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Farirai Machivenyika Senior Reporter
Government has challenged players in the economy to play their part following the promulgation of the Finance Act and the Appropriation Act that put into effect the 2018 Budget.
The challenge was contained in a statement issued by Finance and Economic Planning permanent secretary Mr Willard Manungo yesterday.
“Having the Finance Act and the Appropriation Act in place, it is now paramount that all relevant parties play their roles in fully implementing the various reform measures contained in the 2018 National Budget,” he said.
“The promulgation of the Acts also heralds, in earnest, that Zimbabwe is now open for business and walking the talk under the new political dispensation.”
The Budget was presented under the theme “Towards a New Economic Order”, contained a number of key reforms aimed at creating conditions for increased investment and production-led recovery, restoration of fiscal discipline and the requisite expenditure management interventions necessary for reorienting public spending towards support for developmental projects and programmes.
“Among other measures, the Act amends the Indigenisation and Economic Empowerment Act to restrict compulsory indigenisation to those enterprises engaged in the mining of diamonds and platinum,” said Mr Manungo.
“This amendment is consistent with the objective of promoting the Ease of Doing Business environment for attracting investment.
“Furthermore, the Act amends the Exchange Control Act by embodying the “Amnesty in Respect of Illegally Expatriated Property” which was earlier published on 4 December, 2017, by the Presidential Powers (Temporary Measures) (Amendment of Exchange Control Act) Regulations, 2017.”
Mr Manungo said the amnesty addresses the recent market indiscipline which has seen many individuals and legal persons in Zimbabwe moving assets offshore in contravention of Exchange Control Regulations.
He also said the Finance Act amends the Bank Use Promotion Act to facilitate and widen the acceptance of payment for everyday transactions through electronic and mobile money platforms and prohibits differential pricing based solely on the mode of payment.
The Act also provides for exemption from the 10 percent withholding tax on tobacco sales, as a way of enhancing the viability of tobacco farmers.
Mr Manungo said the Appropriation Act would allow disbursements of funds from the Consolidated Revenue Fund.
“The Appropriation Act allows Treasury to disburse funds out of the Consolidated Revenue Fund in support of programmes and projects included in the 2018 Estimates of Expenditure,” he said.
“In order to improve on accountability and effectiveness in the utilisation of retention funds mobilised by line ministries and departments, all such funds have now been included in the Appropriation Act, 2018 and hence subject to the same scrutiny and monitoring as voted appropriations.”
Online Reporter