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The government of Zimbabwe has defended the proposed increase in taxes and fees included in the <a href="https://www.pindula.co.zw/2023/11/30/zimbabwe-2024-national-budget-allocations-to-government-ministries-and-departments/">2024 National Budget</a>, stating that they are necessary to provide critical services across the country. <a href="https://www.pindula.co.zw/2023/12/01/zimbabwe-2024-national-budget-passport-vehicle-registration-toll-fees-raised-tax-for-soft-drinks/">The budget includes plans to raise tollgate fees, and passport fees, and introduce a wealth tax, and a tax on soft drinks, among other measures</a>. Some citizens have expressed displeasure with these proposals.
Finance and Investment Promotion Minister, Professor Mthuli Ncube, claims that the aim of increasing passport fees is to ensure that passport services are accessible to all parts of the country, according to <a href="https://www.zbcnews.co.zw/?p=17878">ZBC News</a>. He said:
<blockquote>
When this is done, we will definitely review the fees downwards. As for the proposed increase in tollgates, we want to upgrade our roads, for instance, the Bulawayo-Victoria Falls which is being attended to. It is costly to construct roads it needs lots of money. As for the wealth tax, Zimbabwe like most countries in Africa has challenges with inequality and wealth tax is one way of redistributing the wealth and we have linked it to the value of property. Money in wealth tax will be used to develop urban infrastructure such as water which is currently a challenge.
We have since increased royalties for platinum and lithium to 7% from something that was as low as 2.5 %, that was progress. In the budget, I propose that there must be further beneficiation for instance, lithium must be refined to lithium carbonates. If this is not done, a company will pay an export tax as a penalty for meeting the beneficiation target. Once the minerals are beneficiated like that, will earn more in export earnings and that’s positive for the country.
</blockquote>
The government’s statement about increasing passport fees to ensure accessibility is unclear. It is also unclear how the government plans to use the passport fees, especially considering that in 2021, <a href="https://www.sundaymail.co.zw/passport-backlog-cleared">they engaged a security printing company,</a> Garsu Pasaulis, to set up modern infrastructure for producing new e-passports and other identification documents in a build, own, operate, and transfer (BOOT) deal. Typically, in a BOOT model, the company invests its own resources and recoups the costs during its operation of the facilities. Therefore, it is unclear why the government needs to increase passport fees if the infrastructure has already been established.
Several people have criticised the proposed budget, saying it takes too much money from citizens who are already heavily taxed. Some argue that taxes in other countries are justified because they receive good services in return, but in Zimbabwe, service delivery is poor or nonexistent. They believe their taxes are being misused. The Reserve Bank of Zimbabwe governor, John Mangudya, defended the proposed budget saying that Zimbabwe has had less access to credit from international financial institutions, so the government needs to find revenue from within the country to meet its financial obligations.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

Finance Minister Ncube Defends Increase In Taxes And Fees In The 2024 National Budget

The Citizens Coalition for Change (CCC) party, led by Nelson Chamisa, has criticised <a href="https://www.pindula.co.zw/2023/11/30/zimbabwe-2024-national-budget-allocations-to-government-ministries-and-departments/">the 2024 National Budget</a> proposed by Finance Minister Mthuli Ncube. They argue that the budget puts too much pressure on citizens who are already facing difficulties.
In his recent speech, Professor Mthuli Ncube <a href="https://www.pindula.co.zw/2023/12/01/zimbabwe-2024-national-budget-passport-vehicle-registration-toll-fees-raised-tax-for-soft-drinks/">suggested increasing taxes and introducing new ones.</a> The Reserve Bank of Zimbabwe (RBZ) Governor, Dr John Mangudya, defended the budget saying that due to the country’s limited access to credit, the government had to rely on generating revenue internally.
In a statement seen by Pindula News, CCC deputy Spokesperson, Gift Siziba, said the budget announced on Thursday last week was anti-poor as it places an excessive burden on citizens who are already suffering. He added:
<blockquote>
… the budget introduces several taxes that clearly demonstrate the regime in Harare’s anti-people stance and their lack of concern for the suffering of the masses. The Strategic Reserve Levy, toll fees, vehicle registration fees, passport fees, and the introduction of a sugar tax and wealth tax will increase the cost of living and doing business in the country.
We firmly believe that shelter is a basic human right and should not be subject to taxation. The budget’s decision to convert the COVID-19 and Cushioning allowance into pensionable emoluments will further reduce the real incomes of civil servants. The regime should have considered an upward review to compensate civil servants for the loss of income. 
</blockquote>
Siziba believes that the country’s taxation system is already too heavy, and the new budget will make it even worse. He said this would make public services, transportation, fuel, and business operations more expensive. As a result, people would have less money to spend and the country’s competitiveness will suffer. Siziba added that high taxes also lead to more informal jobs and less confidence in the economy. He emphasised that the wealth tax on properties will make it difficult for first-time homebuyers to afford homes.
Siziba’s concerns about the budget align with President Emmerson Mnangagwa’s Vision 2030 for Zimbabwe’s development. Vision 2030 is a development plan aimed at transforming Zimbabwe into an upper-middle-income economy by the year 2030. It focuses on key pillars such as economic growth, job creation, and poverty reduction. The budget’s excessive taxation and lack of measures for employment creation and support for the informal sector contradict the vision’s goals. 
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

