Zimbabwe losing $2.5 billion annually to smuggling

Zimbabwe losing $2.5 billion annually to smuggling
Published: 01 November 2017 (476 Views)
The fiscus is losing $2,5 billion annually to smuggling of goods, the Zimbabwe National Chamber of Commerce (ZNCC) has said.

In an analysis of Zimbabwe's thriving informal sector, which is apparently riding on the back of porous ports of entry, ZNCC said the country's comparatively high taxes and the prevailing foreign currency shortages have made the illegal important of goods more lucrative.

This comes as government has imposed protectionist policies such as the Statutory Instrument 64 in a bid to protect the measure has fuelled smuggling. Rampant corruption has also aided the illegal important of the goods.

- Daily News

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