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Tongaat Hullet Zimbabwe boss Aiden Mhere quilled fears over the 2 percent sugar tax which the Minister of Finance Mthuli Ncube has proposed on the 2024 national budget.
Mhere was responding to questions from the Editors who were drawn from different media houses around the country at an Editors/ Tongaat Hullet Zimbabwe get-together breakfast meeting in Harare recently.
Coaxed to highlight the effects of the proposed tax, Mhere had this to say; “It’s a channel of different players at different levels of operation. AS Tongaat Hullet, for now, we cannot say this is going to affect us in any way. After the proposal, as the biggest player in the field, we have since started engagements with different players at different levels to try and see how this might affect our operations,” said Mhere.
He, however, did not dismiss the chances that it might affect the demand for the commodity,
“It’s clear, this will force many players to look elsewhere in the manufacturing sector thereby affecting the demand chain for the commodity,” he added.
In his address, Mhere noted that the Statutory Instrument (SI 80 of 2023) duty-free imports of basic commodities, among them sugar, were legalised from May of this year. This move unfortunately harmed the cashflows of players in the sugar industry and they have continued to lobby the government to repeal this statutory instrument.
“As is commonly known, through Statutory Instrument (SI 80 of 2023) duty-free imports of basic commodities, among them sugar, were legalised from May of this year. This move unfortunately hurt the cashflows of players in the sugar industry and we continue to lobby the government to repeal this statutory instrument,” he said.
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