2024 National Budget Places Excessive Burden On Citizens Who Are Already Suffering - CCC

Buy Zimbabwe has expressed concern over the Finance and Economic Development Minister’s decision to remove import duty on basic commodities.
The organisation believes this leaves the local manufacturing industry vulnerable to cheaper imports, jeopardising the industry’s 66% capacity utilisation. The statement was made by the Buy Zimbabwe chairperson, Munyaradzi Hwengwere, on Friday. He said:
<blockquote>
We support the government’s focus and fight against inflation and the protection of the consumer from rampant price hikes.
Buy Zimbabwe is however concerned that some of the measures announced such as the scrapping of duty on imported products will reverse the industrialisation gains scored by the Second Republic in the last few years.
This includes the rise in capacity utilisation by industry to 66 percent and the increase in the amount of shelf space taken in wholesale and retail outlets by local good to about 70 percent.
</blockquote>
Buy Zimbabwe has called for an emergency meeting with wholesalers and retailers to discuss the recent decision by the Finance and Economic Development Minister to remove import duty on basic commodities.
The meeting aims to formulate a response that will be presented to the government. Buy Zimbabwe believes that with government support, the local industry can provide cheaper and more competitive products, satisfy local market demand, and export products.
Hwengwere said Buy Zimbabwe remains committed to supporting the production, promotion, and preference of local products and services to preserve jobs, wealth, and pride in Zimbabwe.
Finance Minister <a href="https://www.pindula.co.zw/Mthuli_Ncube/">Mthuli  Ncube</a> announced a<a href="https://www.pindula.co.zw/2023/05/12/finance-minister-announces-measures-to-stabilise-exchange-rate-and-macroeconomy/"> cocktail of measures</a> meant to stabilise the exchange rate and macroeconomy. In a statement seen by Pindula News, Ncube announced several measures, including the exemption of all domestic sales in foreign currency from the 15% <a class="MarkdownLink_linkifiedLink__KxC9G">surrender requirement</a>, the transfer of all external loans to the Government’s Treasury, further fine-tuning of the <a class="MarkdownLink_linkifiedLink__KxC9G">Foreign Exchange Auction System</a>, lifting of restrictions on the importation of basic goods, and the creation of a supportive <a class="MarkdownLink_linkifiedLink__KxC9G">interest rate environment</a> domestically.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Buy Zimbabwe Concerned Over Removal Of Import Duty On Basics

Professor Mthuli Ncube, the Finance and Economic Development Minister, has announced that as of May 15th, 2023, the <a class="MarkdownLink_linkifiedLink__KxC9G">Reserve Bank of Zimbabwe</a> (RBZ) will allow dealers to retain 100% of foreign currency from domestic sales.
In a statement seen by Pindula News, Minister Ncube said the move is meant to promote the banking of domestic sales of foreign currency in the banking system. He said:
<blockquote>
100% Retention of Domestic Foreign Currency Earnings.
In order to promote the banking of domestic sales foreign currency in the banking system, the Reserve Bank of Zimbabwe will with effect from 15 May 2023, exempt all proceeds from domestic sales in foreign currency from the 15% surrender requirement.
</blockquote>
The <a class="MarkdownLink_linkifiedLink__KxC9G">Reserve Bank</a> of Zimbabwe declared in February of this year that authorized dealers must sell 15% of their domestic sale proceeds to the central bank at the prevailing <a class="MarkdownLink_linkifiedLink__KxC9G">interbank market rate</a> within 48 hours of receiving the funds. In a statement seen by Pindula News, RBZ Governor, Dr John Mangudya said:
<blockquote>
In line with the liberalization of the foreign exchange market, Authorised Dealers are advised that the foreign exchange retention on domestic sales has been reviewed upwards to 85%, with effect from 06 February 2023.
This requirement shall apply to all foreign exchange deposits from domestic sales of goods and services, with the exception of deposits of entities listed in Annexure A.
Authorised Dealers are required to sell to the Reserve Bank, the 15% of domestic sale proceeds at the prevailing interbank market rate. The foreign exchange shall be sold to the Reserve Bank within 48 hours from the date of receipt of the funds.
</blockquote>
This comes amid reports that some dealers avoid paying taxes and fail or neglect to submit all of their <a class="MarkdownLink_linkifiedLink__KxC9G">foreign currency earnings</a> to the <a class="MarkdownLink_linkifiedLink__KxC9G">Reserve Bank</a> of <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwe</a>.
Some analysts have been urging the government to provide incentives for compliance to encourage dealers to bank their foreign currency. 
A snap survey conducted by <a class="MarkdownLink_linkifiedLink__KxC9G">Pindula News</a> found that certain dealers in Harare’s central business district (CBD) sell their goods in US dollars without providing receipts to customers, creating challenges in determining <a class="MarkdownLink_linkifiedLink__KxC9G">foreign currency sales</a> as dealers can argue that products were purchased using local currency.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Dealers Allowed To Retain 100% Of Foreign Currency From Domestic Sales

New York-headquartered global rating firm Fitch Solutions says Zimbabwe will most likely record a surplus for a “third consecutive current account surplus” this year for the first time since 2009. 
A current account surplus means that a country has more exports and incoming payments than imports and outgoing payments to other countries. It is generally deemed a positive because the current account surplus adds to a country’s reserves.
<a href="https://www.sundaymail.co.zw/zim-to-have-surplus-in-2023-fitch">The Sunday Mail</a> reported citing Fitch Solutions’s recent report. Reads part of the report:
<blockquote>
At Fitch Solutions, we anticipate that Zimbabwe will realise a current account surplus, although it will narrow from 3 percent of GDP in 2022 to 2,2 percent of GDP in 2023.
This is testament to the fact that there is something positive happening in the country, and since the Minister of Finance (<a href="https://www.pindula.co.zw/Mthuli_Ncube">Professor Mthuli Ncube</a>) came into office, prudent economic policies have been put in place. We, however, need to look at ways to further increase the gap in the positive direction, as it translates to more domestic production, which also means more jobs and a bigger local market.
</blockquote>
Fitch Solutions believes the surplus would narrow owing to a combination of strong import demand in the run-up to this year’s harmonised elections and weak global commodity prices.
However, consumer spending is expected to remain strong which will keep import demand robust and lead to a narrower current account surplus.
Zimbabwe’s import bill is expected to reduce as average crude oil prices are projected to drop by 6.9 per cent over the course of 2023. The prices rose sharply in 2022 following <a href="https://zero.pindula.co.zw/ukraines-foreign-minister-putin-launched-full-scale-invasion-well-defend-and-win/">Russia’s invasion of Ukraine on 24 February</a>. 
Fuel accounted for 15.6 per cent of imports into Zimbabwe in 2021.
Fitch Solutions believes that the Zimbabwean export sector will be dealt a heavy blow by stagnant gold prices and receding nickel prices, resulting in less revenue.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Fitch Solutions Says Zimbabwe Will Most Likely Record A Current Account Surplus This Year

