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The Government, through the Ministry of Finance, Economic Development and Investment Promotion, has scrapped the requirement for gold miners to pay a 15 per cent Value Added Tax (VAT) on the value of deliveries to Fidelity Gold Refiners.
Statutory Instrument 105 of 2024, gazetted on Wednesday effectively zero-rates gold deliveries to Fidelity. It reads in part:
<blockquote>
The principal regulations are amended by the insertion of a new schedule after the First Schedule as follows; Second Schedule (Section 13) Zero Rate: Supply of Gold to Fidelity Gold Refinery (Private) Limited.
</blockquote>
Earlier this year, the Treasury implemented a 15 per cent value-added tax (VAT) on gold deliveries by miners. Consequently, gold deliveries declined due to the tax, which posed significant cash flow challenges for small-scale miners.
Gold producers say the Zimbabwe Revenue Authority (ZIMRA) had started charging a 15% VAT backdated to 01 January 2024.
By zero-rating gold deliveries to Fidelity Gold Refineries, authorities hope to encourage more sales to the refinery.
Chamber of Mines of Zimbabwe chief executive officer, Isaac Kwesu, welcomed the change. He told <a href="https://www.herald.co.zw/govt-scraps-vat-on-gold-deliveries/">The Herald</a>:
<blockquote>
With miners required to pay VAT of 15 per cent to Zimra from money paid to them by Fidelity and to be refunded when the gold buyer remitted the payments, most small miners were left with no cashflows to fund operations.
This later saw the small miners being charged 16 percent overall as they also pay a 1 percent royalty. To stay with cashflows, some had resorted to side marketing of gold.
</blockquote>
Official figures show deliveries to the refinery decreased by 2,4 per cent from 11,45 tonnes in the first five months of 2023 to 11,2 tonnes in the same period in 2024.
Also speaking to The Herald, Prosper Chitambara, senior economist at the Labour and Economic Development Research Institute of Zimbabwe, said:
<blockquote>
The reversion to zero-rated VAT for gold deliveries is a strategic move by the government. This policy shift is not just about easing the operational burdens on miners but also aligns with broader economic goals, particularly the need to build up foreign reserves.
Gold remains one of Zimbabwe’s key export commodities, and by encouraging increased deliveries to Fidelity, the government is ensuring that more gold enters formal channels. This not only improves our reserve levels but also strengthens our balance of payments position.
Additionally, with the introduction of the new Zimbabwe Gold (ZiG) currency, it is imperative to have substantial gold reserves backing this currency.
The credibility of ZiG as a stable medium of exchange and store of value is heavily reliant on the robustness of our gold reserves.
Therefore, facilitating smoother operations for miners through this VAT reversal indirectly supports the stability and acceptance of ZiG in the market.
</blockquote>
 The government aims to achieve a target of 40 tonnes of gold deliveries to Fidelity Gold Refinery in 2024.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Government Scraps VAT On Gold Deliveries To Fidelity Gold Refiners

The Government has gazetted the suspension of Value Added Tax (VAT) on selected basic grocery items with effect from today, 01 February 2024.
The Statutory Instrument 10A of 2024 exempts basic food items such as bread, milk, cooking oil and maize meal from Value Added Tax.
The promulgation of SI 10A of 2024 comes after business leaders made submissions to the Government that the proposed VAT measures in the 2024 National Budget would fuel price hikes.
Through Statutory Instrument 10A of 2024, published in a supplementary Government Gazette issued on Wednesday, Finance, Economic Development and Investment Promotion Minister, Mthuli Ncube, said the Customs and Excise (Suspension) Regulation 2003 published in Statutory Instrument 257 of 2003 has been repealed. Reads in the Statutory Instrument in part:
It is hereby notified that the Minister of Finance, Economic Development and Investment Promotion, in terms of Section 235 as read with Section 120 of the Customs and Excise Act (Chapter 23:02) has made the following regulations.
The regulations may be cited as the Customs and Exchange (Suspension)(Amendment) Regulations, 2024 (No. 272).
The Customs and Excise (Suspension) Regulation 2003 published in Statutory Instrument 257 of 2003 (hereafter called the principal regulations) are amended by the repeal of Section 91 (Suspension of duty on cooking oil, maize, milk, sugar, rice, flour, salt, bath soap, laundry soap, washing soap, baking powder, toothpaste and petroleum Jelly) with effect from 1st February 2024.
Since the beginning of this year, the majority of businesses have hiked prices in response to rising taxation and increases in the cost of power and energy.
Bakeries also hiked the price of bread from US$1 to between US$1.10 and US1.20.
Meanwhile, Bakers Inn, a subsidiary of Simbisa Brands, on Wednesday said with immediate effect it has reduced the cost of bread from US$1.10 to US$1.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Govt Gazettes VAT Exemption On Key Basic Grocery Items

