Finance minister unveils ZWL$63.6B budget

Finance minister unveils ZWL$63.6B budget

Finance minister unveils ZWL$63.6B budget

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

zanupf

What is ZANU PF? Zimbabwe African National Union- Patriotic Front (Zanu PF) is a total Political, Indigenous Economic Emancipation and a National Liberation Movement Package for Zimbabweans by Zimbabweans prepared to shed their blood in defence of their Sovereignty at all times. Its a liberation movement which thrives on and cherishes National Unity which has created the sound condition of Peace and Security which Zimbabwe has enjoyed and a rare gift many countries dream of. Is driven by its Democratic African Values where the leadership is accountable to the membership which elected it, hence the holding of District Conferences, the Annual People’s Conference and the National People’s Congress. Aims and Objectives To establish and sustain a society that cherishes African Values and to create conditions for economic independence, prosperity and equitable distribution of wealth of the nation. To preserve and defend the National Sovereignty and Independence of Zimbabwe. To Uphold and apply fully the rule of Law, Equality before the law and Equality of opportunities for all people in Zimbabwe, regardless of race, tribe sex, religion or origin. Continue to participate in the worldwide struggle for the complete eradication of imperialism, colonialism and all forms of racism. To support and promote all effects for the attainment of the Pan African goal for the complete independence and unity of African states. To oppose resolutely, tribalism, regionalism and forms of exploitation of man by man.

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