Allocations to Government Ministries:
Public Service, Labour and Social Welfare ZW$2.4 trillion
Ministry of Defence ZW$3.6 trillion
Home Affairs and Cultural Heritage ZW$3.9 trillion
Finance, Economic Development and Investment Promotion ZW$1.7 trillion
Industry and Commerce ZW$130.5 billion
Lands, Agriculture, Fisheries, Water and Rural Development ZW$4.3 trillion
Mines &amp; Mining Development ZW$132.7 billion
Environment, Climate and Wildlife ZW$135.5 billion
Transport and Infrastructural Development ZW$1.2 trillion
Foreign Affairs and International Trade ZW$976 billion
Local Government and Public Works ZW$1.2 trillion
Health and Child Care ZW$6.3 trillion
Primary and Secondary Education ZW$8 trillion
Higher &amp; Tertiary Education, Science and Technology Development ZW$2.4 trillion
Women Affairs, Community, Small and Medium Enterprises Development ZW$188.1 billion
Justice, Legal and Parliamentary Affairs ZW$1.1 trillion
Information, Publicity and Broadcasting Services ZW$122.4 billion
Energy and Power Development ZW$90.1 billion
Information Communication Technology and Courier Services ZW$185.3 billion
National Housing and Social Amenities ZW$353 billion
Veterans of the Liberation Struggle Affairs ZW$221.8 billion
Tourism &amp; Hospitality Industry ZW$71.1 billion
Sport, Arts and Recreation ZW$346.4 billion
Skills Audit and Development ZW$43 billion
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

UPDATED: Zimbabwe 2024 National Budget Allocations To Government Ministries

Finance Minister Mthuli Ncube has revealed that President Emmerson Mnangagwa played a significant role in formulating the 2024 national budget for Zimbabwe. Ncube stated in an interview with ZTN that the budget was essentially Mnangagwa’s, as they met regularly outside of Cabinet to discuss policy matters. Ncube said:
<blockquote>
I meet the President every week, not in Cabinet. We meet because the Finance, Economic Development and Investment Promotion ministry reports directly to his Excellency.
It’s his ministry, so we meet every week to discuss policy issues.
When it comes to the budget again, I take him through our thinking in terms of the excess budget and how the economy is doing.
I take him through the revenue measures, and he always comes back, pushes back, and give us ideas. He always asks very good questions.
Actually, I do not want to be questioned by him. They are tough questions, and you have to be clear, so I would say, maybe I should do this differently. So, we have that interaction. He had tremendous input into the budget.
As I speak, he knows everything that I will be presenting in terms of revenue measures, areas of relief, additional revenue, and areas of how to improve the tax administration. He is fully aware, and he has given input.
In a way, it’s his budget.
</blockquote>
However, it is worth noting that, according to a government gazette, Vice-President Constantino Chiwenga has been assigned to oversee economic sector ministries. This has raised concerns among public finance watchdogs that the limited consultations conducted online may not adequately reflect the aspirations of the citizens. In previous years, physical meetings were held for broader public input in the budget formulation process.
Rejoice Ngwenya, the executive director of the Coalition for Market and Liberal Solution, stated that he does not believe that Mnangagwa has the knowledge or interest to contribute anything meaningful to the budget, apart from suggesting increased funding for the military and police. Ngwenya told <a href="https://www.newsday.co.zw/local-news/article/200020245/2024-budget-eds-project-mthuli">NewsDay</a>:
<blockquote>
If indeed, as he says, it’s his budget, it’s going to be shallow and uneventfully dreary.
</blockquote>
John Maketo, the programs manager of the Zimbabwe Coalition for Debt and Development, called for a budget that addresses the immediate needs of ordinary people, closes inequality gaps, and creates opportunities for the poor. Effie Ncube of the National Consumer Rights Association stressed the importance of meaningful stakeholder input in budget consultations. Japhet Moyo of the Zimbabwe Congress of Trade Union (ZCTU) also urged Finance Minister Ncube to prioritise the needs of the poor, including reducing taxes for low-income earners.
The budget comes at a time when many Zimbabweans are struggling with poverty, a weakening Zimdollar, and companies facing challenges. Some have suggested reverting to the US dollar as the currency, but President Mnangagwa has maintained his commitment to the de-dollarisation strategy. In 2019, Mnangagwa reintroduced the local currency after a period of economic stability using foreign currencies. The multi-currency regime is set to expire at the end of 2030.
This afternoon, Ncube will present the 2024 fiscal plan, which focuses on “Consolidating Economic Transformation.” The plan aims to address the nation’s desire for growth, stability, and prosperity. Ncube mentioned that the economy has undergone a significant transformation, driven by sectors like infrastructure, mining, agriculture, and tourism. He said despite the challenges of the COVID-19 pandemic, Zimbabwe has shown resilience and adaptability, paving the way for continued economic growth.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

President Mnangagwa Played A Significant Role In Formulating The 2024 National Budget - Mthuli Ncube

