Finance Minister Patrick Chinamasa will be presenting the 2017 National Budget before Parliament today.
We will be updating you with the major talking points as the budget is presented:
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-Chinamasa proposes that Parrafin pays a duty of 40c per litter from 1 January 2017
-Companies in Special Economic Zones will be given tax breaks which include exemption from corporate tax for the first 5 years. After that to pay 15 percent corporate tax compared to the current 25%.
-Chinamasa proposes penalties for business owners who do not connect to the ZIMRA fiscal system
-Chinamasa proposes 5% levy on all airtime and data to go towards a Health Fund.
-Chinamasa proposes to increase custom duty on selected fabrics
-Loud cheers from MPs after Chinamasa proposes duty-free importation of raw materials to manufacture sanitary wear.
-Chinamasa proposes to remove school uniforms from the general import licences
-Firebrand Norton Legislator Temba Mliswa interjects by shouting: President must walk the talk on corruption!
-Chinamasa proposes to freeze increase on charges by government institutions, water, power.
-Chinamasa has urged that government makes joint ventures in order to recapitalise mining operations.
-Minister has postponed the 15% tax that will be levied on platinum exports. It will start in December 2017 and not January 2017 as planned initially
-Chinamasa allocates $50 000 for the Constinuency Development Funds. However one MP shouts that even though the money is allocated, they(MPs) never get it as it is never disbursed
-Uproar in parliament as MPs are unhappy with the budget of $30.7 million which they regard as too little. Chinamasa has to shout to be heard. Speaker comes to his aid by calling for order
-Office of the President and Cabinet allocated $175 million and Parliament is allocated 30 million.
Health is too low. 170mill for govt office vs 200mill for health. Smh. https://t.co/kf2ihLoDIN
— Tidz M (@tidzo) December 8, 2016
-Top 3 allocations Primary & Secondary Education = $803.7 million Home Affairs = $364 million Defence = $340 million
-Government expects $3.7 billion in 2017 revenue, but plans to spend $4.1 billion leaving a $400 million deficit.
-Government employment costs took up $2.6 billion between January-October 2016, 92 percent of total revenue.
With 91% of total expenditure going towards the wage bill , the economy is a prisoner of ZANU ghost workers .Reform starts with #ZanuGhosts
— TENDAI BITI (@BitiTendai) December 8, 2016
-The 2015 civil servant bonus payments, paid over in 2016, took up $177.8 million during 2016
-Zimbabwe spent $512.6 million on paying off debt in 2016 and $253.5 million on grain imports due to the drought.
-Zimbabwe registered a $1.1 billion budget deficit in 2016, a $400 million deficit is expected in 2017
-Zimbabwe plans to spend $4.1 billion in 2017