Zimbabwe Plans Wealth Tax, New Lithium Levy to Boost Revenue
- Country seeks additional income to increase spending 14-fold
- Higher expenditure aimed at shoring up faltering economy
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Zimbabwe introduced a new levy on lithium and a wealth tax to fund an almost 14-fold increase in spending aimed at shoring up the economy.
An annual budget presented by Finance Minister Mthuli Ncube projects expenditure will rise to 58.2 trillion Zimbabwe dollars ($10 billion) in 2024, from Z$4.3 trillion this year. It will mostly be funded by tax revenue that’s forecast to more than double to Z$51.2 trillion.