Finance minister unveils ZWL$63.6B budget
By Ndafadza Madanha
Minister of Finance and Economic Development, Prof Mthuli Ncube has unveiled a ZWL$63.6 billion budget against revenue collections of ZWL$58.6 billion resulting in a budget deficit of 1.5% of GDP.
Prof Ncube said the budget will focus on Higher productivity, Growth and Job Creation.
Here are some of the key take aways from the budget
-GDP expected to grow by 3% in 2020
-ZWL$500m venture fund to be established to support youth projects
- tax free threshold has been raised from Z$700 to Z$2,000 per month. Tax bands will now begin at Z$2,001 and end at Z$50,000, above which the highest marginal tax rate of 40%, with effect from 1 January 2020. The tax free bonus has been changed from Z$1,000 to Z$5,000, with effect from 1 November 2019.
- Treasury is to use 5% of excise duty collected on fuel for the rehabilitation of the long-delayed Beitbridge-Harare-Chirundu highway…..
more analysis to follow