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Zimbabwe reverses 2020 decision on mining royalties

08 february 2022
The Zimbabwean government has reversed its 2020 decision requiring mining companies to pay tax in foreign currency only in a bid to save the local currency.
Finance minister Mthuli Ncube said in a statement that mining companies can now pay up to half of their royalties in the local currency, the Zimbabwean dollar.
The same will apply to taxes and duties levied on imported vehicles.
He said taxes due from exporters will be paid in both foreign and local currencies in proportion to approved retention levels.
“These measures reflect the government’s commitment to promote the wider use of the Zimbabwean dollar and to continuously strengthen the economy so as to build lasting macro-economic stability,” said Ncube.
The weakening of the Zimbabwean dollar had been fueling inflation which rose to more than 60% in January, from 54% in October 2021.
The Zimbabwean dollar has weakened 6.8% this year to 116.65 per dollar.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished