Online Reporter
Farirai Machivenyika
Senior Reporter
Debate on the Mid-Term Budget Review statement presented by Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube at the end of last month is expected to start today when Parliament resumes sitting following a break for the Heroes Day and the Defence Forces Day commemorations.
Prof Ncube presented the review statement on July 31 in the National Assembly and the debate was adjourned to today.
In the statement, Prof Ncube emphasised the need to review levies and licences following calls from captains of industry for the Executive to streamline statutory obligations and the regulatory or compliance framework to give businesses some breathing space.
Tĥe Treasury chief also revealed that the economy remained on course to achieve the targeted growth of 6 percent, following a growth slowdown from 5 percent to 1,7 percent last year due to the impact of the El Niño-induced drought, while fiscal revenue and expenditure had performed in line with projections in the first six months of this year.
In response to business constraints raised by economic analysts, taxpayers and business member groups, Prof Ncube outlined immediate plans to review the country’s taxation framework, noting this would be undertaken without upsetting fiscal sustainability.
“In recognition of the concerns raised by taxpayers and business representative organisations such as the Chamber of Mines, Confederation of Zimbabwe Industries and Zimbabwe National Chamber of Commerce, Government will continue to review the existing tax system with a view to reducing reported and observed distortions,” he said.
These reforms, he explained, are aimed at creating a conducive business environment that attracts both domestic and foreign investment, fosters innovation and promotes sustainable economic growth through streamlining business regulations, reducing compliance costs and eliminating bureaucratic inefficiencies.
“In practical terms, the second half of 2025 will see the Government seized with implementation of the business reforms, from cutting licencing fees to digitising application processes,” Prof Ncube said.
“Zimbabwe’s leaders intend to reduce the operational cost of the domestic industry to enable it to compete both domestically and internationally.
“Investment and compliance with tax legislation are critical for a sustainable domestic resource mobilisation framework.”
