Taxes And Fees To Be Paid Exclusively In ZiG - Mthuli

The government plans to mandate that most taxes and fees be paid exclusively in Zimbabwe Gold (ZiG) currency to increase demand and stabilise its value.

This was said by Finance, Economic Development and Investment Promotion Minister Mthuli Ncube during a dialogue with development partners in Harare on Wednesday. Said Ncube:

Already, customs duties are now payable in local currency. Going forward and in line with the de-dollarisation roadmap, other taxes will also be paid exclusively in local currency, including payment for government services.

However, most Zimbabweans believe that confidence in the ZiG currency would increase if essential items like fuel and services such as passport fees were payable in the local currency.

According to Reserve Bank of Zimbabwe (RBZ) governor John Mushayavanhu, the ZiG is supported by US$450 million in foreign reserves as of October 10, 2024.

Since its introduction in April, the ZiG has depreciated from US$1: 13.5616 to US$1: 26.6718 as of October 16.

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