THE treasury has reported a significant rise in tax contributions to overall revenue collected, largely due to a reduction in tax exemptions on specific goods and services.
Speaking at a tax conference recently, Finance minister Mthuli Ncube highlighted major gains from the adjustments.
“The recent streamlining of Value Added Tax expenditures through limiting VAT zero-rating to exports, while VAT exemptions are now confined to a limited range of critical basic goods and services, is one of the bold resource mobilisation strategies the government has adopted,” said Ncube.