The Finance Ministry has proposed to cut tax by a marginal 0.5% to and cut corporate tax by 1% to boost consumer demand, VOA reports. Mthuli made this proposal as he was presenting his 2020 National budget.
According to VOA:
Presenting the 2020 budget to parliament, Ncube proposed cutting VAT to 14.5% from 15% effective January 2020. He also proposed lowering the corporate income tax rate to 24% from 25%.
President Emmerson Mnangagwa, who took over from the late Robert Mugabe in 2017, is struggling to convince the population that his economic reforms will work.
Mthuli’s proposal is coming when the country is going through a dire economic meltdown exasperated by a drought that has left half the country in need of food aid.
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