The Ministry of Finance and Economic Development expects to improve revenue collection and enhance macro-economic stability as part of key deliverables for this year.
The key result areas and outcomes are contained in the performance contract for the ministry’s Permanent Secretary, Mr George Guvamatanga.
The performance contracts launched last year, are part of Government’s efforts to enhance service delivery through timely implementation of Government projects and programmes. The performance of Permanent Secretaries will be reviewed annually.
Increased revenue collections are essential for the funding of programmes contained in the National Development Strategy 1 (NDS1), which runs from this year to 2025. Apart from improved revenue collection, Treasury also expects to boost public expenditure management, budget transparency, debt management and improved funding for devolution and the decentralisation agenda.
The ministry also expected to enhance stability in the financial sector and financial inclusion of previously marginalised sectors among others.
Treasury expects to collect $390,8 billion in revenue this year and has instituted various measures to improve collection and widen the tax base by targeting previously untaxed sectors.
Meanwhile, in its key deliverables, the Ministry of Industry and Commerce targets to boost industrial production and investment into the country and broad-based economic empowerment.
The ministry is also targeting to improve consumer protection and quality assurance. The ministry is currently implementing provisions of the Consumer Protection Act that was passed in 2019.
The new law also establishes the Consumer Protection Commission that will deal with complaints from consumers against unscrupulous businesses.
Some of the malpractices outlawed by the new law include multi-tier pricing, fraudulent offers, failure to label products properly and the disclosure of consumers’ personal information to third parties will be liable for prosecution.
Consumers are now also entitled to be fully refunded for defective or sub-standard goods.