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The Zimbabwe Revenue Authority (Zimra) says the country should not fear losing revenue when it starts implementing the Africa Continental Free Trade Area (AfCFTA) protocol as it will still be levying other indirect and domestic taxes besides import duty.
The AfCFTA agreement came into force mid-last year, becoming the world’s largest free trade pact since the establishment of the World Trade Organisation in 1994.
The pact seeks to create a single market for goods and services, free movement of people and eventually a Customs Union with a common tariff for the continent.
It is expected to create a market of over 1,2 billion people with a Gross Domestic Product of $2,5 trillion. Zimbabwe had initially asked for a waiver to implement the agreement until after 15 years to give its economy time to prepare and re-industrialise following sanctions induced hardships faced in the past two decades. — New Ziana.
Online Reporter