Zimbabwe 2017 National Budget Highlights and Talking Points

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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[updates]

-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.

https://twitter.com/OpenParlyZw/status/806852598796054528

https://twitter.com/rossgrounded/status/806854047844147200

-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.

-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.

-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

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