23 January 2018
ZRP ‘Idiot’ Charamba loses cop insult case
Gukurahundi: Blame govt, not me – says ED
SA: Jazz legend Hugh Masekela dies
Cholera: Angry minister blasts city councils
Mzembi challenges arrest; quits politics
Mudzuri: Amnesty for MDC-T cop murder 3
Mnangagwa: Grace mentally unstable
ZESA gave Chivayo $7m, not $5m: Parly
Govt reduces excise duty on fuel
Filthy 5-Star hotels: Economy blamed
‘Am I African’ explores Zim's race conflict
Gafa’s Epworth concert draws thousands
Billiat might still leave: Sundowns coach
Katsande: Chiefs show championship mentality
Mnangagwa’s ‘New’ Zim merits support
Zhuwao: kleptocracy and EDiots in Davos
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
Mid-term fiscal policy review highlights
11/09/2014 00:00:00
by The Source
IMF: Slash wage bill, review indigenisation
Over 600 retrenched in August alone
Biti must help, not just whinge: Chinamasa
You’re not special, IMF man tells Zim
No debt relief for Zimbabwe, says IMF
More firms in admin as economy groans
MDC-T MPs demand Chinamasa resignation
Economy to collapse if Z$ returns, minister
Fiscal review signals negative growth
More misery as bust govt hikes fuel taxes

FINANCE minister Patrick Chinamasa on Thursday announced the 2014 Mid Term Fiscal Policy which reflected an underperforming economy on the back of weakening commodity prices and lack of investment. Below are some of the highlights of the policy statement:

  • Fringe benefits such as housing and fuel allowance to be taxed.
  • GDP growth still seen at 3,1 percent.
  • Mining sector to register a negative 1,9 percent growth from initial projection of 10,7 percent due to weakening commodity prices.
  • Excise duty on diesel and petrol to go up from 25 cents and 30 cents per litre to 30 cents and 35 cents per litre, respectively, with effect from September 15, 2014.
  • Customs duty for single cab vehicles weighing up to 1,400kg to 40 percent from 20 percent. Passenger motor vehicles of engine capacity below 1,500cc to charged 40 percent duty from 25 percent. This is with effect from November 1 2014.
  • Mobile phone credit subject to five percent excise duty.
  • Cellphone handset import duty at 25 percent.
  • Total exports for the six months to June declined to $1,2 billion from $1,5 billion last year.
  • Imports at $3 billion from $3,9 billion resulting in a trade deficit of $1,8 billion compared to $2,4 billion last year.
  • Empowerment policy to be determined on a sector by sector basis.
  • Royalty on gold from primary producers lowered to five percent from seven percent.
  • Zimbabwe foreign debt at $8,8 billion.
  • Government expenditure for the period under review leaps 5,6 percent on $1,848 billion target
  • Treasury pays $1,8 million to the World Bank, $1 million to the AfDB and $900,000 to the IMF  between January and June towards servicing arrears. Over the same period, Zimbabwe paid $180 million to service Chinese debt.
  • Interest earned on a savings instruments that will be issued by mortgage funders to be exempt from tax with effect from 1 November 2014.


Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it






Face Book



comments powered by Disqus
RSS NewsTicker