The Youth Employment Tax Credit for each employee hired has also been reviewed upward from ZW$500 to ZW$1 500 per month, and the limit on the maximum credit from ZW$60 000 to ZW$180 000 in a year of assessment. This would help to enhance confidence in the financial sector. Also given the rising incidence of non-communicable diseases (NCDs) in the country, this should help to put a check to that. High tax rates encourage tax evasion and force small businesses to go/remain, informal. By. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Government reprioritised budget allocations and announced $18.2 billion Stimulus Package to save lives and livelihoods. Prof. Mthuli Ncube. Except where otherwise noted, content on and from this site is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. In terms of vote allocations, Primary and Secondary Education was allocated the highest share at 13,1% down from 13,3% in 2020, followed by Health and Child Care at 13% up from 10,1% in 2020, and then Agriculture at 11% down from 17,5% in 2020. This is expected to incentivise youth employment creation. Watch Zimbabwe's President Emmerson Mnangagwa Motorcade Arriving At Parliament Building For The 2021 National Budget Presentation. The 2021 National Budget is based on the theme "Building Resilience and Sustainable Economic Recovery". In his 2021 National Budget outline last Thursday, the Minister of Finance and Economic Development, Professor Mthuli Ncube, reiterated the need to urgently revive Zisco and announced a … Industrialists welcome Mthuli Ncube’s 2021 Budget. Zimbabwe's Minister of Finance and Economic Development presented the 2021 National Budget Statement to Parliament on 26 November 2020. Shifts on Western Sahara, Forbes Africa Names Top 10 Richest African Artists. Govt to resuscitate Zimbabwe Agricultural Exchange. While the intention to mobilise resources domestically is understandable, these taxes in my view appear punitive and could do more harm than good. One of the reasons why businesses choose to be informal is because of the onerous tax regime which increases the cost of compliance thereby disincentivising informal businesses from formalising. Countries that invest a lot on health do better economically than countries that invest little. The Minister of Finance and Economic Development will present the 2021 National Budget Statement and the 2021 Estimates of Expenditure in the National Assembly next week, on Thursday 26th November. Minister of Finance & Economic Development. According to the WHO, global spending on health averages US$1 080 (US$13) per capita, while across Low Income Countries, the average health spending is only US$41 a person. Zimbabwe sets ambitious 2021 GDP growth target Zimbabwe sets ambitious 2021 GDP growth target. The allocations on Health and Basic Education are below the Abuja Declaration (2001) and the Education for All Initiative (2000) targets/benchmarks of 15% and 20% respectively. This suppressed output, productivity and capacity utilisation. Out of the ZW$421,6 billion budget, capital expenditures constitute ZW$131,6 billion (US$1,6 billion) (5,5% of GDP), while recurrent expenditures are expected to consume ZW$290 billion (US$3,5 billion) (12,1% of GDP) with employment costs projected at ZW$142,6 billion (US$1,74 billion) (5,9% of GDP). Introduction . Harare. Quick NetOne, Telecel, Africom, And Econet Airtime Recharge, Some Web & Mobile App Developers in Zimbabwe, Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. Learn how your comment data is processed. The 2021 National Budget was Presented on Thursday 26th November 2020. 2021 National Budget: The good, the bad and the ugly Posted on December 4, 2020 by The Zimbabwe Independent in Opinion A national budget can be defined as a statement of government’s estimated revenue and proposed expenditure for the year. Your email address will not be published. Currently, only about 7% of Zimbabweans have access to medical insurance and this is too low. Zimbabwe 2020 National Budget . Minister for Finance Mthuli Ncube has delivered the 2021 National Budget which will be running under the recently launched economic recovery plan NDS1. Ethiopia PM's Battle for Control Comes at Huge Cost to Country. Please click here for the 2021 National Budget Statement. On the other hand, the Ministry of Defence was allocated ZW$23,8 billion (US$291 million) (5,65% of the Budget), while the