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Nqobile Bhebhe, Business Reporter
ECONET Wireless Zimbabwe has adjusted tariffs to accommodate the 0.5 percent value-added tax (VAT) increase that came into effect on 1 January.
The tax was slightly adjusted from 14,5 percent to 15 percent.
“Please take note that our tariffs & bundle prices have been adjusted in line with VAT changes gazetted in the Finance Act (No.2), 2022 effective 1 Jan 2023,” said Econet in a public notice.
The Zimbabwe Revenue Authority (Zimra) has since directed businesses to configure their fiscal devices to capture the new value-added tax rate.
The VAT increase forms part of new economic measures outlined in the 2023 national budget that came into effect on 1 January.
According to the budget statement, Finance and Economic Development Minister, Professor Mthuli Ncube said regionally, the country’s VAT rates of 14,5 percent are comparatively lower than the SADC regional standard VAT rate, which averages 16 percent.
However, economists say the increase in value-added tax by 0,5 percent will have a marginal increase in some commodities where VAT is levied but this is going to be marginal.
Online Reporter