The government has announced pre-planting producer prices for the present summer cropping season in United States dollars.
Maize is set at US$335 per metric tonne, almost the same as what an imported tonne would cost once landed in Zimbabwe, according to <a href="https://www.herald.co.zw/farmers-welcome-new-producer-prices-2/#:~:text=Producer%20prices%20for%20traditional%20grains,US%240%2C46%2Fkg.">The Herald.</a>
<h2>Other grains:</h2>
<blockquote>
i). Producer prices for traditional grains were set at US$335 a tonne; 
ii). Soya beans at US$597.59 a tonne, 
iii). Sunflower at US$687.23 a tonne, 
iv). Cotton: a). grade D at US$0.40/kg, b). grade C at US$0.41/kg, c). grade B at US$0.43kg/kg d).  Grade A US$0.46/kg.
</blockquote>
Lands and Agriculture minister <a href="https://www.pindula.co.zw/Anxious_Masuka">Anxious Masuka</a> and Finance minister <a href="https://www.pindula.co.zw/Mthuli_Ncube">Mthuli Ncube</a> made the announcement in a joint statement issued Wednesday.
Masuka said <a href="https://www.pindula.co.zw/Grain_Marketing_Board">GMB</a> and the <a href="https://www.pindula.co.zw/Cottco">Cotton Company of Zimbabwe</a> would only purchase strategic commodities (Maize, traditional grains, soya bean and cotton) financed under the Presidential Inputs programme and from self-financed farmers. GMB may also purchase grains from contractors. He said:
<blockquote>
All contractors including the Food Crop Contractors Association, CBZ Bank, AFC Bank are obligated to buy back contracted crops at market prices.
Self-financed farmers will sell to the best advantage of the market or to GMB and Cottco. GMB will provide commercial warehouse receipt services to grain contractors. Government will issue a statutory instrument that mandates private players to provide returns on storage grains to be able to track national stocks of maize and other grains.
</blockquote>
Cotton farmers have been getting 75% of their payments in United States dollars and the balance in local currency following the declaration of cotton as an export crop by the central bank.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Govt Announces Grain Producer Prices

Finance and Economic Development Minister Mthuli Ncube has expressed concern over the alleged disappearance of medicines in public hospitals.
He made the remarks during a Parliamentary debate on sectorial allocations in the 2023 national budget. He said:
<blockquote>
We have found that some of the drugs that we buy for public hospitals disappear very quickly and how come these private hospitals always have medicine, what is going on?
 … there is something else, I do not know whether you have noticed that we have got private hospitals mushrooming everywhere, every other corner of Harare, there is some private hospital coming up – I am dramatising.
</blockquote>
<blockquote>
It is quite clear that this is a growth sector. If you go to those private hospitals, you will find that there is adequate medicine and there is equipment and quality personnel.
</blockquote>
Zimbabwe’s health sector budget for 2023 will total ZW$702 billion, with international development partners providing some Z$232 billion according to Ncube.
There have been reports that some health caregivers who work in public health institutions steal health supplies and put them into their own private institutions or on the streets.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

"Drugs We Buy For Public Hospitals Disappear Very Quickly" - Finance Minister

Finance and Economic Development Minister, Professor Mthuli Ncube has said the Public Accountants and Auditors Board (PAAB) has made a resolution for the early adoption of the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards to be issued by the International Sustainability Standards Board (ISSB). In a statement seen by Pindula News, Ncube said the move is premised on attracting more investment and boosting private sector development in Zimbabwe. Reads the statement:
<blockquote>
<h2>RESOLUTION BY THE PUBLIC ACCOUNTANTS AND AUDITORS BOARD OF ZIMBABWE (PAAB) FOR THE EARLY ADOPTION OF THE INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) SUSTAINABILITY DISCLOSURE STANDARDS ISSUED BY THE INTERNATIONAL SUSTAINABILITY STANDARDS BOARD (ISSB)</h2>
1. In line with its statutory mandate to prescribe auditing standards, accounting standards and accountancy reporting standards for use in Zimbabwe, including the application of internationally recognised auditing, accounting, and reporting standards, the Public Accountants and Auditors Board (PAAB) has made a resolution for the early adoption of the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards to be issued by the International Sustainability Standards Board (ISSB). 
2. Taking a cue from the communique issued by the African Ministers of Finance on 9 September 2022, the accountancy profession in Zimbabwe and indeed the Government of Zimbabwe endeavours to meet the needs of capital markets and other stakeholders and enhance transparency, accountability, efficiency, and comparability in business. Zimbabwe has resolved to be an early adopter of the IFRS Sustainability Disclosure standards (when they are finalised and issued by the ISSB). This has the potential to attract more investment and boost private sector development in Zimbabwe in line with the National Development Strategy (NDS1) macroeconomic framework premised on programmes aimed at achieving economic transformation through the creation of a thriving private sector-led, open and competitive economy.
3. Early adoption could help unlock and bring to the country capacity building and support as we prepare for implementation and rollout. Further, Zimbabwe and indeed Africa’s voice will be amplified in the standards development process.
4. The ISSB’s mission is to deliver a high-quality global baseline of sustainability disclosures, which includes an initial focus on detailed climate-related disclosures. Jurisdictional standard-setting in the field of sustainability-related financial disclosures is a relatively new discipline and many jurisdictions, including Zimbabwe, are participating in this process at scale for the first time.
5. “We, therefore, urge the ISSB to work closely with Public Accountants and Auditors Board of Zimbabwe, as a first mover and to provide strong advisory and capacity-building support to achieve early adoption and implementation of the Sustainability Standards.”
Hon. Prof. Mthuli Ncube  
</blockquote>
International accounting standards (IFRS) were formally adopted for use in Zimbabwe in 1993 and were legally operationalised in 1996.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe Makes Resolution For Early Adoption Of International Financial Reporting Standards

