Mthuli unveils measures to stabilize, bolster demand for ZiG

CLOUDINE MATOLA

The Minister of Finance, Economic Development, and Investment Promotion, Professor Mthuli Ncube, unveiled a number of measures on Thursday to promote the broader use of Zimbabwe Gold (ZiG), a move that will help stabilize the local currency, Business Times can report.

Presenting the Mid-Term 2024 Fiscal  Policy, Professor Ncube,  also proposed the payment of all presumptive taxes in local currency regardless of the currency used for business transactions.

A presumptive tax is a tax levied on informal traders, small–scale miners, cottage industry operators and transport operators, among many others.

“Going forward, all user fees for government services shall exclusively be payable in local currency unless specifically provided otherwise,” Ncube said.

“In order to promote the circulation of the ZiG within banking channels, curtail practices of money laundering, thereby combating financing of terrorism, I propose payment of all presumptive taxes in local currency, regardless of the currency of trade.

“In order to promote use of the local currency, I propose payment of customs duty in local currency on selected products,” Professor Ncube said.

He added: “Going forward, all user fees for Government services shall exclusively be payable in local currency unless, specifically provided otherwise.”