GVT, AFDB sign US$10.4m grant ….. Funds to be used for tax and accountability enhancement

GVT, AFDB sign US$10.4m grant ….. Funds to be used for tax and accountability enhancement

GVT, AFDB sign US$10.4m grant ….. Funds to be used for tax and accountability enhancement

 

By Ndafadza Madanha - ZANU PF Information Department

THE Government of Zimbabwe through the Ministry of Finance and Economic Development has signed a US$10.4m grant protocol agreement with the African Development Bank for the Tax and Accountability Enhancement Project (TAEP).

On its part the Government of Zimbabwe will contribute US$1.1m towards the project.
Three local institutions namely ZIMRA, Parliament of Zimbabwe and the Auditor General’s Office will benefit from the grant.

Speaking at the signing ceremony, Finance and Economic Development minister Professor Mthuli Ncube said, the grant is expected to strengthen oversight role of the beneficiary institutions.
He said the project will further enhance tax compliancy and efficiency in collection of revenue.

“The project is expected to strengthen the transparency and accountability oversight mandates of the three institutions in line with the Transitional Stabilisation Programme (TSP), which prioritises fiscal consolidation ,economic stabilisation and inclusive growth as well as employment creation.
“To this end the expected outcome is to enhance tax compliancy and efficiency, as well as, strengthen public accountability which will be achieved through installation and functionality of a new Tax and Revenue Management System (TaRMS) and improved capacity of the oversight function of Parliament and Audit.”

Under the agreement, US$8.1m will be channelled towards Tax and Revenue Management System Modernisation, US$2.9m will go towards improving capacity of the oversight function of Parliament and External Audit.
Another US$400 000 will be used for monitoring and evaluation activities.

Professor Ncube said some benefits of the project include reduced time in paying taxes, a more transparent public sector service delivery.
The project will also enhance Government capacity to mobilise domestic resources for socio-economic development and improved participation of civil society through advocacy and public oversight.

ZIMRA Commissioner General, Faith Mazani said, the grant by the AFDB will help in the expeditious rolling out of new tax management system.
“ZIMRA relies heavily on information and communications technology (ICT) and automated processes to effectively and efficiently deliver one of its mandates of revenue collection.
The new tax system is of critical importance given the challenges that ZIMRA is facing with the current tax management system.
The new system will equip ZIMRA with the enhanced capacity to mobilise revenue for the government of Zimbabwe for the benefit of the Zimbabwean population.”

Hits: 24

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.

Leave a Reply

Close