News / National
Fuel to be sold in US dollars
02 Aug 2019 at 22:00hrs | Views
Finance and Economic development Minister Mthuli Ncube has given greenlight to companies who have foreign currency to purchase fuel and resell it in foreign currencies at their garages.
Giving a midterm budget review on Thursday Ncube said, "Government has approved the Direct Fuel Import facility in order to minimize disruptions to the production cycle due to fuel supply gaps.
"Under this facility, companies with free funds import fuel for own use and for resale in foreign currency. The facility is also used by guests of the state."
Commenting on the matter MDC Treasurer General David Coltart said, "The policy inconsistencies of this regime are remarkable. Tucked in the fine print of Minister Ncube's speech is a policy to allow fuel to be sold and taxed in US$. There are so many exceptions and discriminatory policies now to make the original law imposing RTGS$ meaningless."
Giving a midterm budget review on Thursday Ncube said, "Government has approved the Direct Fuel Import facility in order to minimize disruptions to the production cycle due to fuel supply gaps.
"Under this facility, companies with free funds import fuel for own use and for resale in foreign currency. The facility is also used by guests of the state."
Commenting on the matter MDC Treasurer General David Coltart said, "The policy inconsistencies of this regime are remarkable. Tucked in the fine print of Minister Ncube's speech is a policy to allow fuel to be sold and taxed in US$. There are so many exceptions and discriminatory policies now to make the original law imposing RTGS$ meaningless."
Source - Byo24News