Zimbabwe Confederation of Public Sector Unions president Cecilia Alexander has said Finance and Economic Development Minister, Mthuli Ncube must pay civil servants a minimum of US$540 in 2023.
Alexander’s remarks come as Ncube is set to announce the 2023 national budget this Thursday at the new Parliament building in Mt Hampden, Harare. Alexander told <a href="https://www.newsday.co.zw/local-news/article/200004006/ncube-must-pay-civil-servants-usd-salaries">NewsDay</a>:
<blockquote>
To stalk inflation, Ncube must ensure that servants earn a minimum salary of US$540 in 2023. We are looking at a budget that will give employees a living wage, one that is reflective of the cost of living, and we want a budget that will bring currency and exchange rate stability. The minimum wage and poverty datum line are there, but we should understand the need for civil servants to retain their status in the community.
</blockquote>
Since 2019, public sector workers have embarked on periodic strikes demanding restoration of the pre-2018 salaries that were in the range of US$540.
Economist Prosper Chitambara said Zimbabwe has not been investing adequately in critical sectors such as public health, water and sanitation, social protection, and education. He added:
<blockquote>
As a result, donors have been coming on board to plug in the huge financing gaps in those sectors. In terms of taxation, we expect Ncube to do something to alleviate the huge tax burden. Zimbabwe is one of the most taxed economies in the world. You see this in the pricing of basic commodities like fuel, which is the highest in the region.
</blockquote>
The budget is presented at when poverty is deepening, inequalities widening between the rich and the poor; public debt is soaring, and the climate change crisis intensifies, Zimbabwe Coalition on Debt and Development (Zimcodd) said in a weekly report issued on Tuesday.
ZIMCODD also noted the need to bring tax relief measures to the “overtaxed citizens including scrapping or reducing the regressive 2% intermediated money transfer tax.”
ZIMCODD also said the budget must address the ballooning debt burden currently estimated at US$17 billion.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

2023 Budget: Finance Minister Told To Pay Civil Servants A Minimum Of US$540

Finance Minister, Mthuli Ncube last week rejected line ministries’ 2023 budget bids of $9 trillion, saying the proposed figures were three times what is available.
Professor Ncube said their requests can be granted only if the government was to borrow.
The minister told delegates including Parliament Speaker Jacob Mudenda that ministries lacked knowledge of the global strategy paper needed to be adopted when formulating national budgets.
He said bids were controlled by the economy’s performance (GDP figures) which is the guiding principle, <a href="https://www.newzimbabwe.com/mthuli-ncube-shoots-down-9-trillion-budget-bids-by-ministries-says-bids-are-three-times-what-is-available/">NewZimbabwe.com</a> reported.
Responding to contributions by ministries and MPs during the pre-budget seminar, Ncube advised government would not go beyond $3.4 trillion. He said:
<blockquote>
The bids are three times what is available. The economy can only support about 17% of GDP and that percentage of the GDP transfers to about $3 trillion unless we borrow.
This then turns to be the ceiling for everything. As Treasury, we then try to come up with ceilings for various ministries, including Parliament.
We are an economy driven by a global figure which is driven by the capacity of the economy in the first place. In future, we will ask the MPs to assist us in advising the ministries of these ceilings.
We cannot go beyond the global envelope that is in the strategy global paper so $3,4 trillion is in the strategy budget paper. We beg for your support going forward in guiding the various ministries in terms of these ceilings.
</blockquote>
Some of the bids that were drastically cut included:
<blockquote>
1). The Defence ministry’s bid of $800 billion, was reduced to $226 billion.
2). The Sports ministry’s bid of $340 billion, was cut to $11.7 billion.
3). The Public Service ministry’s $657 billion bid was reduced to $87 billion.
4). The Higher and Tertiary Education ministry’s proposal of $176 billion was downsized to $99.4 billion.
</blockquote>
Ncube was criticised by Members of Parliament for failing to disburse past budgetary allocations to the line ministries.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Finance Minister Ncube Rejects Ministries' 2023 Budget Bids Says "They're 3 Times What's Available"

