Story by Stanley James, Business Editor
ZIMBABWE’s building contractors have received a major boost as treasury announced a rebate or partial refund of selected imported raw materials for the construction of new cities across the country.
Statutory Instrument 170 of 2024 issued this Friday states that under the arrangement, regulatory authorities may grant a rebate or partial refund of duty on capital goods and materials imported by the approved contractors.
The move which is in line with the government’s development agenda however excludes motor vehicles, fuel, cement, consumables, and other materials available in Zimbabwe.
Treasury is anticipating building contractors to take advantage of the new directive by focusing on facilitating the construction of several projects across the country.
Over eighty products within the construction of new cities value chains have been approved for the duty rebate or refund structures.
Most of the products or inputs are within the infrastructure development systems such as roads, bridges, buildings, electrical units, solar, water projects, among others.
Treasury states that it has also tightened the consideration of the duty rebate systems for building contractors to stamp out unscrupulous operators.
Under the development agenda, the construction of new cities is being cited as an economic enabler to achieve an annual growth rate of at least five percent.
Zimbabwe is already stepping up efforts to build a new city in Mount Hampden by working on relevant technical and financial modalities.
