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Only yesterday, the Minister of Finance and Economic Development Professor Mthuli Ncube introduced a 1% wealthy tax that targets house owners of properties worth at least usd $100 000 and above already blamed for increasing the cost of living and as though not enough, tax has trickled down to the very basics of beef evidenced by top meat manufacturers Harare Based Koala and the country’s fastest growing meat supplier Texas Meats advertising the rise in their meat prices due to Minister Mthuli’s Tax.The Finance Minister and Reserve Bank of Zimbabwe Governor Dr John Mangudya, have both nevertheless defended the taxes, stating that they are necessary to generate revenue for the struggling economy, arguing that Zimbabwe is unable to secure credit facilities from international financial institutions, hence the need to raise revenue internally.
Minister Ncube has been blamed for an extractive budget informed by the canons of austerity.Economic Commentators have argued that extracting revenue from an already over-taxed and poverty-ridden citizenry will prove a recipe for disaster and far-reaching worse-off livelihood future scenarios.
Zimbabwe risks compromising the concerns of Vision 2030 which envisages not only a Healthy Economy but a Healthy Society too.
Ncube’s 2024 Budget is doing the exact opposite of the Second Republic’s intentions instead of leaving no one behind in President Mnangagwa’s own coined words, Ncube’s budget is leaving society behind in its efforts to steer the economy towards a middle-income ranking.
Back home, the Cost Of Meat Has Gone Up In Zimbabwe Due To The New 15% Value Added Tax
Meat cost in Zimbabwe has increased due to the introduction of a new 15% Value Added Tax (VAT) implemented through the 2024 National Budget by Finance Minister Mthuli Ncube.
TechnoMag is in possession of statements by both Koala and Texas Chicken, a subsidiary of Associated Meat Packers that specializes in chicken, their chicken prices have remained the same, but they have added the VAT.TechnoMag saw the statement in which, the company said:
Dear Valued Customers
Texas Chicken have been forced to increase beef, chicken, pork and fish prices in line with the introduction of 15% VAT by the Ministry of Finance on the aformentioned product categories.
This is effective 1 January 2024. Please note that our product prices are NOT being increased by our butcheries, but only by the additions of value added tax (vat).
Thank you for understanding.
TEXAS CHICKEN MANAGEMENT
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