No tax hikes in Mid-Term Budget Review

TREASURY says there will be no tax hikes in the Mid-Term Budget review that will be announced on the 25th of July 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, Deputy Finance Minister David Mnangagwa said the Government is working on increasing its funding outside tax collections.

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

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

ICAZ president 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. We would want to know the mid term in terms of stability.”

“We have been having nightmares in terms of reporting as such we would want to know the policies that are being put in place to ensure that we get stability with our currency,” she said.-ebusinessweekly