Govt moves to formalise informal sector

The government through the Ministry of Finance and Investment Promotion has announced key measures to formalise the informal sector.

This has been announced by the responsible minister Mthuli Ncube.

The move is aimed at broadening the tax base.

Key Bullet Points:

?Formalisation Drive: Government to enforce compliance in the informal sector, including licensing, tax payments, and operating in designated areas.

?Support for Formal Retailers: Measures announced to help formal businesses compete with the informal sector.

?Anti-Smuggling Blitz: Multi-agency operations at borders have seized US$2.4 million worth of smuggled goods, including vehicles and illicit products.

?ZNCC Recommendations:
-Liberalise the goods market and ensure fair exchange rate flexibility.
-Streamline taxes and licensing to reduce costs for formal businesses.
-Create incentives for informal traders to formalise operations.
-Improve access to affordable financing for businesses.

?Goal: Restore stability to the retail sector and promote fair competition.