Finance and Economic Development Minister, Professor <a href="https://www.pindula.co.zw/Mthuli_Ncube">Mthuli Ncube</a> has said Zimbabwe is engaging with the World Bank and International Monetary Fund (IMF) on how to <a href="https://zero.pindula.co.zw/former-finance-minister-biti-says-zimbabwes-external-debt-figure-is-heavily-contested/">clear its debts with international financial institutions.</a>
Ncube told an IMF press conference on Saturday that Zimbabwe had begun issuing bonds with maturities of between two and 20 years in order to honour its debt to creditors and was looking at how they can be traded, while it was also looking to issue bonds to compensate white former farmers over time.
A bond is a fixed-income investment that represents a loan made by an investor to a borrower, usually corporate or governmental, according to <a href="https://www.investopedia.com/terms/b/bond.asp">Investopedia</a>. 
Zimbabwe has over $10 billion in external debt, mostly in arrears. It has not received funding from lenders like the IMF and World Bank for more than two decades as a result. Ncube said:
<blockquote>
We’ve begun to make token payments to the World Bank, the AfDB (African Development Bank), European Investment Bank. And all the Paris Club creditors, 17 of them, we will be making token payments to show that we want to be a good debtor.
</blockquote>
He said IMF staff would visit Zimbabwe in December and then discuss a staff-monitored programme in the first and second quarters of 2023.
In 2019, the IMF approved <a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/05/IMF-PRESS-RELEASE.pdf">Zimbabwe’s Staff Monitored Program</a> which was intended to assist the authorities in the implementation of a coherent set of economic and social policies to facilitate a return to macroeconomic stability.
The SMP was also meant to assist in re-engagement with the international community.
<h2><a href="https://zero.pindula.co.zw/">Pindula News</a></h2>

Zimbabwe Engaging IMF, World Bank On How To Clear Its Debts

Zimbabweans have reiterated the need for the removal of the <a href="https://news.pindula.co.zw/2019/11/05/watch-finance-secretary-speaks-on-the-2-transactional-tax/">2% transaction tax</a> saying it is a burden to the already financially hamstrung and over-taxed population, <a href="https://www.newsday.co.zw/local-news/article/200001472/scrap-2-tax-citizens-tell-govt">NewsDay</a> reported.
The 2% intermediated levy on all electronic transactions was introduced in 2018 by Finance and Economic Development minister <a href="https://www.pindula.co.zw/Mthuli_Ncube">Mthuli Ncube</a> as part of austerity measures to kickstart the economy.
<ul>
<li><a href="https://news.pindula.co.zw/2019/10/08/zimra-defends-mthuli-ncubes-effective-2-transactional-tax/">ZIMRA Defends Mthuli Ncube’s “Effective” 2% Transactional Tax</a></li>
<li><a href="https://news.pindula.co.zw/2020/12/05/cross-mthuli-collects-300m-per-day-from-2-cents-tax/">Cross: Mthuli Collects $300m Per Day From 2% Tax</a></li>
</ul>
Citizens who attended the 2023 pre-budget public hearings on Monday in Harare said the government should reduce the tax burden on ordinary people and increase corporate tax.
The hearings are being conducted by the Parliamentary Portfolio Committee on Budget and Finance and the Parliamentary Thematic Committee on Sustainable Development Goals.
Zimbabwe Coalition on Debt and Development (ZIMCODD) representative Darlington Mazonga said: 
<blockquote>
In this country we have so many inequalities, the rich are enjoying on their own. My plea is for government to increase corporate tax, pay as you earn and totally scrap the 2% tax because the tax regime has increased poverty levels in the country.
</blockquote>
He also appealed for a debt audit to be introduced. ZIMCODD has always been critical of the government’s borrowings which it says are not sustainable, and are benefiting political elites.
Zimbabwe Council of Churches (ZCC) local ecumenical fellowship and economic justice champion Gibson Botomani said the government must consider into the mineral resource to remove the tax burden on the citizenry. Added Botomani:
Citizens are heavily taxed and the 2023 national budget must allocate adequate resources to the ministries of Health and Education. Government must be transparent in contract disclosure.
<h2><a href="https://zero.pindula.co.zw/">Pindula News</a></h2>

Zimbabweans Reiterate Need For The Removal Of 2% Transactional Tax

Economic analyst, <a href="https://www.pindula.co.zw/Prosper_Chitambara">Prosper Chitambara</a> has said the <a href="https://zero.pindula.co.zw/economist-says-govts-proposed-diaspora-bond-looks-attractive/">diaspora bond</a> which was recently proposed by Finance and Economic Development Minister Mthuli Ncube will increase Zimbabwe’s debt.
Ncube told diasporans in New York recently that diasporans investing in the diaspora bond will get a 9% interest rate. He said:
<blockquote>
We want to invest back home, so first thing is that we can invest through a diaspora bond. We are about to issue the diaspora bond in the next few months. We will be getting 9% in terms of interest, which is a very attractive bond. What we can also do is to set up a structure where you rather than sending money every month to relatives. The interest yield can be used to look after your parents and significant others in Zimbabwe. Your investments are very safe in Zimbabwe.
</blockquote>
Prosper Chitambara said the diaspora bond would only worsen the country’s situation. <a href="https://www.newsday.co.zw/local-news/article/200001399/diaspora-bond-can-only-worsen-zims-situation">NewsDay</a> quotes him as saying:
<blockquote>
The diaspora bond increases our debt because bond is a debt instrument. Something that could also be of concern is that our huge external arrears could probably discourage some people from participating in this bond. However, it’s good to tap into the diaspora as a way to mobilise resources to finance critical infrastructure and other requirements at home.
</blockquote>
The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe</a> reported that the southern African nation received a total of US$797 million in diaspora remittance during the first half of 2022.
In his midterm review statement presented in July 2022, minister <a href="https://www.pindula.co.zw/Mthuli_Ncube">Mthuli Ncube</a> said Zimbabwe owed about US$12 billion to external creditors.
<h2><a href="https://zero.pindula.co.zw/">Pindula News</a></h2>

