"This Policy Hotchpotch Is A Disaster," Chamisa On Government Measures To Enhance Zimbabwe Dollar

2 years agoSat, 05 Feb 2022 19:14:20 GMT

"This Policy Hotchpotch Is A Disaster," Chamisa On Government Measures To Enhance Zimbabwe Dollar

Nelson Chamisa, the leader of the opposition Citizens Coalition for Change (CCC) has criticised the government’s recently announced measures to enhance the domestic use of the Zimbabwe dollar.

In a statement published by Pindula News this Saturday, Finance and Economic Development Minister, Professor Mthuli Ncube said:

a. All mining royalties are now payable in Zimbabwe Dollars up to a limit of 50% of royalties due.

b. All duties and taxes on the importation of designated motor vehicles are now payable in Zimbabwe dollars again up to a limit of 50% of duties and taxes payable.
c. All domestic taxes due from exporters on their export receipts are now payable in both foreign and local currency in direct proportion to the approved export retention levels. As an example, an exporter who receives foreign currency of say USD1000.00 at a 40% surrender ratio (60% retention) will pay taxes on the 40% in Zimbabwe dollars and the 60% in foreign currency. These measures reflect Government’s commitment to promote the wider use of the Zimbabwe Dollar and to continuously strengthen the economy so as to build long-lasting macro-economic stability.
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In response, Chamisa said:

This policy hotchpotch is a disaster! We advised them to dollarise but they didn’t listen.Trying to reinforce dedollarization by allowing some taxes & fees to be paid in ZWL using threshold defined here whilst myopically & stubbornly holding on to the USD is policy naivety.
Civil servants must be paid in USD. If government has faith in ZWL it must allow all govt fees & taxes which include toll fees and passport fees and taxes to be in ZWL simple!

Earlier, his deputy, Tendai Biti, a former Finance Minister said the government’s move to exempt importers of designated vehicles from paying duties and taxes in United States dollars (US$) is meant to benefit business mogul, Kuda Tagwirei and President Emmerson Mnangagwa.