Gambakwe talks about a policy proposal under M31 Zimbabwe to have no income tax, no corporate tax, and no capital gains tax in Zimbabwe. This means any money earned, either salary or company profits, will not be taxed and will go directly to individuals or businesses.
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Gambakwe talks about a policy proposal under M31 Zimbabwe to have no income tax, no corporate tax, and no capital gains tax in Zimbabwe. This means any money earned, either salary or company profits, will not be taxed and will go directly to individuals or businesses.
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He lists countries and territories where no income tax is charged such as UAE, Oman, Saudi Arabia, Kuwait, Bahamas, and others, explaining that these countries survive without income tax because they generate revenue from other sources like oil, tourism, and business hubs.
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He shows Dubai as an example of a country that developed rapidly without charging income tax, relying mostly on oil and tourism revenue.
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M31 Zimbabwe’s vision is to make Zimbabwe a tax haven to attract large foreign direct investment (FDI) and diaspora money back into the country, targeting between 200 billion to 400 billion USD in FDI.
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Without income taxes, the government will generate revenue through VAT, tourism growth, selling citizenships and permits, transaction fees on foreign bank card transactions, and maintaining minimal deductions for unemployment and healthcare funds collected through the banks.
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The policy will protect rural areas from large-scale development by foreigners to preserve local ownership, similar to practices in Botswana and some Middle Eastern countries.
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The broader M31 Zimbabwe manifesto also includes social welfare grants for the elderly and unemployed, repatriation and resettlement of diaspora Zimbabweans with housing provisions, military reforms, currency use of the South African Rand, development of over 1,000 hotels, and infrastructure projects like high-speed rail connecting new towns.
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The goal is to make Zimbabwe a rapidly growing, highly developed country with money flowing freely into the economy without taxing income or corporate profits.
He lists countries and territories where no income tax is charged such as UAE, Oman, Saudi Arabia, Kuwait, Bahamas, and others, explaining that these countries survive without income tax because they generate revenue from other sources like oil, tourism, and business hubs.
He shows Dubai as an example of a country that developed rapidly without charging income tax, relying mostly on oil and tourism revenue.
M31 Zimbabwe’s vision is to make Zimbabwe a tax haven to attract large foreign direct investment (FDI) and diaspora money back into the country, targeting between 200 billion to 400 billion USD in FDI.
Without income taxes, the government will generate revenue through VAT, tourism growth, selling citizenships and permits, transaction fees on foreign bank card transactions, and maintaining minimal deductions for unemployment and healthcare funds collected through the banks.
The policy will protect rural areas from large-scale development by foreigners to preserve local ownership, similar to practices in Botswana and some Middle Eastern countries.
The broader M31 Zimbabwe manifesto also includes social welfare grants for the elderly and unemployed, repatriation and resettlement of diaspora Zimbabweans with housing provisions, military reforms, currency use of the South African Rand, development of over 1,000 hotels, and infrastructure projects like high-speed rail connecting new towns.
The goal is to make Zimbabwe a rapidly growing, highly developed country with money flowing freely into the economy without taxing income or corporate profits.
In essence, Gambakwe is promoting a radical tax reform vision to turn Zimbabwe into a tax haven to stimulate economic growth and attract investment by abolishing income and corporate taxes and funding the government through alternative revenue sources.
