VICTORIA FALLS, – The Ministry of Finance has confirmed that there will be no tax increases in the upcoming mid-term budget review, which will be announced on Thursday by the Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube.

Speaking to journalists at the Institute of Chartered Accountants of Zimbabwe (ICAZ) Winter School in Victoria Falls, Deputy Minister of Finance, Economic Development and Investment Promotion David Mnangagwa stressed government’s focus on increasing funding from sources other than tax collection.

“I don’t want to pre-empt the minister’s mid-term review, but I will say that you should not expect tax increases,” Mnangagwa said. “What we need to do is re-look at our expenditure and how we allocate it.”

Mnangagwa highlighted the government’s efforts to attract financial capital markets and encourage pension funds to participate in some government spending projects, an approach aimed at reducing reliance on tax collection for funding.

ICAZ chair Manyara Chigunduru expressed the expectation of the accounting profession for the review, stressing the need for stability. “As ICAZ representing the accounting profession, we have so many expectations from the mid-term budget review,” she said. “We want to know what the mid-term budget review is in terms of stability.”

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