Meat prices escalate as 15% VAT takes effect

The price of meat and related products have gone up as 15 percent Value Added Tax (VAT) takes effect.

In a notice to its customers, one of the country’s leading meat producers, Texas Meats announced the development.

The Minister of Finance, Economic Development and Investment Promotion Mthuli Ncube and the Zimbabwe Revenue Authority said they introduced the measures to “protect value chain integrity and transparency and to counter unfair competition by informal traders”.

The standard VAT increased to 15% from 14.5% effective 1 January 2023 and in his 2024 budget, Ncube returned the standard VAT rate to 15%.

Now it is being enforced from 1 January 2024 vigorously in the name of fair competition, while punishing end-users, mostly the poor.

In response, Texas Meats, for example, says all its meat products will now attract a 15% VAT component from 1 January 2024.

Zwnews