Proffesor Mthuli Ncube (Finance and Economic Development Minister) recently brought relief to local vehicle importers, mining entities and other exporters when he announced the new tax payment measures.
The measures are expected to boost domestic use of local currency. Prof Ncube said all mining royalties are now payable in Zimbabwe dollars up to a limit of 50 percent of the royalties due.
All duties and taxes on the importation of designated motor vehicles are now payable in Zim dollars up to a limit of 50 per cent of duties and taxes payable.This means that 50 percent of the fees are payable in USD and the other 50 percent in local currency.
Exporters have been paying their taxes in foreign currency and this move will encourage importation of more vehicles.