2017 NATIONAL BUDGET PRESENTATION

Welcome to Parliament of Zimbabwe live blog. Mr Addmore Nyamuramba, Ms Linda Tanyaradzwa Manyemba and Mrs Cathrine Mpofu-Muvhami will be giving you an update of the events.

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The Minister has finished delivering the 2017 National Budget Statement. Thank you for joining us.

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The following picture collage shows the events of the 2017 National Budget Statement Presentation.

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The Minster of Finance and Economic Development laid his statements on the table.

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Zimbabwe has to outrun other countries to ensure that we remain competitive.

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Abuse of paraffin usage which was previously 12.7 million has now balooned to 75.8 million litres in 2016. As a result I propose excise duty same as diesel.

Administrator December 8, 20163:46 pm

Presumption tax is revised downwards and now expected to be paid monthly as opposed to quarterly as was the previous case.

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Propose to ring fence importation of milk powder as requested by industry, propose to remove school uniform from open general import licence.

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Special export zones will see an exemption from corporate tax for the first five years.

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5 cents per every dollar on airtime will be levied towards the health fund.

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Health fund levy to be introduced so that every citizen can access affordable health services.

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Non-compliant operators will not be issued with tax certificates.

Administrator December 8, 20163:39 pm

Licensing of additional suppliers of fiscalised devices.

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Duty free importation of raw materials for sanitary wear.

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Manufactures should promote the local industry through the provision of good quality products.

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Government is on course in its re engagement with IMF which has resulted in the IMF lifting sanctions against Zimbabwe.

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The Constituency Development Fund will be allocated under Parliament after promulgation of legislation to govern the fund.

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Bond notes have broadened the multi-currency basket through the addition of $1, $2 and $5 notes, this should improve liquidity problems.

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RBZ will continue to monitor the lending rates in the banking sector.

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Vocational training centres are an essential tool to empower the youth with practical skills that are life sustaining.

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Government will implement its plans of empowering civil servants through the allocation of affordable housing stands.

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Government will continue to give land to the various players who are carrying out housing projects so that they remain affordable to the majority.

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Proposes open competitive bidding for digitalisation.

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Statutory Instrument 64 removed products from general licence to enable the local industry to ramp up its production levels. This protection is for a limited time and it is not meant to promote laziness on the part of local manufacturers.

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ZMDC has assets such as mines, minerals and land. There is need to finance exploration so as to turnaround the fortunes of ZMDC.

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The 2018 budget revenue is expected to be 3.7 billion with an estimated expenditure of 4.1 billion. There will be a gap of around 400 million which will need to be financed.

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For the economy to recover there is need to build confidence. Need for good rains, tolerance and tranquility towards the 2018 general elections.

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The economy has been affected by cash shortages and under production.

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Highlights of the 2017 National Budget

– The Minster acknowledged the Budget Consultations held by his own Ministry and the Parliamentary Portfolio Committee.
– He laments the under performance in all sectors.
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The Minister of Finance and Economic Development now delivers the Budget Statement

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Hie Excellency, The President and Commander-In- Chief of the Defence Forces, Cde R. G. Mugabe has arrived for the 2017 National Budget.

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The Minister of Finance and Economic Development takes out his documents from the briefcase as he prepares to enter the National Assembly.

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The Minister of Finance and Economic Development Hon Patrick Chinamasa and his wife Monica Chinamasa arrives at Parliament Building.

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The Speaker of the National Assembly Hon Adv. Jacob Francis Mudenda announces that the Minister of Finance and Economic Development, Hon Patrick Chinamasa will present the 2017 National Budget at 1445 hours and suspends the Business of the House.