"The Diaspora Bond Increases Our Debt," Economist Prosper Chitambara

Finance and Economic Development Minister, Professor <a href="https://www.pindula.co.zw/Mthuli_Ncube">Mthuli Ncube</a> has said the multi-currency system is here to stay while the interbank exchange rate will continue to be fine-tuned. He made the remarks at a press conference held in Harare at the backdrop of rising inflation and workers’ protests over poor salaries and working conditions. 
<h2>Some of the points mentioned:</h2>
<blockquote>
1). Fuel – the minister said the government has reduced levies on fuel to prevent the price of fuel from breaching the US$2 per litre mark. Government has removed levy on diesel and dropped the petrol levy to 4.7c. “This action prevented the price of fuel from breaching the US$2/L level”
2). Health sector remuneration – Ncube said a number of allowances, including on-call, COVID-19, have been reviewed upwards to improve their welfare.
3). For teachers – on top of a 100% increase in salary from July, performance awards have been restored effective July, payment of school fees for 3 biological children -treasury ready to disburse amount for the first term.
4). Fuel, maize and bread prices – interventions were unveiled to stabilise prices. 
5). We’re still assessing whether we need a supplimentary budget or not. 
6). We won’t institute price controls.
</blockquote>
Watch the video below for more:
<div class="fb-video" data-allowfullscreen="true" data-href="https://www.facebook.com/newsdayzim/videos/3243907042488976/?__tn__=%2CO-R"></div>

 
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WATCH: Finance Minister Mthuli Ncube Speaks On Multi-currency, Exchange Rate, Workers' Salaries

The Minister of Finance and Economic Development, Professor <a href="https://www.pindula.co.zw/Mthuli_Ncube">Mthuli Ncube</a> is seeking condonation from the National Assembly for unauthorised expenditure amounting to ZW$100.7 billion in 2020 and ZW$6.8 billion in 2019. Pindula News presents the Financial Adjustment Act, 2022 below:
<blockquote>
<h2>FINANCIAL ADJUSTMENTS</h2>
<h2>FINANCIAL ADJUSTMENTS BILL, 2022</h2>
<h2>MEMORANDUM</h2>
If a Government Ministry or Department spends money in any financial year in excess of the amount appropriated, or for a purpose for which nothing was appropriated, the Minister of Finance and Economic Development is required in terms of section 307 of the Constitution to cause a Bill condoning the unauthorised expenditure to be introduced in the National Assembly seeking condonation of the unauthorised expenditure, no later than sixty days after the extent of the unauthorised expenditure has been established.
In line with the above, we seek condonation for unauthorised expenditure incurred by the Ministry of Finance and Economic Development —
(i) ZWL$100 690 788 418 (one hundred billion six hundred and ninety million seven hundred and eighty-eight thousand four hundred and eighteen Zimbabwe dollars) for year ended 2020; 
(ii) ZWL$6 783 930 028) (six billion seven hundred and eighty-three million nine hundred and thirty thousand and twenty-eight Zimbabwe dollars) for year ended 2019. 
<h2>BILL</h2>
To condone unauthorised expenditure incurred by the Ministry of Finance and Economic Development for the year 2020 and 2019. ENACTED by the Parliament and the President of Zimbabwe. 
<h2>1 Short title </h2>
This Act may be cited as the Financial Adjustment Act, 2022. 
<h2>2 Condonation of unauthorised expenditure for year ended 2020.</h2>
 The incurring of the following expenditure in excess of that which was appropriated to terms of Part 3 of Chapter 17 of the Constitution or for which no money was appropriated under that Part, is condoned—
the Ministry of Finance and Economic Development during the financial year ended on the 31st December, 2020, in an amount of ZWL$100 690 788 418 (one hundred billion six hundred and ninety million seven hundred and eighty-eight thousand four hundred and eighteen Zimbabwe dollars) for year ended 2020.
<h2>3 Condonation of unauthorised expenditure for year ended 2019 </h2>
The incurring of the following expenditure in excess of that which was appropriated in terms of Part 3 of Chapter 17 of the Constitution or for which no money was appropriated under that Part, is condoned—the Ministry of Finance and Economic Development during the financial year ended ao on the 31st December, 2019, in an amount of ZWL$6 783 930 028 (six billion seven hundred and eighty-three million nine hundred and thirty thousand and twenty-eight Zimbabwe dollars) for year ended 2019. 
</blockquote>
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Treasury Seeks Condonation From Parliament For Unauthorised Expenditure Amounting To $100.7 Billion

Finance and Economic Development Minister, Professor Mthuli Ncube, has ruled out paying farmers in United States dollars (USD) for maize deliveries, but said there were exceptions for those growing export-oriented crops. 
There are wider calls for dollarisation as the local currency keeps tumbling, but the government has maintained that dollarisation is not good for the economy.
In an address to Parliament on Wednesday, Ncube said there had been no change in policy, and farmers would be paid in Zimbabwe dollars. He said:
<blockquote>
We are not there yet.  We are not ready for that, we have our own domestic currency and we want to set all these agriculture sector prices in domestic currency and also to promote the use of our own currency. 
However, there are farmers who are receiving payments in US dollars because they are producing crops which are export-oriented such as tobacco, cotton — even cotton is in part US dollar, that is understandable because those crops earn foreign currency but not for crops which do not earn foreign currency.
</blockquote>
Meanwhile, senators recently urged the government to raise the maize producer price to lure more farmers into growing the crop as Zimbabwe is facing a poor harvest this year. 
Ncube said there were plans to deploy extra resources to fund winter wheat production as part of measures to curb soaring bread prices. 
He said an estimated 75 000 farmers would benefit from the programme that targets to produce 350 000 metric tonnes of wheat.
Ncube added that the government reduced the strategic reserve levy on domestic fuel price from US$12.7 cents to current levels of US$8.7 cents/litre beginning January 2022 through SI 31 of 2022 in an effort to cushion the general public and businesses against increases in the price of fuel. 
He added that the Government was looking into additional policy measures to address the situation. 
More: NewsDay Zimbabwe

