Govt To Raise Import Duty
Published: 2016 May 15 07:00:40 (4181 Views)
Government has revealed plans to raise import duty before the end of the year to stem the rising tide of imports, increase production capacity and narrow the trade gap.
The envisaged interventions would add to broad measures, such as removal of specified goods from the general import licence, that have since been implemented.
A depreciating South African rand has made imports attractive while making local producers uncompetitive.
Industry and Commerce Minister Mike Bimha said that internal devaluation could help narrow the country’s negative trade balance.
“If the companies are operating at 20 percent or 30 percent, their costs are also high . . . so we must support local producers with capital and efficiencies.”
Government banned importation of second-hand clothes, shoes, leather products, blankets, maize meal, meat, sugar and flour from September 1, 2015.
Section 12 of Statutory Instrument 21 of 2010, as amended in March, requires all public institutions to procure at least 50 percent of their goods and services from local suppliers.
“Apart from playing around with imports, from removing the goods from general import license, we must support productive capacity to produce more goods.
“It’s a combination of many things and encourages our people to want to buy locally. There are some who have a tendency of importing goods with a view that they are of a superior quality.
ZimTrade is working with the Standard Association of Zimbabwe to assist local manufacturers big and small to produce goods of international quality.
- Sunday Mail
The envisaged interventions would add to broad measures, such as removal of specified goods from the general import licence, that have since been implemented.
A depreciating South African rand has made imports attractive while making local producers uncompetitive.
Industry and Commerce Minister Mike Bimha said that internal devaluation could help narrow the country’s negative trade balance.
“If the companies are operating at 20 percent or 30 percent, their costs are also high . . . so we must support local producers with capital and efficiencies.”
Government banned importation of second-hand clothes, shoes, leather products, blankets, maize meal, meat, sugar and flour from September 1, 2015.
Section 12 of Statutory Instrument 21 of 2010, as amended in March, requires all public institutions to procure at least 50 percent of their goods and services from local suppliers.
“Apart from playing around with imports, from removing the goods from general import license, we must support productive capacity to produce more goods.
“It’s a combination of many things and encourages our people to want to buy locally. There are some who have a tendency of importing goods with a view that they are of a superior quality.
ZimTrade is working with the Standard Association of Zimbabwe to assist local manufacturers big and small to produce goods of international quality.
- Sunday Mail
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Anonymous user
2016 May 15 09:26:01
This gvt only looks for ways of taking money from ordinary citizens. Chasing away investors this government is not for the people , for a country that has 99% unemployment you might As well encourage cross-border trade since you have failed to produce jobs.
Anonymous user
2016 May 15 08:24:08
Ur products are just too expensive, and to our gvt its a fund raising strategy to them,..in zim duty is increased every month,wc shows that the gvt & its leaders think about their own needs not that of the majority..ministers import goods duty freee
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