ZIMRA Increases Duty Threefold

Customs and excise duties have increased threefold.

The increase is due to the value of the new value of RTGS Dollars that has been effected by ZIMRA.

Prices of goods are now being converted to RTGS$ from USD (or Rand, Pula etc…)  before the calculation of duty. People importing goods, especially via Beitbridge border post, are reported have been shocked by the increases yesterday.

Those importing for resale are expected to pass the cost down to the consumers which will result in a drastic increase in prices in the shops.

ZIMRA explained the news prices:

The new currency affects clearance of designated goods by converting current balances in the nostro FCA prepayment account to ZWR at the prevailing exchange rate with the US$.

All foreign currency payments then appear on the payment receipt or prepayment receipt as ZW RTGS dollars

It is hoped that the above information will assist in the clearance process after introduction of the ZW RTGS currency,

Related:

More: NewsDay

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