Sundaymail EditorOnline Reporter
Finance and Economic Development Minister Professor Mthuli Ncube on Friday announced fresh measures to drive demand for the Zimbabwe dollar.
The new measures will see up to 50 percent of vehicle import duty being paid in domestic currency, while up to 50 percent of all mining royalties are now payable in the local unit.
In a statement, Professor Ncube said the measures are also aimed at stemming illegal trade in foreign currency and the benchmarking of prices of goods and services at parallel market exchange rates.
“All mining royalties are now payable in Zimbabwe dollars up to a limit of 50 percent royalties due,” he said.
“All duties and taxes on the importation of designated motor vehicles are now payable in Zimbabwe dollars again up to a limit of 50 percent of duties and taxes payable.
“All domestic taxes due from exporters on their export receipts are now payable in both foreign and local currency in direct proportion to the approved export retention levels.”
The measures, Treasury added, reflect Government’s commitment to promote the wider use of the Zimbabwe dollar and to continuously strengthen the economy so as to build long-lasting macro-economic stability.
Online Reporter