The government will refund businesses in the manufacturing, agriculture, mining and transport sectors, for extra costs incurred in buying fuel at new prices that became effective on January 13, 2019.
The rebate for excise duty on fuel was announced through Statutory Instrument (SI) 72 of 2019 on Friday and will be backdated to January this year.
President of the Confederation of Zimbabwe Industries (CZI) Sifelani Jabangwe welcomed the move. Said Jabangwe:
This is something that we had been waiting for. Discussions on this matter started in January when we engaged with Government on the impact of the fuel hike on industry.
This is certainly a step in the right direction and a very welcome move for the manufacturing sector. During our meetings with Government, it was emphasised that the fuel hike would only marginally contribute to price increases.
So it would make sense that if manufacturers benefit from the rebate facility, they can also reduce their prices, albeit marginally.
More: Sunday News
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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