2024 National Budget Is Anti-people, Anti-productivity - Mahere
Finance, Economic Development, and Investment Promotion Minister Mthuli Ncube’s 2024 National Budget has been described as “anti-people” after he proposed to increase toll gate fees by 150 percent and nearly double the cost of a passport.
Ncube also proposes to increase the Strategic Reserve Levy by US$0.03 and US$0.05 per litre of diesel and petrol, respectively, with effect from January. He raised fees for an ordinary passport from US$120 to US$200.
Ncube proposes to hike toll fees for light-motor vehicles from the current US$2 to US$5 or equivalent on what he calls “premium roads”. These include the Harare-Beitbridge highway and the Plumtree-Mutare road. Toll fees for other vehicle categories are also set to go up.
Citizens Coalition for Change (CCC) Member of Parliament, Fadzayi Mahere said “The only thing left is to tax babies for being born”. She said:
Mthuli Ncube’s punitive taxes leave no person and no place behind. The only thing left is to tax babies for being born.
The entire budget is anti-people, anti-investment, anti-growth and anti-productivity.
They’ve destroyed the economy and now want to take it out on the people. It’s a mess.
The budget was presented in our unstable Zimbabwe dollar notwithstanding that the economy has largely dollarised meaning that it’s a tabulation of figures that will be meaningless by the end of 2024 when these amounts are eroded by inflation.
Economist Tinashe Murapata said Ncube’s budget will accelerate the informalisation of the economy. He said:
Why is Ncube scrounging around for revenue in a purportedly growing economy? All these taxes have been tried elsewhere and only result in a parallel or as they say black market.
They accelerate the informalisation of the economy and punish those that are law-abiding.
Treasury is desperate. In their desperation, they’ve increased avenues for corruption. When the Intermediated money transfer tax (IMTT) was introduced, it was 11 percent of revenue. It’s now 5.4 percent and falling. How? The market is now using cash dollars.
The ZW$59.5 trillion budget will be financed through projected Z$51.2 trillion tax revenues and Z$2.7 trillion non-tax revenue. The 2023 budget was Z$4.2 trillion.
More: Pindula News
