Thursday , June 30 2022

Mthuli Ncube presents the 2019 budget on November 22


Minister of Finance Mthuli Ncube has said he will present his marriage budget statement on November 22, in what will be a test of theft of how he will tackle the Zimbabwe economic crisis.

The lack of basic goods, hard currency and purchasing pay powers fall among some of the challenges facing African southern countries.

"It's (budget presentation) on November 22," said Ncube Wednesday on Monday.

The Zimbabwe Convention chief economist Clemence Machadu Retailer said that the 2% tax on electronic transactions should be set aside as it adds insult to injuries on people who are already unable to cope with their disposable income n decrease.

"Policy makers should tackle core issues in the economy. People really want to tackle bread and butter issues, in part by reviewing the unsustainable cost of living through stabilization & # 39 ; r system prices and market merchandise, "he said.

Ncube issued the tax 2% last month before reforming it and restricted to apply for transactions of $ 10 and above, before installing the cap at $ 10 000 on the amount of tax to pay. This suggests that transfers over $ 500,000 will attract a flat tax of $ 10 000.

It also excluded transfers from a subsidiary as well as the transfer of salaries, tax payments, foreign currency payments and the transfer of money from the government.

In his latest weekly newspaper in the State media, President Emmerson Mnangagwa would suggest that new measures were published to review the tax.

Chief Executive of the Zimbabwe Chamber of Commerce, Christopher Mugaga, said that the Finance Minister must offer ongoing solutions to issues that affect the economy.

"The minister sits on the edge of a fenced cliff, it deals with a budget that has the ability to raise the profile of uncertainty. It should deal with this carefully. It must not be inconsistent or & # 39; it can not be deleted It must face the challenge so we are waiting to see if it will publish the US dollar balance or RTGS (real-time settlement) budget. choose it hard to do, "said Mugaga.

The central bank and last month have deregulated by separating Nostro's foreign currency accounts and RTGS bank balances of the RTCA FCA code name.

Mugaga said the budget should also find realistic measures on how the government intends to cut a deficit in relation to GDP by 3,1% in 2019, 3,5% in 2020 to 5.2% by the year 2021 as co-ordinated in the budget strategy paper.

The Zimbabwe Confederation of Zababwe Industries, said that the manufacturing sector pushed for adequate forex pay.

"The main introduction is to manage forex and currency, that's our main concern. We are keen to have $ 200 million a month forex as an industry," he said.

Another important issue, according to Jabangwe, is a decline in the trade deficit that was $ 1,8 billion after imports rose up to $ 5,5 billion versus exports worth $ 3,7 billion.

"We are pressing that the Statutory Instrument 122 will not go beyond 2018. That will provide a place for a local industry to grow," he said.

Source link