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Cottco Urges Govt To Exempt Cotton Farmers From 2% Tax

The Cotton Company of Zimbabwe (Cottco) has proposed that the government should exempt cotton farmers from paying the 2% tax on electronic payments. If this done, it will build the capacity of cotton farmers in their view. In his report presented at the 2018 pre-Budget seminar held in Bulawayo last week, the chairperson of the Portfolio Committee on Lands, Agriculture, Water, Climate and Rural Resettlement, Justice Mayor Wadyajena said

In order to promote food security and economic development in the country, the government should support agriculture programmes by allocating at least 10% of its national budget to agriculture.

For the 2019 budget, Cottco proposed exemption of cotton farmers from the 2% tax on electronic transactions. In 2018, $1,3 million will be collected from this tax. (It also proposed) exemption of cotton farmers from 10% withholding tax. Tobacco farmers have been granted this exemption.

More: Newsday

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