Ncube converts 2024 budget to ZiG, pegs duty on selected products in ZiG

The Minister of finance and Investment Promotion Professor Mthuli Ncube has converted the 2024 National Budget to Zimbabwe Gold (ZiG).

 

While delivering Mid-term Budget Review statement in parliament this afternoon, Ncube said in the 6 months to June, the government collected ZiG36.5 billion, and spent an estimated ZiG38.4 billion.

 

This means expenditure was 44.2% of the total approved Budget.

 

He also announced measures to promote the use of the local currency, ZiG:

 

“In order to promote usage of the local currency, I propose payment of customs duty in local currency on selected products.

 

“Any corporate whose revenue exceeds 50% in forex will pay Corporate Income Tax on a 50:50 basis.

• If a company’s revenue is over 50% in ZiG, tax will be payable proportionately in the currency of trade.

 

Ncube exempted live cattle, pigs, goats, sheep and bovine semen from VAT and also proposed to exempt poultry meat and kapenta from VAT.

 

“I propose to exempt live cattle, pigs, goats, sheep and bovine semen from VAT. Furthermore, I propose to exempt poultry meat and kapenta from VAT,” he said.

 

Zwnews