Source: Statutory instruments to cut ‘burdensome taxes’ on the cards -Newsday Zimbabwe
GOVERNMENT is set to gazette a series of legal instruments to enforce newly-announced measures designed to reduce the cost of doing business.
The move formalises recent Treasury pronouncements and will see statutory instruments (SIs) rolled out gradually across key ministries, including agriculture, retail, transport and tourism.
Some measures will also be incorporated into the upcoming Finance Act, ensuring policy consistency.
Finance, Economic Development and Investment Promotion minister Mthuli Ncube confirmed the timeline, stating the government is determined to “walk the talk” on improving the business environment.
“In terms of legal effect to support the pronouncements I have made in reducing the cost of doing business, these will start trickling in from next week,” Ncube said on the sidelines of a pre-budget seminar in Bulawayo last week.
“You will see individual ministries announcing new fees and procedures through SIs and some of these will also be reflected in the Finance Act.”
“Next week, we will delve into the energy sector. So far, we have done parts of agriculture, retail, wholesale, transport and tourism. We will continue until we cover all major sectors.”
Treasury links this policy shift to a successful economic stabilisation strategy, which has been commended by international institutions such the International Monetary Fund.
Ncube cited a 6,6% growth rate for this year and a projected 5% for next year as evidence that the reforms are working.
This drive to lower operational costs is a central pillar of the National Development Strategy 1, intended to attract investment, boost productivity and enhance job creation.
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