Zimbabwe News | JUST IN: ED Mnangagwa government pulls another shocker, increases duty by 300% CUSTOMS and excise duties shot up threefold to the bond note value yesterday following government’s gazetting of Statutory Instrument 32 of 2019, ushering in the new currency, RTGS dollar. The central bank last week devalued the local RTGS currency and pegged it at 2,5 against the United States dollar from 1:1 and Zimra moved to effect the changes in its systems. The new duty regime is likely to see an increase in the prices of goods by 300%. Zimbabwe imports most consumer goods and their prices are also likely to rise three-fold after the new duty regime came into effect yesterday. Shipping agents and private importers said they were caught unawares after the Zimbabwe Revenue Authority (Zimra) effected the new duty yesterday. A statement by Zimra yesterday explained how the new duty regime works. “The new currency affects clearance of designated goods by converting current balances in the nostro FCA prepayment account to ZWR at the prevailing exchange rate with the US$.” “All foreign ...
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