2019 National Budget: Major Highlights

The 2019 national budget was delivered yesterday by the Minister of Finance and Economic Development, Mthuli Ncube. Below are the major highlights from the budget

• Private vehicles import duty to be paid in forex.

• Civil servants’ 13th cheque to be paid before year-end.

• 2 917 youth officers to be retired by year-end.

  Further exemptions to be announced regarding the 2 per cent IMT.

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• 5 per cent salary cut for Government senior officers right up to the Presidium.

• Biometric registration for all civil servants from January 1 to flush out ghost workers.

• Resuscitation of ZISCO and CSC.

• Companies collecting VAT in forex to remit the same in forex.

• An increase of 7 cents excise duty on petrol and 6.5 cents on diesel and paraffin.

• Directors and shareholders to be jointly and severally liable for the tax debts of voluntary wound up companies.

• Parastatal reforms- partial and full privatisation.

• No further acquisitions of NPLs by ZAMCO.

• Reduction of foreign missions/embassies.

• Multi-currency basket remains with USD as the reference currency.

Also Read:

• 2019 National Budget Allocations

• Download: Mthuli Ncube’s 2019 National Budget Speech PDF