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Farirai Machivenyika
Senior Reporter
MEASURES to restore the value of workers’ earnings, availability of ZiG notes and coins, and efforts to widen the tax base, among other policies to grow the economy, took centre-stage during discussions before the Parliamentary Portfolio Committee on Budget, Finance, Economic Development and Investment Promotion on Wednesday.
Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, is expected to separately table before Parliament the 2024 Mid-Term Budget Review Statement and the 2025 Budget Strategy Paper by August 31.
Stakeholders meeting with the Portfolio Committee included representatives of business organisations, labour and consumers.
Consumer Council of Zimbabwe business development manager Dr Kudzai Chidzonga said the two policies should address measures to safeguard workers’ earnings.
“In our expectation from the Mid-Term Budget Review, whatever policies it will have we expect that it’s going to enforce those consumer rights. The first thing that we have is the consumer basket that we do every month on the cost of living for a family of six. Last month it stood between ZiG7 100 to around ZiG7 200 and from our analysis separately in US dollar terms, it stood at US$502. So, we expect the Budget to address that,” he said.
Dr Chidzonga said the Intermediated Money Transfer Tax on the ZiG should be reduced to the 1 percent levied on the US dollar to encourage the use of the local currency.
He said the Government should address other measures pertaining to the availability of ZiG notes and coins to deal with the issue of change for the transacting public, reduction of bank charges to encourage banking and lowering of utility charges like for electricity to ease costs of production.
Mr Owen Mavhengere from the Institute of Chartered Accountants of Zimbabwe said the two policies should come up with measures to widen the tax base.
Bongani Ndlovu
Online Reporter