Government has approved a 300 percent increase in electricity tariffs effective immediately as it seeks to cushion the power utility in light of rising costs of raw materials, while the tax-free threshold for low-income earners has been reviewed upward from $350 to $700 to improve disposable incomes.
Prof Ncube said the electricity tariff for domestic consumers had been increased to 27c/kWh from 9,86c/kWh.
Non-exporting businesses will pay ZWL45c/kWh from ZWL9,86c/kWh while the tariff for ferrochrome smelters and other miners at US$0,067/kWh and US$0,0986/kWh respectively.
Zesa will also be allowed to bill all other exporters and foreign currency earners in forex and such resources are to be ring-fenced in a special account solely for purposes of importing electricity. Presenting the Mid-Term Budget Review yesterday, Finance and Economic Development Minister Professor Mthuli Ncube said this would stimulate aggregate demand for goods and services.
Mthuli Ncube has also increased Tollgate Fees and vehicle licence fees by 400% with effect from 1 September 2019.
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