The government says that it has commenced processing refunds on the fuel excise duty for businesses following the hiking of fuel prices in January.
Fuel prices were raised by over 150 per cent on January 14 as the government sought to eradicate what it considered speculative buying of fuel products which had resulted in acute shortages on the market.
The refunds will be given to approved beneficiaries and follow the gazetting of Statutory Instrument 72 of 2019 (Customs and Excise). The Zimbabwe Revenue Authority, (ZIMRA) has been tasked to undertake the processing of the refunds.
In a statement issued over the weekend, ZIMRA said:
The refund is provided for in terms of section 120, as ready with section 125 of the Customs and Excise Act and applies to leaded and unleaded petrol, power kerosene, illuminating or heating kerosene and diesel fuels purchased from January 13 to February 22, 2019.
The fuel refund facility will only benefit approved beneficiaries in the agriculture, mining, manufacturing, transport and mining sectors who have successfully registered with Zimbabwe Revenue Authority through their respective business associations.
What it means essentially is that not all fuel consumers will benefit from the facility. Only registered businesses that can prove that the fuel bought went to productive use, are tax compliant, did not increase prices on goods or services after the fuel hike, and register before July 30 2019, the deadline will benefit.
The Zimbabwe Revenue Authority is a government department which is responsible for the collection of state revenue in form of excise duty, customs duty, road tolls, corporate and civil taxes. In addition, it also facilitates trade, offers fiscal advise to the government as well as... Read More About Zimbabwe Revenue Authority