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Business leaders have expressed concern over the high taxes companies are subjected to, on the plea that it was hurting the businesses. The Mid Term Budget Review statement, they maintained, did not make a meaningful attempt to expand the tax base
Business leaders have expressed concern over the high taxes companies are subjected to on the plea that it was hurting the businesses. The Mid Term Budget Review statement, they maintained, did not make a meaningful attempt to expand the tax base.
President of the Confederation of Zimbabwe Retailers Denford Mutashu said that the government should not increase the tax rate but make attempts to broaden the tax base particularly by bringing the informal sector into the tax net.
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The Zimbabwe National Chamber of Commerce president Mike Kamungeremu expressed the same views said business was overtaxed while adding that the increased tax on foreign transactions at 4% should be brought down to 2%, as was the case earlier. The cascading effect of taxes is heavy, making the local products costly. Miners were also not spared. Royalties for platinum miners were increased to 5% from 2.5%, the same as lithium producers who will also pay a 5% royalty, starting in January 2023.