Ministry of Home Affairs was allocated ZW$23,6 billion (288 million) (5,6% of the Budget). However, the revenues raised through these sin taxes must be earmarked to the health sector. These sin taxes which are essentially a consumptive tax on "demerit goods" are less "distortionary" and they will also help government to mobilise additional revenues. “Key allocations under the 2021 Budget are goods and services ($59,4 billion), employment costs ($142,6 billion), interest ($1,5 billion) and transfers ($86,5 billion), with the balance reserved for capital development programmes,” said the Finance Minister. The Zimbabwe Women’s Resource Centre and Network (ZWRCN) is a non- governmental organization committed to promoting women’s social and economic justice in Zimbabwe and globally, ... 2021 National Budget Highlights 2021 National Budget Highlights. Donors are projected to provide about US$496 million towards health in 2021, far more than what the government has allocated. The compensation will also extend to pensioners, who will be compensated with resources equivalent to US$75 million. Prices are expected to remain stable as fiscal and monetary measures complement in containing inflation. To address comments or complaints, please Contact us. Budget Speech in National Assembly – Thursday 26th November. The Official Website of the Ministry of Finance and Economic Development of Zimbabwe. The Minister is proposing to review the tax-free threshold from ZW$5 000 (US$61) per month to ZW$10 000 (US$122) per month and the bonus tax-free threshold from ZW$5 000 to ZW$25 000 (US$305). Furthermore, the minister is proposing to adjust the tax bands to begin at ZW$10 001 and end at ZW$250 000 per month, above which the highest marginal tax rate of 40% will apply. Zimbabwe 2020 National Budget Budget Highlights and Tax Summary 14 November 2019. ... Zimbabwe Media Commission Bill This Bill awaits the Second Reading speech to be given by the Minister of Information, Publicity and Broadcasting Services. AllAfrica publishes around 900 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. The main tax-related measures of the Budget include the following: The introduction of a Cannabis Levy, chargeable on the value of exports at the following rates corresponding to the level of processing: Morocco, Israel Normalise Ties As U.S. Social protection was allocated about ZW$9,8 billion US$120 million) (0,4% of GDP) down from 0,7% in 2020. For instance, in the Democratic Republic of Congo (DRC) which has one of the highest recorded rates of business taxation, it is estimated that about half of manufacturing activity is informal. Dr Chitambara is a development economist based in Harare. Can SA Take Another Blow After Moody's Downgrade? Download File: 2021 National Budget Speech.pdf. Government’s response aimed at ensuring strong economic recovery building on the milestones from the Transitional Stabilisation Programme (TSP) and targeting additional support measures to cushion vulnerable households. Business. Mining, manufacturing, tourism, construction, distribution and other service sectors faced the full negative impact of containment measures. AS Finance minister Mthuli Ncube presents the 2021 National Budget this Thursday, many locals say they were expecting government to dump its traditional bias towards security ministries in … Save my name, email, and website in this browser for the next time I comment. On a positive note, the 2021 National Budget has clear employment creation and poverty reduction targets. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct. These projections are however dependent on a good agricultural season, among others. The maximum payable by corporates is now ZWL$25,000 from ZWL$15,000 currently for transactions above ZWL$1.25 million. This is highly unsustainable. However, the socio-economic context remains very challenging, for instance, the incidence of extreme poverty increased from 29% in 2018 to 34% by the end of 2019. The Minister is proposing an upward review of excise duty on alcoholic beverages and cigarettes. The country continues to overly rely on external funding to finance our healthcare. This compensation is targeting small and vulnerable depositors, who had US$1 000 and below, for the exchange rate movement loss from US$1:RTGS$1 to US$1:RTGS$2,5, with resources equivalent to US$75 million. Adele Bester 7 days ago. This is in line with