New measures to enhance domestic use of Zim-dollar

THE Treasury has announced new measures aimed at enhancing the domestic use of the Zimbabwean dollar and stemming illegal foreign currency trading as well as rampant parallel market exchange benchmarking or indexation of prices and services.

These malpractices continue to weigh heavily on the progress being made to transform the country’s economy, resulting in price escalation and erosion of domestic and international competitiveness, Finance and Economic Development Minister, Professor Mthuli Ncube, said.

In a latest statement issued today, the minister said the new measures would help restore macro-economic stability and ensure smooth operations by the diverse productive sectors.

“In this regard the public is advised that the following measures now apply with immediate effect:

a. All mining royalties are now payable in Zimbabwe dollars up to a limit of 50% of royalties due
b. All duties and taxes on the importation of designated motor vehicles are now payable
in Zimbabwean dollars again up to a limit of 50% duties and taxes payable.
c. 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.”
…more to follow-The Chronicle