Mthuli Ncube Targets $1.1 Billion From 2% Tax In 2019
The Minister of Finance and Economic Development, Mthuli Ncube disclosed that the 2 per cent tax has enabled the government to provide relief to victims of natural disasters as well as providing a safety net for the vulnerable in society.
Ncube also revealed that Treasury is targetting to raise $1.1 billion this year from the 2 per cent tax.
Responding to questions from members of the Portfolio Committee on Budget and Finance in Parliament on Monday, Ncube said:
It (2 per cent tax) has come in very handy indeed; it has allowed us to meet the impact of the reforms head-on in terms of extra revenues that are needed to pay for extra costs to the economy such as the weather impact of Cyclone Idai and also the reforms themselves.
We cannot have these (structural) reforms without something on social protection. We are doing everything to make sure the vulnerable are protected.
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So far this year, the government has managed to raise $98,5 million in January; $94,7 million in February; $87,7 million in March and $104,1 million in April, through the tax.
Though the tax has been hugely unpopular with the transacting public, the government has justified it at every turn, insisting that the funds raised are being used to acquire health equipment and drugs, as well as infrastructure projects among other things.
