Minister of Finance and Economic Development, Professor Mthuli Ncube revealed that Government has undertaken to incentivise all exports and investments in order to promote economic growth.
Speaking during a press briefing, Prof Ncube said, “Going forward, as we pursue the ideals of Vision 2030, and the objectives of the NDS1, export growth will play a major role in the economic development of Zimbabwe. Higher exports will earn foreign currency remittances, create higher quality and higher productivity jobs and lower the current account deficit, hence, improve the overall economic growth of the country.
“In this regard, Government is now putting in place incentives to motivate exporters and investors in order to stimulate incremental exports.”
Minister Ncube further elaborated that Government had taken steps to promote exports and to enhance the ease of doing business.
“A number of fiscal incentives that are aimed at promoting exports and investment include tax holiday, duty free importation schemes, export drawback schemes, inward processing rebate schemes, corporate tax and export market development expenditure,” he said.
Meanwhile, Zimbabwe has experienced a number of gold smuggling syndicates; as such the Government has put in place measures meant to attract artisanal miners to sell their produce to Fidelity Printers and Refiners.
“Furthermore, large scale gold producers that qualify for the 80% retention threshold shall also be entitled to directly export the incremental portion of the gold to enable them to secure funding and gold loans to enhance their gold production. FPR will facilitate the exportation process for the qualifying gold producers under the scheme.
Government is also putting in place measures to rejuvenate the gold sector through putting in place a Statutory Instrument that recognises artisanal miners and ensure that they enhance their gold production,” said Prof Ncube.