Zimbabwe is planning to double mine revenue by 2030, but revenue leakages are coming in the way
In 2018, Zimbabwe's president Emmerson Mnangagwa announced Vision 2030, a national development plan that Mnangagwa said would transform the country into an upper-middle-income nation within the next decade. Mining is a central part of Mnangagwa's Vision, with one of the goals being to boost mining revenue to US$12 billion annually. The industry is one of Zimbabwe's largest employers, bringing $5.2 billion to the economy in 2021.
Legislative gaps also play a significant role in undermining revenue collection. 78% of respondents said that taxation loopholes were behind revenue spills, while 60% mentioned inadequate oversight as a contributing factor. In their analysis, researchers said that weak tax law enforcement and poor oversight mechanisms result in inconsistent revenue collection. A lack of stringent checks and balances allows mineral smuggling and other illicit activities to thrive in Zimbabwe.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bristol net zero by 2030: New scheme launches in three suburbsResidents will be offered practical support around cutting their energy carbon emissions.
Read more »
Thames Water wants to up bills by 59% to £696 per customer by 2030It follows Ofwat's findings showing 24 per cent of people struggle to pay their water bills
Read more »
Thames Water seeks 52% hike to bills by 2030 as industry criticises watchdog's curbsCompanies set a collision course with the regulator over the amount they can charge in return for investment while Thames raises the stakes further by upping its proposals for bill increases.
Read more »
Thames Water proposes fresh bills hike of up to 59% by 2030Average bills for Thames Water customers could rise to as much as £696 a year under the proposals put forward on Wednesday.
Read more »
S&P projects increased battery cell manufacturing by 2030In the short term, however, supply will outstrip demand
Read more »
Approval for latest stage of East Airdrie link road developmentThe outline business case has been approved for the route, due to open in 2030
Read more »