News / National
Zimbabwe restores import duty on food stuffs
27 Jul 2011 at 05:06hrs | Views
FINANCE Minister Tendai Biti yesterday restored import duty on some food stuffs to protect local industry, as he expressed optimism on the economy achieving the targeted 9,3 percent growth figure by year-end.
Presenting the Mid Year Fiscal Policy Review Statement, Minister Biti said the re-imposition of duty has been necessitated by improved supply of basic goods and also the need to protect local producers.
He did not announce a supplementary budget preferring to go by the status quo.
For basic commodities such as maize meal and cooking oil, the proposed import duty will take effect from next month while for other food stuffs such as potato chips, baked beans and mixed fruit jam, the rates will start applying from the beginning of September.
The proposed duty will range between 10 percent and 25 percent.
Duty on salt, rice and flour will remain suspended until end of this year.
"Government will continue to monitor the supply of cooking oil and maize meal in order to ensure the availability at competitive prices," said Minister Biti.
Government was finalising importation of coins from the US.
The coins are likely to be unveiled before end of this year.
Highlights
Duty on foodstuffs re-introduced
9,3 percent economic growth projection maintained
US$40 million Distressed and Marginalised Areas Fund for industry
US$20 million for SME support
ZETREF to be democratised
US$700 million budget deficit forecast
Duty on raw material to be reduced by September 1
Rebate of duty on prepaid meters granted
No supplementary budget
US$40 million housing fund from insurance and pension industry
Rebate on duty for motor vehicles and capital goods for tourism sector reinstated
Presenting the Mid Year Fiscal Policy Review Statement, Minister Biti said the re-imposition of duty has been necessitated by improved supply of basic goods and also the need to protect local producers.
He did not announce a supplementary budget preferring to go by the status quo.
For basic commodities such as maize meal and cooking oil, the proposed import duty will take effect from next month while for other food stuffs such as potato chips, baked beans and mixed fruit jam, the rates will start applying from the beginning of September.
The proposed duty will range between 10 percent and 25 percent.
Duty on salt, rice and flour will remain suspended until end of this year.
"Government will continue to monitor the supply of cooking oil and maize meal in order to ensure the availability at competitive prices," said Minister Biti.
Government was finalising importation of coins from the US.
The coins are likely to be unveiled before end of this year.
Highlights
Duty on foodstuffs re-introduced
9,3 percent economic growth projection maintained
US$40 million Distressed and Marginalised Areas Fund for industry
US$20 million for SME support
ZETREF to be democratised
US$700 million budget deficit forecast
Duty on raw material to be reduced by September 1
Rebate of duty on prepaid meters granted
No supplementary budget
US$40 million housing fund from insurance and pension industry
Rebate on duty for motor vehicles and capital goods for tourism sector reinstated
Source - Byo24News