international best practice. +263 24 2794571-9 or email: [email protected] Economy expected to rebound by 7.4% in 2021 from consecutive 2-year downturn. It is anchored on the following seven thrusts/priorities: inclusive growth and macro-stability; developing and supporting productive value chains; optimising value in our natural resources; infrastructure, ICT and digital economy; social protection, human capital development and well-being; effective institution building and governance and engagement and re-engagement. Zimbabwe bans importation of second hand cars older than 10 years..Ncube 2021 Zim budget highlights, breakdown Nov 27, 2020 | Business , Zim Latest ZIMBABWE FINANCE Minister, Professor Mthuli Ncube Thursday afternoon announced that importation of second hand vehicles older than 10 years is now controlled, after they were removed from the Open General Import Licence. The government of Zimbabwe has started processes to develop the 2021 National Budget. By submitting above, you agree to our privacy policy. Zimbabwe: Budget speech 2021. Professor Mthuli Ncube. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. Prof. Mthuli Ncube Minister of Finance and Economic Development The budget … Tags: National; The Budget is also well aligned to the National Development Strategy 1 (NDS-1). Empirical and case study evidence from many countries suggests that tax compliance rates rise as tax rates fall. 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Finance minister Mthuli Ncube presented the 2021 National Budget to parliament on November 26. It is that time of the year once again when the Parliament of Zimbabwe conducts the national budget consultations in selected parts of the country to gather people’s views and aspirations on the National Budget. We are open for Business from 8:00hrs to 16:30hrs, every Monday to Friday except Public Holidays. ICOD Zimbabwe represents more than 3000 women and women with disabilities and is present in Masvingo and Midlands provinces of Zimbabwe. These are some of the highlights of the budget: ZW$46.3bn will be allocated to agriculture with the hope of growing the sector to a US$8.2bn (R124.83bn) industry; on November 26, 2020. The budget would lay out the inaugural 12 months long implementation tool of the Government’s newly announced five-year economic policy, the National Development Strategy (NDS1 2021 … The increase in sin taxes is a welcome development. 2021 National Budget: Business Demands Favorable Tax Regime. Hon. Please try again later. Foreign Currency Auction market system is central in bringing stability to foreign exchange market. COVID-19 pandemic hit an economy already dealing with devastating impacts of climatic shocks of drought, Cyclone Idai and Cyclone Kenneth. Prof Ncube said recent shocks in the form of droughts, cyclones and the Covid-19 pandemic, have undermined Zimbabwe’s efforts to build physical infrastructure and delivery of planned public services, hence the need to build resilience. THE 2021 national budget due to be presented this afternoon presents one of the toughest challenges for Finance minister, Mthuli Ncube. We operate from Cape Town, Dakar, Abuja, Johannesburg, Nairobi and Washington DC. The 2% intermediated money transfer tax stays, but the tax-free threshold is now ZWL$100, from ZWL$20 previously. The reason for the postponement, as the Speaker … We are located at the 4th Floor, Block E, New Government Complex, Corner Samora Machel and Fourth Street, Harare, Zimbabwe. Highlights From the Zimbabwe 2020 National Budget courtesy of newZWire. This is below the Social Policy for Africa (2008) benchmark of at least 4,5% of GDP. Read the original article on Zimbabwe Independent. Gender, Economic Policies and Public Finance (GEPPF) 1. It is an instrument of resource allocation in order to ensure not just a rapid pace of GDP growth, but also the achievement of important development imperatives such as price stability, employment creation and poverty reduction. 