Finance Minister Rules Out Paying Maize Farmers In USD

Zimbabwe’s Finance and Economic Development Minister, Professor Mthuli Ncube has expressed delight after being voted and ranked in the top 5 Ministers of Finance in Africa in 2021 by a French publication, Financial Afrik. He said:
<blockquote>
I am very pleased to have been voted and ranked in the top 5 Ministers of Finance in Africa in 2021 by the French publication “Financial Afrik”. This is based on a popular vote and qualitative analysis of candidates, and considered by a jury.
The list of the top 5 Finance Ministers ranked in FINANCIAL AFRIK include those of Mauritania, Benin, Nigeria, Zimbabwe and DRC. These ministers were judged to have implemented transformative economic policies with results. Please see page 7. 
</blockquote>
<a href="https://www.financialafrik.com/wp-content/uploads/2021/12/86-Les100quitransformentlAfrique.pdf">The publication</a> said about Ncube:
<blockquote>
Ancien chef économiste de la Banque Africaine de Développement, Mthuli Ncube a remporté la bataile contre l’inflation et la dépréciation continue de la monnaie zimbabwéenne. Son prochain objectif est de faire passer d’ici 2030 son pays dans le niveau des économies à revenu intermédiaire. En 2022, Hararé cible un déficit de 1,5% du PIB. L’inflation devrait rester à 94,6% en 2021 puis 32,6% en 2922.
Loosely translated: Former Chief Economist of the African Development Bank, Mthuli Ncube won the battle against inflation and the continued depreciation of the Zimbabwean currency. His next goal is to move his country up to the level of middle-income economies by 2030. In 2022, Harare targets a deficit of 1.5% of GDP. Inflation is expected to remain at 94.6% in 2021 and 32.6% in 2022.
</blockquote>
This comes as former Finance Minister, Tendai Biti who is a vice president in the opposition MDC Alliance has claimed that Ncube is one of the worst ministers to ever emerge out of Zimbabwe.
Biti cites the economic crisis in the Southern African country, the ballooning debt, and the suffering of the masses as a result of the austerity measures (that were introduced by Ncube to kickstart the economy) as evidence against the Finance minister.
Ncube was appointed Finance Minister in 2018 and has since then introduced a cocktail of measures to address a number of issues including:
<ol>
<li> a collapsing economy with very low production levels, </li>
<li>heightening poverty, unemployment and inequality; </li>
<li>massive shortages of fuel and other basic commodities; </li>
<li>a liquidity crisis with depositors unable to access their funds from the banks; </li>
<li>Monetary confusion with multi-exchange rates; </li>
<li>Crippling inflation with basic goods becoming unaffordable for the majority; </li>
<li>Collapsing social services characterised by a shortage of drugs and recurrence of cholera in some parts of the country; </li>
<li>A doctor’s strike which seen most hospitals discharging patients before completion of treatment and placing the rest on the risk of death through avoidable conditions; </li>
<li>Hopelessness among society and an increase in crimes of necessity, violence and rising suicide cases.</li>
</ol>
While Zimbabwe is on the recovery path, the country is not yet out of the woods.
Other ministers in the top five are Zainab Ahmed (Nigeria); Nicolas Kazadi (DRC), Ousmane Mamoudou KANE (Mauritania), Romuald Wadagni, (Bénin).
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

Prof Mthuli Ncube Named Among The Top 5 African Ministers Of Finance

The government of Zimbabwe has announced plans to recruit 10 000 teachers in 2022 in a bid to reduce the teacher-to-pupil ratio and decongest schools.
While presenting the 2022 national budget last Thursday, Finance minister Mthuli Ncube $11.6 billion will be allocated to the education sector.
He said the main objective is to decongest schools and support the infrastructural refurbishment of both primary and secondary, and tertiary education institutions.
The current teaching workforce is around 136 000, while the teacher-to-pupil ratio is 1:70 on average. Ncube said:
<blockquote>
Government seeks to reduce the teacher-to-pupil ratio, and has set aside resources for the recruitment of 10 000 teachers in 2022.
To implement the ministry’s priority projects, an amount of $11.6 billion is being allocated to the Primary and Secondary Education ministry under the 2022 national budget. The demand for education services covering primary, secondary, higher and tertiary levels have been growing over the years. This has not been matched with infrastructural development programmes due to resource and capacity constraints, among others.
</blockquote>
He added that the need to decongest existing schools in the wake of the COVID-19 pandemic and reduction of walking distance has prompted the need for additional facilities.
The minister also said there will be a need to procure information communication technology gadgets to promote e-learning during the COVID-19 era. 
Meanwhile, teachers have in the past two years been protesting periodically over poor salaries and working conditions.
More: <a href="https://www.newsday.co.zw/2021/11/govt-to-engage-10-000-more-teachers/">Newsday</a>

