The Zimbabwe Revenue Authority (ZIMRA) has begun charging duty in local currency based on the official floated exchange rate, despite stating last week it would continue charging in foreign currency.
Zimra official, Angeline Sharara, sent emails to all officials at the country’s borders informing them of the creation of new currency in Asycuda world system.
“Following gazetting of Statutory Instrument 32 of 2019, a new currency, Zimbabwe RTGs Dollar (ZWR) has been created in ASYCUDA World,” reads the letter.
“The new currency affects clearance of designated goods as follows;
- The current balance in the Nostro FCA Prepayment Account will be converted to ZWR at the prevailing exchange rate with the USD.
- All foreign currency payments will appear on the payment receipt or prepayment receipt as ZW RTGs Dollars.
- Clearance of designated goods will continue to be done using the ‘F’ Prepayment Account.
- All values on the bill of entry and Form 49 will be reflected in RTGs Dollars though payment would be made in Forex as per legislation.
“It is hoped that the above information will assist in the clearance process after introduction of the ZW RTGs currency.”
Evidence seen by this publication suggests the revenue collector is now charging duty on goods at a rate of 2,5 Real Time Gross Domestic (RTGS) dollars to one United States dollar, a rate stated in the Monetary Policy Statement announced last week by the Reserve Bank of Zimbabwe (RBZ).
In an interview last week ZIMRA commissioner general manager, Faith Mazani had said charges would still be in foreign currency until Statutory Instrument (SI) 252A was repealed, even after the introduction of the RTGS dollar this week.
SI 252A was introduced in 2018 under Finance minister Mthuli Ncube’s “Austerity for prosperity” 2019 national budget, as government sought to mitigate hard currency outflows, especially commodities deemed “luxury goods” such as vehicles and cosmetics.