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>

Proposed VAT Registration Policy Meant To Protect Supermarkets - Mugano

The recent move by the Government to suspend import duty and import value-added tax (VAT) on selected groceries is something Zimbabweans have become familiar with as it happened exactly 12 months ago.
The suspension was lifted in late November 2022, which means it has taken the Government just six months to reverse its decision amid soaring prices and a runaway exchange rate.
On Friday, 12 May, the Government suspended import duty and import value-added tax (VAT) on 11 basic grocery items: maize meal, rice, milk, flour, sugar, salt, cooking oil, petroleum jelly, toothpaste, bath soap and washing powder.
The suspension of the import duty and import VAT shall be valid for six months from 12 May 2023.
The development evokes a sense of déjà vu as similar measures to address rampant price increases were put in place in May 2022.
In May last year, Ministry of Finance and Development permanent secretary George Guvamatanga directed Zimbabwe Revenue Authority (ZIMRA) then acting Commissioner-General Regina Chinamasa to suspend duty on selected products for a period of six months with effect from 17 May 2022. Wrote Guvamatanga:
<blockquote>
Reference is made to the press statement by the Minister of Finance and Economic Development where a pronouncement was made regarding the introduction of measures aimed at ensuring access to affordable basic commodities, in view of the recent substantial increases in prices of locally manufactured products.
In view of the above, Zimbabwe Revenue Authority is hereby authorised to suspend duty on the following products for a period of six months with effect from May 17, 2022.
</blockquote>
Rice, flour, cooking oil, margarine, salt, sugar, maize meal, milk powder, infant milk formula, tea (whether or not flavoured), petroleum jelly, toothpaste, bath soap, laundry bar were to be imported duty-free.
Finance and Economic Development Minister Mthuli Ncube scrapped the suspension of import duty when he presented the 2023 national budget on 24 November 2022.
In his budget presentation at the New Parliament Building in Mt Hampden, Ncube said:
<blockquote>
Mr speaker sir, the government suspended customs duty on basic commodities in order to cushion consumers from unjustified price increases, this measure has contributed to stability in prices of basic commodities, hence the suspension which expired on November 16, 2022 will not be extended.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Six Months Ago Govt Re-imposed Duty On Basic Groceries

