Mthuli Ncube implements measures to promote the use of local currency

The Minister of Finance and Economic Development Mthuli Ncube has implemented more measures to promote the use of the Zimbabwean dollar.

In a statement, the ministry of finance said corporate tax payments will be made in the local currency as a measure to promote the use of the Zimbabwean dollar in the economy.

This comes after the government noted that recent policy measures have improved the stability in the exchange rate and general pricing of goods and services.

The ministry said for the June 2023 Quarterly Payment Date, taxpayers will be required to settle 50% of the foreign currency portion of their corporate tax obligations in local currency.

“Government will, therefore, not accept any payments in USD or any other foreign currency for the portion of corporate income tax due in local currency for the June QPD”, read the statement.