Govt Contemplates Reducing Excise Duty On Fuel – Report

The Minister for Finance and Economic Development Mthuli Ncube is mulling plans to reduce taxes on fuel to ease the burden on consumers, a Business Times report claims.

The government raised fuel prices by over 150 per cent in January making Zimbabwe’s fuel the most expensive in the world.

The Business Times report reads in part:

High-level sources at the Ministry of Finance told Business Times this week that the Treasury could soon reduce the tax on fuel to cushion motorists who are now paying up to RTGS$3,33 for a litre of petrol.

The reduction in taxes is in anticipation of exchange rate fluctuations following the establishment last week of an interbank foreign exchange market.

… According to a source privy to the developments, “the finance minister has declared war on inflation, and managing inflation is one of his top priorities. He is also expected to reduce lower growth rate projections to match economic developments.”

Finance Minister Mthuli Ncube could not be reached for comment as he was said to be attending the bi-national meetings between Zimbabwe and Botswana.

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More: Business Times


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Mthuli Ncube

Professor Mthuli Ncube is the Minister of Finance and Economic Development.He was the Chief Economist and Vice President of the African Development Bank ,financial, economics, investment, and public policy expert, entrepreneur and academic. Professor Ncube divides his time between the private sector in Switzerland and... Read More About Mthuli Ncube

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