Home Business Duties and Taxes Now Payable In Zim Dollars

Duties and Taxes Now Payable In Zim Dollars

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The finance ministry has announced a number of measures aimed at enhancing the domestic use of the Zimbabwean dollar and limiting illegal foreign currency trading.

According to the Minister of Finance and Economic Development, Professor Mthuli Ncube, the new measures will help restore macro-economic stability and ensure smooth operations by the diverse productive sectors.

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“In this regard, the public is advised that the following measures now apply with immediate effect:
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 Zimbabwean dollars again up to a limit of 50% 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,” reads part of the statement issued by the minister.
Professor Ncube said the measures reflect the government’s commitment to promoting the wide use of the Zimbabwean dollar and to continuously strengthen the economy so as to build long-lasting macroeconomic stability.

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