Zimbabwe to offer tax invcentives

Zimbabwe to offer tax invcentives
Published: 17 January 2018 (364 Views)
Government will soon lower tax brackets for various economic players as an incentive to encourage investment in the country and grow the tax base.

Addressing Zimbabweans and investors in Namibia on Monday where he had accompanied President Mnangagwa on a working visit, Finance and Economic Planning Minister Patrick Chinamasa, conceded the country had a higher tax regime.

President Mnangagwa's administration has placed economic recovery high on its agenda and has been on an offensive creating an environment that promotes business growth as well as luring new investment.

Responding to contributions from participants that the country was losing out on investment opportunities due to comparatively higher taxation, Minister Chinamasa said Government is aware local taxes are high.

Minister Chinamasa, however, said Government is working on lowering the same, a move he said will grow the cake.

"Taxation, I agree with you is too high," said Minister Chinamasa. "It's a matter that we are going to address so that we can proceed to a position where we get more taxes from more volumes," he said.

Despite slow growth of the economy in 2017, the Zimbabwe Revenue Authority (Zimra), managed to meet its annual revenue target that played a part in reducing the country's budget deficit.

With an annual target of $3.4 billion, Zimbabwe in 2017 recorded its highest revenue receipts with a gross total of $3,978 billion that translated to $3,75 billion in net collections.

The collections for the year were 17 percent higher than what had been targeted for.

The target for 2018 has, however, been revised by 26.47 percent to $4.3 billion and Zimra has promised to upscale and redouble its efforts not only to achieve, but to surpass the target.

President Mnangagwa also used the same meeting to urge Zimbabweans in the diaspora to come back home and play a part in the country's quest for economic recovery and growth.

The President highlighted investment opportunities in such sectors as mining, agriculture, education, tourism and infrastructure development among other sectors.

- chronicle

Tags: Tax, Zimbabwe, Brackets,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

ZimFirst leader promises a new Zimbabwe

by Stephen Jakes | 20 February 2018 | 258 Views

Tsvangirai FOREVER

by Itai Mushekwe | 20 February 2018 | 647 Views

Tsvangirai's son endorses Chamisa

by Stephen Jakes | 20 February 2018 | 428 Views

Dynamos, Caps to face Zambian sides

by Staff Reporter | 20 February 2018 | 133 Views

Build Zimbabwe promises to develop the nation to competitive status

by Stephen Jakes | 20 February 2018 | 85 Views

Pizza Hut launches in Zimbabwe

by Staff Reporter | 20 February 2018 | 162 Views

The New Zanu-PF has shown political maturity and tolerance

by Dr Masimba Mavaza | 20 February 2018 | 136 Views

'Late Tsvangirai forgave Mugabe'

by Staff Reporter | 20 February 2018 | 275 Views

Zimra implements new strategies

by Staff reporter | 20 February 2018 | 103 Views

Obert Mpofu Parly probe over missing $15bn postponed

by Staff reporter | 20 February 2018 | 113 Views

Govt to proclaim bonus pay dates

by Staff reporter | 20 February 2018 | 113 Views

Khupe, Mudzuri, Elizabeth shut out at Tsvangirai funeral

by Staff reporter | 20 February 2018 | 274 Views

Peter Zwide Kalanga unveiled as Ndebele King

by Staff reporter | 20 February 2018 | 177 Views

Tsvangira's Freedom Square last bow

by Staff reporter | 20 February 2018 | 72 Views

'Companies tired of bankrolling Zanu-PF'

by Staff reporter | 20 February 2018 | 105 Views

More drama at Tsvangirai send-off

by Staff reporter | 20 February 2018 | 317 Views

Domestic dispute ends in tragedy

by Staff reporter | 20 February 2018 | 92 Views

Chivayo, business partner clash

by Staff reporter | 20 February 2018 | 79 Views

Kombis banned from CBD

by Staff reporter | 20 February 2018 | 127 Views

Man kills wife's lover

by Staff reporter | 20 February 2018 | 100 Views

Mnangagwa to repossess Chipanga's Farm

by Staff reporter | 20 February 2018 | 157 Views

Mzembi freedom bid thrown out

by Staff reporter | 20 February 2018 | 57 Views

Pupil bites 14 classmates

by Staff reporter | 20 February 2018 | 56 Views

Bosso turn tables on Chicken Inn

by Staff reporter | 20 February 2018 | 38 Views

Zifa lift Peter Dube suspension

by Staff reporter | 20 February 2018 | 61 Views

Matabeleland communities seek apology over Gukurahundi atrocities

by Staff reporter | 20 February 2018 | 39 Views

Govt starts offering STEM scholarships for teachers

by Staff reporter | 20 February 2018 | 40 Views

Mnangagwa's compassionate politics good for country

by Nick Mangwana | 20 February 2018 | 114 Views

Banning second hand car imports not fully thought out

by Staff reporter | 20 February 2018 | 122 Views

Gogo Tsvangirai trending

by Staff reporter | 20 February 2018 | 159 Views

Council clears Egodini for mall project to resume

by Staff reporter | 20 February 2018 | 30 Views

Mobile network operators directed to tackle money transfer hiccups

by Staff reporter | 20 February 2018 | 61 Views

Fierce game of thrones hits Zimbabwe opposition

by Staff reporter | 20 February 2018 | 33 Views

Mugabe birthday low key event

by Staff reporter | 20 February 2018 | 205 Views

Bulawayo flash floods leave trail of destruction

by Staff reporter | 20 February 2018 | 48 Views

Govt moves to promote local motor industry

by Staff reporter | 20 February 2018 | 37 Views

Chiwenga commands political parties to observe peace

by Staff reporter | 20 February 2018 | 43 Views