Finance technical committee on 2024 National Budget present findings, as Mthuli Ncube U-turns on VAT

The Minister of Finance and Economic Development technical committee on the impact of 2024 National Budget and revenue measures has presented its findings.

Meanwhile, according to Finance Minister Mthuli Ncube, the committee’s findings will help the government in implementing the budget.

Meanwhile, Minister Ncube has made changes to his measures on trading, VAT, and basic commodities. Highlights:

• Retailers can buy from manufacturers, as long as they’re tax compliant.

• Manufacturers can sell to informal traders, and a 5% withholding tax will apply.

• More basics added to list of groceries exempted from VAT, but others such as meat now on “standard rating”

Zwnews