Mthuli Ncube announces tax rebate

532

Finance and Economic Development minister Mthuli Ncube  has announced tax rebate for businesses as a way to cushion citizens from increase of basic commodities.

This comes after President Emmerson Mnangagwa announced an upwards review of fuel  to $3.11 and $3.31 for petrol and diesel.

The finance minister said only registered companies will benefit from the rebate,

“Cognisant of the need to prevent generalised price increases for goods and services following the fuel price adjustments, the government has decided to provide relief through refund of excise duty on fuel consumed by registered business in the mining, manufacturing, agriculture, and transport sectors.

“Beneficiaries should be members of recognised businesses associations and they should provide evidence of the productive use of fuel,” he said.

Ncube said prices of goods and services by beneficiaries should not have increased relative the last change in the price of fuel.

“The relief to be provided will be equivalent to the difference between the prevailing rates of excise duty and the rates that were applicable prior to this change.

“The prices of goods and services by beneficiaries should not have increased relative the last change in the price of fuel,” Ncube said.