Captains of industry and commerce in the beverages sector have welcomed the downward review of the Sugar Tax from US$0,002 to US$0,001 per gramme of sugar.
Finance Minister, Professor Mthuli Ncube, recently gazetted Statutory Instrument (SI) 16 of 2024, showing the downward review.
As reported by the Zimbabwe Economic Review, the reduction in the levy is seen as alleviating the financial burden associated with the new tax.
The initially proposed tax rate would have surpassed the cost of the contents of all beverages with high sugar input.
The special surtax will only be levied on added sugar, providing relief to businesses amidst various challenges, notes Zimbabwe Economic Review.
Recently, Schweppes Zimbabwe hiked the price of the country’s iconic beverage, Mazoe orange crush, from about US$3:00 to US$5,10 citing sugar tax.
Zwnews