19 October 2020. Ncube is projecting a 7.4% overall GDP growth, with year-on-year inflation by the end of 2021 reaching 9%. The African Union (AU) Declaration of 2009 stipulates that African countries must spend at least 9,6% of GDP on infrastructure. Zimbabwe’s 2021 national budget towards a social protection to all vulnerable groups, in total, has an allocation of ZW$6,9 billion (US$793 million) to the Ministry of Public Service, Labour and Social Services, which is 1,64% of the budget down from the 2020 percentage share of 4,3%. Government reprioritised budget allocations and announced $18.2 billion Stimulus Package to save lives and livelihoods. The Tax Relief measures in the 2021 National Budget didn't go far enough as Zimbabweans are struggling to survive because of the COVID19 pandemic T HE 2021 National Budget must provide a clear government position on the Extractive Industries Transparency Initiative (EITI), including steps that the government will undertake to implement EITI or its local version, the Zimbabwe Environmental Law Association (Zela) has said.. The per capita health allocation is ZW$3 680,64, which is about US$45 up from about US$30 in 2020. The economy is projected to grow by 7,4% in 2021 up from -4,1% in 2020, while annual inflation is projected to average 135%. This site uses Akismet to reduce spam. HARARE - Finance and Economic Development Minister, Mthuli Ncube on Thursday tabled a Z$421 billion (US$5.14 billion) budget for 2021 which has raised serious concerns as some of it's key highlights pile more misery to the already suffering ordinary citizens. Mr Musarara “I … Agriculture Ministry to be allocated $46,3 billion in the 2021 National Budget. 11/27/2020 0. ... Confederations of Zimbabwe Industries (CZI) president, Henry Ruzvidzo urged government to review its tax system in the forthcoming fiscal statement and make it less straining for local companies. Finance Minister Mthuli Ncube is expected to present the 2021 National Budget on Thursday this week. The theme for the 2021 budget is “Building Resilience and Sustainable Economic Development”. The teams will cover various places in Zimbabwe as follows: Team A Tinashe Kairiza A week before the budget announcement, Ncube presented a precursor to it, an economic blueprint dubbed the National Development […] Out of the ZW$421,6 billion budget, capital expenditures constitute ZW$131,6 billion (US$1,6 billion) (5,5% of GDP), while recurrent expenditures are … We are located at the 4th Floor, Block E, New Government Complex, Corner Samora Machel and Fourth Street, Harare, Zimbabwe. +263 24 2794571-9 or email: [email protected] 2021 National Budget Speech. Presentation of the 2021 National Budget. Instead the government piled more taxes on its already over-taxed citizens. Economy estimated to contract by -4.1% in 2020, reflecting weak demand due to necessary lockdown. These taxes may end up driving these informal businesses further underground. The cannabis levy is also expected to generate additional revenues for the Government. Workshop on National Development Strategy 1 (2021-2025) Two weeks ago – see Bill Watch 74/2020 [] – the delay in the finalisation of the National Development Strategy 1 (2021-2025) [NDS1] document caused the postponement to this week of the next major fixture on the Budget Business programme – the Pre-Budget Seminar. This is expected to worsen on account of the Covid-19 pandemic. Speaking during a Pre-Budget seminar minister of Defence Oppah Muchinguri-Kashiri said her ministry was underfunded in the previous budget. We are open for Business from 8:00hrs to 16:30hrs, every Monday to Friday except Public Holidays. Below are the key highlights under Personal Income Tax: Effective 1 November 2020. She said the […] A national budget can be defined as a statement of government's estimated revenue and proposed expenditure for the year. Our Work. THE 2021 budget presented by Finance minister Mthuli Ncube last week missed a golden opportunity to stimulate various productive sectors of the economy. Zimbabwe and regional technology news and updates. The PAYE tax free threshold should have been reviewed in line with the Poverty Datum Line (PDL) which is pegged at ZW$17 965,87 (US$219) as at September 2020 as a way of boosting disposable incomes. To complete the process, please follow the instructions in the email we just sent you. Here are some of the highlights from the document: The full highlights and Nation Budget documents are in the links below: If anything goes wrong, chat with us using the chat feature at the bottom right of this screen. AllAfrica is a voice of, by and about Africa - aggregating, producing and distributing 900 news and information items daily from over 130 African news organizations and our own reporters to an African and global public. The minister expected