Zimbabwe’s Finance Minister, Professor Mthuli Ncube, plans to boost economic growth, create jobs, and increase incomes in the 2024 National Budget. Priority areas include value chains, infrastructure, devolution, and human capital development, <a href="https://www.herald.co.zw/2024-budget-to-consolidate-growth/">The Herald</a> reported.
He said that the budget will follow a strict monetary and fiscal framework. Ncube added that the goal is to achieve an upper-middle-class income economy by 2030, as outlined in the National Development Strategy. Speaking during a pre-budget consultation seminar held at the New Parliament Building in Mount Hampden, Ncube said:
<blockquote>
Consistent with the objectives of NDS1 and the need to create a resilient and complex economy which can generate decent jobs and higher incomes, the forthcoming national budget will focus on the following priority areas: economic growth and macro-economic stability, supporting productive value chains, infrastructure, ICTs and digital economy, youth, sport, arts and culture, women, gender equity and SMEs, devolution and decentralisation, human capital development, among others.
</blockquote>
Ncube added that the Treasury achieved budget compliance and cost-effective procurement in 2022, saving 30% through value-for-money practices. He said the government aims to strengthen procurement regulations and introduce an e-procurement system. He added that Zimbabwe’s economy is growing, with current account surpluses and declining inflation. Ncube also claimed that export receipts and government revenues have risen to around US$7 billion. He also reported that the “thriving economy” is evident from increased imports. Professor Ncube highlighted achievements like airport refurbishments, energy and water infrastructure improvements, and dam construction.
A week ago, Ncube stated that the total national budget would be ZWL$44 trillion in 2024 which is less than <a href="https://www.pindula.co.zw/2023/11/10/economist-mugano-calls-for-frank-discussion-on-zimbabwes-inflation-exchange-rate-currency/">ZWL$110 trillion requested by various government ministries and departments</a>. Economists are concerned that the deficit would affect government operations and the economy. 
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Finance Minister Ncube Says 2024 Budget To Boost Economic Growth, Create Jobs, Increase Incomes

The Amalgamated Rural Teachers Union of Zimbabwe (ARTUZ) has demanded that the Government significantly raise the budget allocation for education from 14.04% of the total national budget in 2023 to 20% in 2024.
In a statement last week, ARTUZ stated that primary and secondary education is the bedrock of sustainable development and the Government should treat it as such. Part of the statement read:
<blockquote>
The Ministry of Primary and Secondary Education may have boosted the highest allocation among all ministries in the 2023 budget, but it was nothing more than an empty gesture.
The allocation of ZWL$631.279bn, accounting for a mere 14.04% of the total national budget, fell far short of what was needed to make real improvements in the education sector…
ARTUZ demands a minimum budget allocation of 20% of GDP, aligning with the Dakar Declaration. This means allocating 4% to 6% of GDP to education, as outlined in the targets set by the Incheon Declaration for Education.
We refuse to accept the government’s pitiful allocation of 0.4% of the total budget for the schools feeding programme. How can we expect our children to learn on empty stomachs?
The per capita allocation of US$1.60 per learner per year is an insult to their well-being. We demand an immediate increase of at least US$0.50 per learner per school day for the school feeding program. This program must expand to include urban schools affected by poverty as well.
</blockquote>
Meanwhile, the Government has a staggering ZWL$278 billion outstanding bill for the Basic Education Assistance Module (BEAM) programme.
Public Service, Labour and Social Welfare Minister July Moyo was recently quoted as saying the Government is currently paying BEAM arrears for 2022.
BEAM was established in 2001 by the Government as part of the Enhanced Social Protection Programme (ESPP) the objective was to provide basic education to everyone in Zimbabwe including students who could not afford school fees such as Orphans and vulnerable children (OVC).
More: <a href="https://www.pindula.co.zw/2023/11/18/president-mnangagwa-reverses-the-appointment-of-general-valerio-sibanda-to-zanu-pf-politburo/">Pindula News</a>

Rural Teachers Demand 20 Percent Of National Budget Be Allocated To Education

Finance, Economic Development and Investment Promotion Minister Mthuli Ncube said that he will prioritise stabilising the Zimbabwe dollar when he announces the 2024 National Budget later this month.
Ncube told <a href="https://www.sundaynews.co.zw/government-to-prioritise-zimbabwe-dollar-stability/">State media</a> that the $44 trillion 2024 national budget will anchor the next phase of the National Development Strategy 1. Said Ncube:
<blockquote>
The budget is running under the theme of consolidating economic transformation. The economy has gone through considerable transformation over the last five years.
So, under this budget of about $44 trillion, we want to target specific areas.
The first area is stability; the budget must speak to stability, such as currency stability, which we need in order to develop.
The second is infrastructure development, right across water infrastructure, roads, energy and particularly rail infrastructure.
In this budget, we will allocate funds for the resuscitation of rail infrastructure.
</blockquote>
He said funds will also be appropriated for value addition in mining, agriculture and manufacturing.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

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