Confederation of Zimbabwe (CZI) president Kurai Matsheza has said the recent suspension of import duty and import value-added tax (VAT) on 11 basic groceries by the Government will have a negative impact on the economy.
On Thursday, Finance and Economic Development Minister Mthuli Ncube announced several measures to stabilise the exchange rate and prices.
Among other things, Ncube scrapped import duty and import value-added tax (VAT) on selected products.
On Friday, Finance and Economic Development permanent secretary George Guvamatanga directed Zimbabwe Revenue Authority (ZIMRA) commissioner-general Regina Chinamasa to suspend import duty and import VAT on maize meal, rice, milk, flour, salt, cooking oil, sugar, petroleum jelly, toothpaste, bath soap and washing powder.
Speaking to <a href="https://www.newsday.co.zw/local-news/article/200011563/industry-frets-over-suspension-of-import-duty">NewsDay</a> on Sunday, Matsheza said the move choke local manufacturers and was also tantamount to exporting jobs. He said:
<blockquote>
The lifting of duties on the 11 products has more negatives than positives on the economy.
This measure means as a country we’re outsourcing the production of those products, hence exporting jobs.
While the intention is to protect the general consumer from the price increase, the general consumer will not be importing, it’s small businesses and big to some extent who will be importing and then retailing in US dollars.
This deepens dollarisation as basic goods will only be available in USD [supposedly at ‘low’ prices].
</blockquote>
The announcement came after shops hiked prices of basic food items in response to the rapid weakening of the Zimbabwe dollar against other currencies.
The removal of import duty on products can result in lower prices for consumers and improved access to goods.
However, removing import duty may also have some negative effects such as loss of government revenue, adverse effects on domestic industries, and dependency on foreign producers.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Captains Of Industry Say Suspension Of Duty Will Export Jobs And Choke Small Businesses

Economic commentators have condemned the measures announced by Finance and Economic Development Minister Mthuli Ncube last week to stablise the exchange rate and prices of goods and services.
Some of the measures included the removal of duty on 11 selected basic grocery items, allowing businesses to keep 100% of their locally generated forex revenue, and a pledge to fine-tune the foreign exchange auction system so that it operates on a pure Dutch auction basis.
Speaking to <a href="https://www.newsday.co.zw/thestandard/business/article/200011510/it-will-not-work-industry-tells-ncube">Standardbusiness</a>, economic analyst Vince Musewe said Ncube’s measures are reactive and will not work. He said:
<blockquote>
An economy cannot be managed in a reactive mode from crisis to crisis, but sadly that is what is happening.
There is no debate that Zimbabweans prefer the US dollar and those with US dollars will continue to demand a premium.
Despite the country generating US$12 billion per annum, the appetite for the US$ dollar will never be satisfied and it is clear the informal sector does not react to economic policy measures but operates to maximise profits.
This has resulted in a supermarket economy where everyone is selling some imported trinkets to make a living and importing basic goods kills local industry.
The scenario has not changed where the rate goes up inflation goes up and the rate goes up creating a vicious cycle.
It is time to realise that the dollarisation of incomes is the only sensible thing to do to cushion citizens.
Salaries and wages must now be in US dollars and companies must freely charge in US dollars.
The economy has rejected the Zimbabwe dollar; nobody wants it.
</blockquote>
Confederation of Zimbabwe Industries (CZI) chief executive officer Sekai Kuvarika said:
<blockquote>
I think we need to give the stabilisation measures a chance before we destabilise the manufacturing sector by flooding the market with cheap imports.
You also have to remember that these imports are coming from environments that are not the same as we are.
</blockquote>
She said there was no shortage of basic commodities in the country.
Another economic analyst Stevenson Dhlamini said:
<blockquote>
It’s difficult to conclude whether they are effective or non-effective, but it’s showing that they are appreciating that we are in a crisis.
There is a clause where the minister says he will increase the interest rates to curb inflation in the short term.
My belief is that the interest rates and the parallel market have to continue to chase each other.
The more you increase interest rates the parallel market simply increases its premiums to compensate for the higher interest rates.
So the question can be: is the interest targeting the best or the most effective response at this stage or rather we should be addressing the sources of money supply growth?
</blockquote>
Meanwhile, Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya said that the measures will support the issuance of gold coins and tokens by the central bank.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

