LIVE UPDATES: 2015 National Budget presentation
1638: Minister Chinamasa ends his presentation and that ends our updates.
1622: Extension of the Tax Amnesty programme, which started on October 1, to 15 months.
1621: Tax relief measures, he proposes the tax free threshold of $250 be reviewed to $300 per month.
1619: He proposes the reintroduction of the tobacco levy on tobacco growers to finance reforestation programmes.
1616: Excise duty on cigarettes to be increased from $15 per 1000 sticks to $20 for 1000 sticks from December 1.
1613: A new mining tax regime by March 2015.
1608: The minister proposes lowering of corporate tax on exporting companies.
1605: Bakers have been importing non essentials like dough being imported from Cape Town, rolls, buns, plain bread and cakes..this reduces the competitiveness of local products. These products will be taxed from January 1.
1601: The furniture industry is dominated by small scale manufacturers.
1546: The year 2011 had 2 130 companies that closed affecting 19 191 employees, 2012 had 1 468 companies closing affecting 20 825 workers, 2013 saw 878 companies closing affecting 14 499 employees, 2014 has seen 134 companies closing affecting 928 employees..a cumulative total from 2011 to date is 4 610 companies since 2011 affecting 55 443 employees.
1542: Zimbabwe to ask for debt relief.
1540: $55 million has been secured for the Gwayi-Shangani dam in Matabeleland North.
1537: Women’s Bank will be established in 2015 this is to enhance women’s access to credit given the fact that women dominate agriculture and are now dominiating the SMEs sector….. I’m allocating resources to the rail rehabilitation.
1535: We will seek to consolidate the diamond sector as well as consolidating the gold sector. The Sovereign Wealth Fund is now operational and Government will provide funding as start-up capital.
1533: In respect to Mechanisation, we have signed an $98.6 million arrangement with Brazil for agriculatural equipment.
1530: $10.5 million for the Constituency Development Fund. $50 000 per constituency.
1528: We require over 500 laws to be aligned with the new Constitution
1526: $3.32 billion employment costs. We are paying people to sit in their offices and not do their tasks…it’s important to implement Zim Asset to create wealth. This budget is primarily a package of policy interventions to unlock the country’s production potential.
“Hatifaniri kufa nenyota makumbo ari mumvura”
1522: Revenues of $4.1 billion expected in 2015. Relations with the international community have reached a corner. $4.1 billion budget proposed.
1521: With respect to ZimFund which is being AFDB stands at $144.5 million with $124million already being disbursed.
1518: Majority of investment into infrastructure is being financed by China Exim bank.
1517: $2.244 billion went to employment costs…82% of the budget.
1516: Revenues as at September $2.73billion against expected $2.9billion. PAYE and VAT the main contributors.
1509: The debt has downgraded the country’s credit rating….ability to attract funding is compromised. Foreign investments have remained subdued.
1507: External debt overhang $8.387 billion
1505: Capacity utilisation dipped by 3.3% in 2014. Tourism is expected to grow by 4.7% compared to 3.9% this year.
1502: 3.2% economic growth for 2015, 3.4% growth in agriculture.
1500: The family of five Poverty Datum Line makes Zimbabwe a high cost producing country thus we need a individual based PDL.
1459: Pricing structures are not sustainable and companies need to look into their pricing lest they die due to outside competition.
1458: Inflation expected to remain below 1% and remain so throughout the year.
1457: Expected economic growth for Sadc is 4%
1455: We have made progress with regards to strengthening the domestic financial sector…through amendments of the banking act, capitalise the RBZ and assuming its debt.
1451: In order to widen the tax base..fiscal incentive schemes are being suggested. Notable progress on Zim Asset projects.
1449: My 2014 budget focused on policy clarity meant to restore confidence to create a conducive environment to attract investment.
1447: Minister Chinamasa is now presenting the budget.
1417: Minister Chinamasa is expected to present the budget at 1430hrs.
1401: Finance and Economic Development Minister Patrick Chinamasa has arrived at Parliament building where he is expected to present the 2015 national budget this afternoon.