Businesses need to adjust prices and stop profiteering: Zimra

The Zimbabwe Revenue Authority (Zimra) has urged local businesses to charge realistic prices and to do away with profiteering to boost economic growth.

Zimra board chair Mrs Willia Bonyongwe said yesterday:

Profiteering is a local disease. Government must also seriously look into the mark ups of those who get licences to import goods. This is not a call for price control, but all these factors impact negatively on Zimbabwe’s capacity to increase production and exports

There is just no justification for the current excessive mark-ups on imported goods for fertilisers, chemicals and other inputs, equipment, even medicines.

For example, following the aborted introduction on Value Added Tax (VAT) through Statutory Instrument 20 of 2017 on selected basic commodities, the prices were never adjusted after it was repealed.

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