NEW: No tax hikes in Mid-Term Budget Review

Melisa Chatikobo

TREASURY says there will be no tax hikes in the Mid-Term Budget review that will be announced on Thursday by the Minister of Finance, Economic Development and Investment Promotion Professor Mthuli Ncube.

Addressing journalists at the ongoing Institute of Chartered Accountants of Zimbabwe (ICAZ) Winter School in Victoria Falls, Finance, Economic Development and Investment Promotion Deputy Minister David Mnangagwa said Government was working on increasing its funding outside tax collections.

“I don’t want to pre-empt the minister’s mid-term review, but I will say don’t expect any tax raises,” he said. “What we need to do is re-look at our expenditure and how we assign it.

“We’ve been on a roadshow of attracting financial capital markets locally and for pension funds to participate in some of the expenditure that the Government is undertaking.”

ICAZ president, Ms Manyara Chigunduru, expects the authorities to maintain stability.

“As ICAZ representing the accounting profession, we have got so many expectations in the mid-term budget review,” she said. “We would want to know the mid-term budget review in terms of stability.”