This Morning, we are coming to you live from Golden Confer for the 2025 Post Budget Breakfast Meeting being hosted by Business Weekly and the Confederation of the Zimbabwe Industries (CZI) in partnership with the Ministry of Finance, Economic Development and Investment Promotion. Finance Minister Professor Mthuli Ncube will headline the meeting which Zimpapers 1980 Ltd chief executive officer Mr Pikirai Deketeke will do the opening remarks. Renowned economists and tax experts will give an overview budget analysis, unpack taxation measures and the tax, regulatory and licencing costs mix. There shall be a panel discussion led by representatives of the different business and industry bodies such Confederation of Zimbabwe Industries (CZI), SMEs Association, Confederation of Zimbabwe Retailers (CZR), Chamber of Mines, Bankers Association of Zimbabwe (BAZ) and Zimbabwe National Chamber of Commerce (ZNCC). The meeting is expected to unpack the various issues proposed in the 2025 national budget which seeks to foster stability, economic recovery and build resilience.
Delegates from various business sectors have already arrived with some going through the registration process.
Guest of honour Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube has arrived and has gone into a briefing
Proceedings to begin now as the Guest of Honour and other dignitaries have taken their seats. The meeting will be preceded by singing of the National Anthem
Business Weekly editor Herbet Zharare now giving the welcome remarks:
Zimpapers group has more than 11 million followers across its digital platforms and will continue to ride on that to offer platform to deliver key messages home
James Wadi. Economist now giving overview of the budget analysis
Changing dynamics on world trade will shift and for Africa there will be opportunities from that even Zimbabwe has to be prepared to benefit on the opportunities happening globally. Zimbabwe has been the fastest one of the fastest growing economies but need to re-energize to catch up after drought setback. Zimbabwe economy is highly informalised and investors sees as high risk. But there is need to invest and provide incentives to formalise the sector and make them see the benefits of formalization
Business Weekly editor H .Zharare give Opening remarks
Wadi has ended his presentation…Now on podium : David Masaya, tax expert, unpacking taxation measures in the 2025 National Budget. Says economy is about 86 percent informalised and the Minister in the budget widened the tax band to the informal sector inorder to bring everyone on board
Tax Experts David Masaya unpacking taxation measure.
Requirement for fiscal machine for all business will plug leakages through taxes , invoices and cash transactions. Mandatory VAT registration will also go a long way in bring the untaxed into the tax net
Dr Cornelious Dube: CZI economist: Presentation on tax, regulatory, and licensing costs mix. As long there are incentives for infomalisation, it will be difficult to formalise the informal sector. They have many privileges compared to formal business. VAT contribution and economic activity has been going up but profitability of companies has been decreasing. This is partly due to high cost of compliance which in turn drives infomalisation hence authorities should do more on compliance.
Panel discussion: Mucha Mukanganwi, CZI president
We have a lot of structural issues as industry but the budget is a journey to solving them. Biggest risk to business is inflation
Panel discussion: SMEs Association
There is deepening informalisation, we need a proper market determined exchange rate. People are more interested in trading money than producing hence the informal sector continues to grow. Government should find more innovative ways to bring the sector into formal channels
Panel discussion: Martin Chingaira Cifoz chief executive:
In the Construction industry, it’s mostly locals complying with regulations and taxes when most foreigners do not. Cost of implementing projects will be high if funds are delayed as companies need to mobilise and demobilise.
Prof Mthuli Ncube now on podium
Shift of geopolitics, Trump effect. Drop is commodity prices worrying me again.
We have had in the past struggled but in the past 3 years as been growing average 6,8 percent and things have changed. We are going to maintain this and build resilience.
Projected growth of the agriculture sector to anchor 2025 economic growth of six percent. We have to restructure our debt so that it becomes affordable. I am worried about the debt.
We will deal with the cost of doing business environment together with the OPC inorder to improve profitability of companies
The Minister has ended his presentation…now question and answer session. Ncube: Fiscal discipline will support currency stability together with the liquidity management team. We will have additional measures to support VFEX, we have learnt more from those that have done it before and we hope the measures will stimulate the offshore financial services centre
The program ends
