
VICTORIA FALLS, – The Treasury has confirmed there will be no tax increases in the forthcoming Mid-Term Budget review, scheduled to be announced on Thursday by the Minister of Finance, Economic Development, and Investment Promotion, Professor Mthuli Ncube.
Addressing journalists at the Institute of Chartered Accountants of Zimbabwe (ICAZ) Winter School in Victoria Falls, Deputy Minister of Finance, Economic Development, and Investment Promotion, David Mnangagwa, emphasized the government’s focus on increasing funding from sources outside tax collections.
“I don’t want to pre-empt the minister’s mid-term review, but I will say don’t expect any tax raises,” Mnangagwa said. “What we need to do is re-look at our expenditure and how we assign it.”
Mnangagwa highlighted the government’s efforts to attract financial capital markets and encourage pension funds to participate in some of the government’s expenditure projects. This approach aims to reduce the reliance on tax collections for funding.
ICAZ President, Manyara Chigunduru, expressed the accounting profession’s anticipation for the review, emphasizing the need for stability. “As ICAZ representing the accounting profession, we have so many expectations for the mid-term budget review,” she said. “We would want to know the mid-term budget review in terms of stability.”