It Will Not Work, Economists Tell Mthuli Ncube

The Government on Friday suspended import duty and import value-added tax (VAT) on 10 basic grocery items: maize meal, rice, milk, flour, salt, cooking oil, petroleum jelly, toothpaste, bath soap and washing powder.
The suspension of the import duty and import VAT shall be valid for six months from 12 May 2023.
The Permanent Secretary for Finance and Economic Development George Guvamatanga has since directed Zimbabwe Revenue Authority (ZIMRA) Commissioner General Regina Chinamasa, to “urgently draft the necessary legal instrument and implement the duty suspension with effect from 12 May 2023”. Wrote Guvamatanga:
<blockquote>
Furthermore, the Ministry of Industry and Commerce is expected to complement the measure through the inclusion of the above goods on the Open General Import Licence.
</blockquote>
The move is in line with the measures announced by Finance and Economic Development Minister Mthuli Ncube on Thursday.
Among other things, Ncube said retailers and wholesalers can now keep all the foreign currency they collect from customers.
The announcement came after shops hiked prices of basic food items in response to the rapid weakening of the Zimbabwe dollar against other currencies.
The removal of import duty on products can result in lower prices for consumers and improved access to goods.
However, removing import duty may also have some negative effects such as loss of government revenue, adverse effects on domestic industries, and dependency on foreign producers.
Meanwhile, in a statement on released on Friday, Buy Zimbabwe chairperson Munyaradzi Hwengwere said the Government’s decision to scrap import duty on basic grocery items will leave the local manufacturing industry vulnerable to cheap imports.
Buy Zimbabwe called for an emergency meeting with wholesalers and retailers to map a way forward.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

List Of Duty-free Grocery Items Released

Zimbabwe’s largest mobile network operator (MNO) by Subscriber Base, Econet Wireless Zimbabwe, has increased tariffs and bundle prices with effect from 1 January 2023.
In a public notice, Econet said the adjustment is to accommodate the 0.5 percent value-added tax (VAT) increase that came into effect on 1 January. Econet said:
<blockquote>
Please take note that our tariffs &amp; bundle prices have been adjusted in line with VAT changes gazetted in the Finance Act (No.2), 2022 effective 1 Jan 2023.
</blockquote>
In his 2023 national budget statement, Finance and Economic Development Minister, Mthuli Ncube increased VAT from 14.5 percent to 15 percent.
Ncube said the country’s VAT rates of 15 percent are comparatively lower than the SADC regional standard VAT rate, which averages 16 percent.

Econet Increases Tariffs And Bundle Prices

Finance and Economic Development Minister Mthuli has proposed to raise value-added tax (VAT) from the current 14.5 percent to 15 percent with effect from 1 January 2023.
Presenting his ZWL$4.2 trillion (about US$6.5 billion) budget on Thursday, at the new Parliament building in Mt Hampden, near Harare, Ncube said on average, SADC countries charge 16 percent VAT. He said:
<blockquote>
Zimbabwe charges a comparatively lower rate of 14.5 percent. The VAT rate was reduced from 15 percent with effect from January 1, 2020, in order to support households during the peak period of the COVID-19 pandemic… I propose to reinstate the VAT rate to the previous rate of 15 percent with effect from January 1, 2023.
</blockquote>
Consumers pay VAT when they buy food, and pay for water, electricity, and other services.
Ncube also removed the suspension of duty on basic food items such as rice, maize meal, bath soap, cooking oil and maize meal amongst others. He said:
<blockquote>
The suspension of duty, which expired on November 16, 2022, will not be extended.
The government will, however, monitor prices of basic commodities with a view to ensuring responsible pricing and affordability, failure of which the suspension will be reinstated.
</blockquote>
Ncube, however, said he was reducing the Intermediate Money Transfer Tax (IMTT) on domestic foreign currency transfers from 4 percent to 2 percent.
Meanwhile, former Finance Minister Tendai Biti described the restoration of duties on basic commodities particularly while approaching a festive season as “equally sadistic and bankrupt.” | <a href="https://www.zimlive.com/2022/11/ncube-raises-vat-restores-duty-on-basics-in-sadistic-and-bankrupt-2023-budget/">ZimLive</a>

Ncube Raises VAT, Restores Duty On Basic Food Items

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