Published on : Friday, July 30, 2021
The leaders of the tourism industry are hoping that the 2021 mid-term fiscal policy review, which will be presented today in the Parliament will support in the revival of the sector from the impact of Covid-19.
Professor Mthuli Ncube, the Finance and Economic Development Minister, will present the mid-term policy review. Here, he is anticipated to estimate 2021’s budget performance so far and offer financial policy guideline for the remainder of the year.
In 2020, the Tourism Recovery and Growth Strategy (NTRGS) was introduced by President Mnangagwa. It’s one of the main sectoral blueprints targeted at increasing tourism contribution to the wider economy.
Even though a sum total of $500 million guarantee and revolving fund has been kept sideways to help the sector in staying afloat and save jobs, the players of the tourism industry have complained over impediments in fund access which is part of the $18 billion stimulus package disclosed by Treasury in response to the pandemic.
To quote Hospitality Association of Zimbabwe (HAZ) Matabeleland North chair, Mr Anald Musonza, “The biggest request from tourism is for Government funding that was promised and has not been given as more and more businesses are now technically insolvent and could shut down anytime.”
“This negates all the work done to bring back Zimbabwe into the prime tourism destination of choice. In Victoria Falls, we had a new KAZA hub in the making and any loss to key players will affect our tourism offering.”
He mentioned that the industry hopes zero rate or five percent decreased VAT for hospitality and tourism industry products and services, suspended or subsidized or flat license fees for all necessary licenses to operate, removal or reduction of visa fees and tax investment incentives for every new investment.
Tags: Zimbabwe Tourism