The government will with effect from tomorrow (Friday) start collecting custom duty on imported motor vehicle imports in foreign currency in a demand management move to reduce outflows of hard currency with the money set to be directed to productive sectors.
This came out when Finance and Economic Development Minister Professor Mthuli Ncube delivered his budget statement at Parliament this afternoon.
Zimbabwe’s economy has been reeling under several challenges that have seen ordinary people and captains of industry and commerce calling on regulatory authorities to focus on urgent solutions.
Responding to the needs of the economy in his maiden 2019 national a budget presentation in the capital, Professor Ncube revealed the government is focusing on productive sectors at the expense of luxury imports.
The move to charge luxurious motor vehicle imports in foreign currency is expected to help ease foreign currency pressures on consumptive goods, according to Professor Ncube.
