Zimbabwean Government has unveiled a ZiG276 billion national budget for 2025, with the economy expected to grow by six percent next year.
Finance, Economic Development and Investment Promotion, minister Professor Mthuli Ncube said, the tax-free threshold has also been revised to ensure workers pocket more from their earnings.
Treasury also sought to increase tax revenue by taxing sports betting companies and introducing a paper bag tax.
Professor Ncube promised even better days next year as Zimbabwe is set to become the fastest growing economy when he presented the national budget.
The budget, which allocated the largest chunk to the education sector, presented relief measures for both workers and businesses.
The new tax-free threshold was revised upwards to ZiG2 800 per month.
“I propose to review the local currency tax-free threshold to ZiG2 800 per month and accordingly adjust tax bands… with effect from 1 January 2025,” he said.
Treasury allocated the biggest chunk to the education sector, followed by defence and health while agriculture and transport were equally resourced.
Professor Mthuli Ncube is banking on the improved agricultural season as well as a strong mining sector and manufacturing sector growth to propel the country’s 6 percent economic growth target for next year.
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