Government will soon lower tax brackets for various economic players as an incentive to encourage investment in the country and grow the tax base. Addressing Zimbabweans and investors in Namibia on Monday where he had accompanied President Mnangagwa on a working visit, Finance and Economic Planning Minister Patrick Chinamasa, conceded the country had a higher tax regime.
President Mnangagwa’s administration has placed economic recovery high on it’s agenda and has been on an offensive creating an environment that promotes business growth as well as luring new investment.
Responding to contributions from participants that the country was losing out on investment opportunities due to comparatively higher taxation, Minister Chinamasa said Government is aware local taxes are high.
Minister Chinamasa, however, said Government is working on lowering the same, a move he said will grow the cake. “Taxation, I agree with you is too high,” said Minister Chinamasa. “It’s a matter that we are going to address so that we can proceed to a position where we get more taxes from more volumes,” he said.