"A Long Winter Of Suffering", Tendai Biti Comments On 2024 National Budget
Former Finance Minister Tendai Biti, says the 2024 National Budget shows that the Government oblivious to the structural challenges facing the economy. Biti posted on X:
The just presented 2024 Budget is a shocking parody of fascism, extraction, dishonesty, incompetence & downright narcissism.
The 2024 Budget reflects a regime totally oblivious to the structural challenges facing the economy, the plight of the ordinary citizen, and the myriad issues affecting business.
The Budget betrays a lack of respect for economic fundamentals & as a result, its prescriptions are a disastrous panoply of cruel extractive illegal if not unconstitutional measures.
This a budget that reflects a regime with total contempt for its subjects. The imposition of a massive array of taxes on a population mulcted by poverty and social challenges is reflective of this anti-citizen polity.
The increase in toll gate charges, passport fees, duty on soft drinks, vehicle registration, and fuel levy is narcissistic & unnecessary.
The proposed Government takeover of Third Party insurance is clearly unconstitutional & zany. The massive removal of VAT zero rating on all goods except exports & medicines will hurt the poor & elderly as will the removal of duty suspension on basic goods.
The powers given to the Zimbabwe Revenue Authority of temporarily shutting down businesses, seizing storage devices, raiding custody vaults at Banks, seizure of goods, and seizure of digital data, without due process are fascist & unconstitutional. These measures can’t stand legal scrutiny.
The introduction of a 1 % tax on people’s homes above $100 000 is another ill-thought measure that will hurt innocent homeowners & struggling working people. After all, capital gains, rates & stamp duties are already being paid by homeowners.
Structurally, the Budget is technically unsound. Failure to express the same in USD makes the same lose any decency or credibility.
Further, the budget grossly hides the huge budget deficit created in 2023 which will be reflected in a condonation Bill that will come 2 years from now.
The Budget fails to address the exchange rate mess thus guaranteeing the continued existence of exchange rate arbitrage & hyperinflation.
It fails to give relief to working people & punishes the same through a vast array of punitive revenue measures. It will be a long winter of suffering.
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