Zimbabwe To Recruit 10 000 More Teachers In 2022

Finance Minister, Professor Mthuli Ncube has established a nine-member Monetary Policy Committee (MPC).
The Committee is expected to restore the scarce public confidence in the monetary policy. Below are the names of individuals in the committee.
<ol>
<li>SA-based actuary Marjorie Ngwenya, the first non-British and the first person under age 40 to have served as president of the UK’s Institute and Faculty of Actuaries,</li>
<li>Kumbirai Katsande, a former president of the Confederation of Zimbabwe Industries and ex-MD at Nestlé Zimbabwe,</li>
<li>Douglas Munatsi, former CEO of BancABC and a leading farmer,</li>
<li>Theresa Moyo, a professor of Economics who has taught at UZ and the University of Limpopo.</li>
<li>Eddie Cross, an Economist and former opposition MP</li>
<li>Ashok Chakravarti, an economics professor at UZ who also already advises Ncube.</li>
<li>RBZ governor John Mangudya and</li>
<li>RBZ Deputy Governor, Jesiman Chipika and</li>
<li>RBZ Deputy Governor, Kupikile Mlambo.<img decoding="async" src="https://pbs.twimg.com/media/EEJvxfxXsAAjx-b?format=jpg&amp;name=large"/></li>
</ol>
Following the ban of all foreign currencies on domestic transactions and the reintroduction of the Zimbabwe dollar, the committee has a role of steering monetary policy towards the full reintroduction of a new currency.
Ncube hinted last week that the new currency will be printed as early as this year.
Zimbabwe has been having a hard time with currencies since the abandonment of the original Zimbabwe dollar in 2008 following a record high hyperinflation.
The public has since then been sceptical of the government’s monetary policies and others.
More: <a href="https://newzwire.live/mthuli-finally-appoints-monetary-policy-committee-and-it-faces-big-confidence-test/">Newz Wire</a>

Finance Minister Establishes Monetary Policy Committee

Professor Mthuli Ncube has insisted that Zimbabwean citizens must be patient because reforming an economy takes time. Mthuli was speaking in an interview with SABC last week during the World Economic Forum Event in Cape Town.
Speaking to the broadcaster the Finance Minister said:
<blockquote>
But then, the response of the economy usually takes longer. There is often an 18-month lag in terms of economic response to certain economic policy. So, citizens should be patient; we are on a reform agenda, the economy is in transition (and) we will get there. 
</blockquote>
Ncube said most of the Zimbabwean economy’s issues were monetary issues:
<blockquote>So, the monetary issue is being reformed to deal with those challenges that pertain to currency and fuel challenges in terms of supply</blockquote>
Even though the government re-introduced the Zimbabwean dollar in June 2019 as a monetary policy measure, basic goods prices are still increasing and fuel queues are still visible all over the capital city.
More: <a href="https://www.herald.co.zw/mthuli-ncube-calls-for-patience/">The Herald</a>.

We Will Get There, Be Patient - Mthuli Ncube

Finance Minister, Mthuli Ncube,  has in his 2019 Mid-Term Review set aside $1,67 billion towards the support of strategic crops of grain, soya beans and cotton as he protects a sharp decline in the Agriculture sector.
His remarks come when the country is already facing severe starvation due to the El-Nino induced drought and Tropical Cyclone Idai which destroyed crops which were weeks away from harvest.
Presenting the 2019 Mid-Term Review, Ncube said:
<blockquote>Agriculture growth is expected to contract by 15,8 percent in view of unfavourable 2018/19 weather conditions, exacerbated by the occurrence of Cyclone Idai, which destroyed crops, livestock, agricultural and other critical infrastructure in some parts of the country.</blockquote>
The country’s agriculture sector has been underperforming since the turn of the millennium when the country embarked on an ambitious fast-track land reform programme.
More: <a href="https://www.herald.co.zw/167bn-for-drought-mitigation/" rel="noopener noreferrer" target="_blank">The Herald</a>

Finance Minister: Agriculture Growth Is Expected To Contract By 15,8%

Terence Mukupe, former Finance Deputy Minister told professor Mthuli Ncube, finance minister to raise the salaries of military personnel. Mukupe noted that the salaries which have been eroded by the inflation are not commensurate with the services they gave and continue to give to the country.
Mukupe said that if there was really some surplus in revenue, the finance minister must raise the salaries. Posting on Twitter, Mukupe said:
<blockquote>Fiscal surpluses are good if the wages do afford a dignified standard of living. Just had a high ranking service official in tears showing me his gross salary of $430 netting $380.
It is criminal! Professor (Ncube) let us take better care of those that brought about the second republic.</blockquote>
Workers in the country have been threatening to protest against the government over the state of the economy. The economy has been on a downward spiral for about 24 months now. The IMF projects that this trajectory will continue for the duration of the year and would only get better in 2020.
More: <a href="https://www.newzimbabwe.com/mukupe-warning-to-ed-govt-pay-soldiers/" rel="noopener noreferrer" target="_blank">New Zimbabwe</a>

Ex-Finance Minister Tells Mthuli Ncube To Raise Army Salaries

In the video below, Finance Minister Mthuli Ncube argues that the bond note was becoming a surrogate currency. He also argued that the Bond note was chasing away the United States dollar. Note: These were his first days in office. His stance towards the bond notes seems to have changed.
<blockquote class="twitter-tweet" data-dnt="true" data-width="550">
Before being corrupted by the Zanu PF government, our current Finance Minister bemoaned the use of Bond Notes. He believed in the immidiate removal of the "Surrogate Currency" and use of the US$ as the main currency. After being appointed into the Zanu PF, sence seemed have left. <a href="https://t.co/KHTCqr2d2p">pic.twitter.com/KHTCqr2d2p</a>
— Tonderai Samanyanga (@tonderai_samany) <a href="https://twitter.com/tonderai_samany/status/1135407389325352960?ref_src=twsrc%5Etfw">June 3, 2019</a></blockquote>
<script async="" charset="utf-8" src="https://platform.twitter.com/widgets.js"></script>
More: <a href="https://twitter.com/tonderai_samany/status/1135407389325352960" rel="noopener noreferrer" target="_blank">Tonderai Samanyanga</a>

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