- The Government has exempted selected basic grocery items from Value Added Tax (VAT) starting from 01 February 2024.
- The exemption includes items such as bread, milk, cooking oil, and maize meal.
- Business leaders had raised concerns that the proposed VAT measures would lead to price hikes.
- The Finance Minister, Mthuli Ncube, repealed the Customs and Excise (Suspension) Regulation 2003 through Statutory Instrument 10A of 2024.
- Many businesses have already increased prices due to rising taxation and energy costs.
- Bakers Inn, a subsidiary of Simbisa Brands, has reduced the cost of bread from US$1.10 to US$1.
Source: pindula.co.zw
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
