Story by Owen Mandovha, Business Reporter
THE business community has commended the government for clarifying that the 2024 National Budget proposals are still going through rigorous Parliamentary processes before approval.
Business and other civic society organisations had raised concern that if the 2024 National Budget sails through in Parliament, some of the extraordinary policy measures accompanying the budget may stifle business growth and trigger a steep rise in the cost of living.
The business community has since commended the government for calming the market, clarifying that the budget proposals are yet to be approved by Parliament for adoption.
“As ZNCC, we are grateful and welcome the Government for assuring the business community that they will consider the concerns of business and the civic society. There are various taxes and policy issues that will increase the cost of doing business if this is adopted,” said Zimbabwe National Chamber of Commerce (ZNCC) president, Mr Mike Kamungeremu.
President of the Confederation of Zimbabwe Industries Mr Denford Mutashu says the government’s stance is reassuring.
“These are just proposals and it is very reassuring that the Government has come in to reaffirm that position that nothing in that budget is final which means that the final product will be pro-business.”
Confederation of Zimbabwe Industries (CZI) president Mr Kurai Matsheza noted some areas that may need adjustment to protect companies operations.
“The need to formalise informal businesses is very important so that they contribute to the fiscus but the new measures are not enforceable while the additional taxes for example on sugar are too high while these VAT adjustments need a relook.”
In an interview with ZBC News in Victoria Falls on Monday, Finance and Investment Promotion Minister Professor Mthuli Ncube highlighted that it is normal to review any new tax proposals contained in the budget, but clarified that this is the norm globally for governments to sustainably fund developmental projects.
