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Manuel looks for growth as rates fal... SA banks strong, but the global ground... Sacob worried about 'restrictive' labour... Creating a sheriff for the global Wild W... Tax and duty relief for exporter... Raft of jobs summit agreements in offin... Boom time as blue-collar America cashes ... Interest rates cause surge in inflatio... Employment equity on track despite criti... |
Tax and duty relief for exportersZIMBABWE on Thursday cut corporate taxes for manufacturing firms and rationalised the duty drawback system in a bid to stimulate exports. Finance Minister Herbert Murerwa proposed an eight percentage point tax reduction, from the current 35%, for companies that export 50% of output from January. New firms beginning production from January and exporting 40% of products, would be taxed at 25%, 10 points below the current rate. Murerwa conceded export receipts this year would fall by 9%. Murerwa said he would introduce a computerised duty drawback system from next year. "This facility, which will be on a pilot basis and available to exporters with a proven track record, will enable exporters to receive refunds on duty drawback within 60 days." Murerwa warned that abuse of the system would attract a penalty equal to 150% of duty payable and/or withdrawal of the exporters' licence. - Reuters.
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