Tax incentives for SMEs

By Christopher Makaza

Finance and Economic Development Minister, Professor Mthuli Ncube and Women Affairs, Community, Small and Medium Enterprises Development Minister, Sithembiso Nyoni  today toured  Small to Medium Enterprises (SMEs) housed at 6A Cameron Street where the Finance Minister promised to assist them with tax exemptions, marketing and export issues.

The SMEs had highlighted that they needed financial support and better working facilities.

Addressing hundreds of the entrepreneurs at the complex, Minister Ncube noted Government recognises and appreciates the critical role SMEs play in economic growth and will try by all means necessary to assist them.

“We have more than 800 women operating in this facility and I am very impressed by their products. Their designs are just good and I am also happy that they are exporting. Government is going to assist them, we are going to build new complexes for them and provide them with tax incentives so that they create jobs and support their families and the nation as a whole,” he said.

Professor Ncube also promised to assist them to market their products both locally and abroad.

SMEs are sustaining many economies worldwide and in Zimbabwe, the sector has shown resilience and held forth in sustaining livelihoods and the economy at a time when the bigger corporates are in distress and others closed their doors due to economic challenges that have ravaged the nation.

Government through Minister Nyoni`s ministry, is putting in place policies that will ensure support is given to SMEs to enable them to contribute to economic growth.

These services include, among others, entrepreneurship development and training, business linkages, cluster development, technology transfer, provision of appropriate workspace, market development and trade promotion, creation of a conducive legal framework and access to finance.

President Emmerson Mnangagwa is on record saying if Zimbabwe is to succeed in the global economy, empowering local entrepreneurs was critical as well as fostering innovation at all levels.

Government has also promised to construct proper factories for carpenters operating at Glen View Area 8 Complex whose furniture is always destroyed by fire.

The SMEs have vast potential to develop into huge enterprises if fully supported with funds and infrastructure. The empowerment policies initiated by Government have resulted in a huge number of indigenes becoming business owners.