to walk on a tight rope, with various ministries expecting an increase in allocations. Grain Millers Association of Zimbabwe national chairman Mr Tafadzwa Musarara told The Herald last night that the 2021 Budget was positive. No country can prosper without a healthy citizenry. The Official Website of the Ministry of Finance and Economic Development of Zimbabwe. Agriculture was less affected as the summer cropping season was almost over when the pandemic hit. In fact, the country must urgently establish a National Health Insurance Fund that is publicly funded through a combination of sin taxes as well as sugar taxes to ensure primary health care to every Zimbabwean. Biti's Sensational Take On State of the Economy, Artisanal Miners Reduced to Burrowing Animals, Poor Macro-Economic Conditions Impact On Access to Food - Fewsnet, Economist Reviews National Development Strategy 1, Chiwenga, Nurses Headed for Another Legal Showdown, Growing Demand for Evs, Prospects for Zim's Lithium, More Than Business As Usual Needed to Save Wildlife, People From Covid, Nestlé Zim Set to Up Production By 30 Percent, 'Auditor-General Counsel Hardly Implemented', Following Live Soccer From Virtually Any Match in the World, Investor Protection Mechanisms in the Capital Market. THE 2021 NATIONAL BUDGET SPEECH “Building Resillience and Sustainable Economic Recovery” Presented to the Parliament of Zimbabwe. ZIMBABWE 1 Embargoed Till End of Delivery THE 2020 NATIONAL BUDGET STATEMENT ‘Gearing for Higher Productivity, Growth and Job Creation’ Presented to the Parliament of Zimbabwe On November 14, 2019 By The Hon. Government is projecting to spend not more than ZW$421,6 billion (US$5,1 billion) in 2021 (17,6% of GDP) up by 160% from a projected ZW$162,4 billion (US$1,98 billion) in 2020. Check your inbox or spam folder now to confirm your subscription. Last week, two important 2021 budget formulation milestones were achieved namely; Public Hearings on the 2021 Budget and the release of the 2021 Pre Budget-Strategy Paper [1].The 2021 Pre Budget Strategy paper themed, “ Building Resilience and Economic … Get the latest in African news delivered straight to your inbox. 150 000 formal jobs are expected to be recovered after having been lost due to COVID-19 pandemic. There was a problem processing your submission. The national budget essentially entails the use of government spending and taxation to influence the economy. A basic stylised fact of economics is that, the higher and the more the taxes, the higher the levels of informality. This is critical if we are to increase aggregate demand in the economy. Uganda: Kampala-Entebbe Expressway, World's Most Expensive Road? Positive measures that are aimed at enhancing local capacity include: a fertiliser manufacturers' rebate, whereby raw materials used in the production process will be imported tax and duty free by approved manufacturers; the expansion of the list of materials that qualify for importation under the shoe manufacturers rebate; the extension of the suspension of duty on motor vehicles used by safari and tour operators; and the directive that motor vehicles for use by line ministries and government departments be purchased from local assembly plants. Year on year inflation is projected to reach 9% by the end of 2021. The Minister is proposing an upward review in the presumptive tax structure aimed at the informal economy to broaden the tax base. Is Arrest Imminent for Self-Proclaimed Prophet Bushiri in Malawi? The Finance minister of Zimbabwe announced the 2021 Budget. The Portfolio Committee on Budget, Finance and Economic Development and members of the Expanded Sustainable Development Goals Committee will hold public hearings on the 2021 National Budget Consultations from the 12th to the 16th of October 2020. Water and sanitation on the other hand, received an allocation of about ZW$2,4 billion (US$29,3 million) which constitutes about 0,2% of GDP, down from 0,7% of GDP in 2020. Proceedings will then be adjourned until Tuesday 8th December. The National Budget comes at a time when the country has achieved some measure of stability on the foreign exchange markets as well as on the inflationary front, thereby providing an important basis for growing the economy. The Minister announced compensation for losses incurred during the currency reform process undertaken last year. 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