Mthuli Ncube’s 2020 Budget Plans Revealed

Staff Writer

Finance and Economic Development Minister Professor Mthuli Ncube has outlined some initiatives in his 2020 Budget Strategy Paper and he revealed that the 2020 National Budget will focus on job creation, productivity and economic growth and plugging revenue leakages.

“The National Budget will continue to consolidate macro-fiscal stabilization gains made in 2019. The thrust will now shift to the following areas: growth and productivity; job creation; competitiveness and promotion of more sustainable and shared development fiscal policy thrust. The 2020 Budget will focus on enhancing revenue collection through advancing the ongoing Zimbabwe Revenue Authority (ZIMRA) and other administrative reform initiatives on broadening the tax base and closing revenue leakages.”

“Therefore, prominence will be on improving taxpayer compliance through facilitative Information Communication Technology-based processes that, among other measures, simplify tax payment procedures, minimize taxpayer costs and also enhance records management,” he said.

Professor Ncube mentioned that the Government will prioritize support to local industry through appropriate tax measures.

“Revenue improving measures will, however, also be cognizant of the necessity of supporting the local industry through appropriate tax supportive measures and other tax dispensations. On the expenditure side, Government spending will be contained within sustainable levels, avoiding recourse to central bank overdraft facility and expenditures outside the Budget,” said professor Ncube.