Latest topics
Chinoz: Scrap 5pct bond notes bonus
Page 1 of 1
Chinoz: Scrap 5pct bond notes bonus
Chinoz: Scrap 5pct bond notes bonus
Wednesday, December 28, 2016 8:30 PM GMT
by: Staff Reporter
BUHERA South MP Joseph Chinotimba has urged government to abandon debate on the proposed Reserve Bank of Zimbabwe Amendment Bill and further scrap the 5 percent incentive granted to exporters following the introduction of bond notes.
The Zanu PF MP was speaking during a recent parliamentary debate on the envisaged law which aims to legalise the use of bond notes in the national economy.
Chinotimba said parliament should just allow the Bill to pass through insisting it was pointless to discuss the law when bond notes were already in circulation.
“As Members of Parliament, we should just make sure the Bill on bond notes sails through so that our constituents visit their rural areas with cash,” he said.
“We should not continue to discuss the currency that is already in circulation because the bond note and the bond coin is just the same. So, I do not see any need to discuss this.”
The government, through the central bank, in December 2014 introduced bond coins ostensibly to provide loose change to Zimbabweans who were rounding off prices to the next dollar.
Government further introduced bond notes in November this year claiming the surrogate currency was meant to incentivise local exporters in an economy that was losing billions through imports.
But Chinotimba felt the 5 percent incentive was an unnecessary burden on the fiscus.
“We need to ask honourable (Finance Minister Patrick) Chinamasa how it is possible for someone who is penniless to be given a 5% incentive after exporting,” he said.
“What is the reason for that? It is supposed to be one dollar to one dollar. If one is owed a dollar, they should be given that dollar.
“This issue of a 5% incentive is not what we want, this should be scrapped. Where are you getting that money? Excuse me, where is the money coming from? We are saying, those who would have exported should just be given the amount of money equivalent to the value of their exports.”
Meanwhile, fellow MPs have asked government to pull down what they found to be deceiving adverts linking the introduction of bond notes to exports when there was no such mention in the Bill.
Hatfield MP Tapiwa Mashakada said the original thinking was not to make bond notes a general currency for the rest of the transacting public but an incentive for exporters.
“It (Bill) detracts from the original thrust of export incentive,” Mashakada said.
“As the Bill stands, it is just like any other currency that is being introduced which is not based on any export incentive.”
Zvimba West MP Ziyambi Ziyambi also said a lot of emphasis was given to the 5% export incentive “to the extent that an ordinary person who is not an exporter was in limbo”.
“The moment that we start using these superlatives that this is for exporters and so on, my grandmother who is in the rural areas will not understand it. When you then try to give them that money, you confuse them.”
http://www.newzimbabwe.com/news-33970-Chinoz+Scrap+5pct+bond+notes+bonus/news.aspx
Wednesday, December 28, 2016 8:30 PM GMT
by: Staff Reporter
BUHERA South MP Joseph Chinotimba has urged government to abandon debate on the proposed Reserve Bank of Zimbabwe Amendment Bill and further scrap the 5 percent incentive granted to exporters following the introduction of bond notes.
The Zanu PF MP was speaking during a recent parliamentary debate on the envisaged law which aims to legalise the use of bond notes in the national economy.
Chinotimba said parliament should just allow the Bill to pass through insisting it was pointless to discuss the law when bond notes were already in circulation.
“As Members of Parliament, we should just make sure the Bill on bond notes sails through so that our constituents visit their rural areas with cash,” he said.
“We should not continue to discuss the currency that is already in circulation because the bond note and the bond coin is just the same. So, I do not see any need to discuss this.”
The government, through the central bank, in December 2014 introduced bond coins ostensibly to provide loose change to Zimbabweans who were rounding off prices to the next dollar.
Government further introduced bond notes in November this year claiming the surrogate currency was meant to incentivise local exporters in an economy that was losing billions through imports.
But Chinotimba felt the 5 percent incentive was an unnecessary burden on the fiscus.
“We need to ask honourable (Finance Minister Patrick) Chinamasa how it is possible for someone who is penniless to be given a 5% incentive after exporting,” he said.
“What is the reason for that? It is supposed to be one dollar to one dollar. If one is owed a dollar, they should be given that dollar.
“This issue of a 5% incentive is not what we want, this should be scrapped. Where are you getting that money? Excuse me, where is the money coming from? We are saying, those who would have exported should just be given the amount of money equivalent to the value of their exports.”
Meanwhile, fellow MPs have asked government to pull down what they found to be deceiving adverts linking the introduction of bond notes to exports when there was no such mention in the Bill.
Hatfield MP Tapiwa Mashakada said the original thinking was not to make bond notes a general currency for the rest of the transacting public but an incentive for exporters.
“It (Bill) detracts from the original thrust of export incentive,” Mashakada said.
“As the Bill stands, it is just like any other currency that is being introduced which is not based on any export incentive.”
Zvimba West MP Ziyambi Ziyambi also said a lot of emphasis was given to the 5% export incentive “to the extent that an ordinary person who is not an exporter was in limbo”.
“The moment that we start using these superlatives that this is for exporters and so on, my grandmother who is in the rural areas will not understand it. When you then try to give them that money, you confuse them.”
http://www.newzimbabwe.com/news-33970-Chinoz+Scrap+5pct+bond+notes+bonus/news.aspx
*****************
>>>TNTBS's YouTube Channel<<<
RamblerNash- GURU HUNTER
- Posts : 24270
Join date : 2015-02-19
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Fri May 10, 2024 5:03 pm by kenlej
» Go Russia
Sun May 05, 2024 11:37 am by kenlej
» Go Russia
Sun May 05, 2024 10:51 am by kenlej
» Textbook Tony
Mon Apr 29, 2024 4:13 pm by Mission1st
» The Rockefellers and the controllers are freaking out right about now
Fri Apr 26, 2024 11:16 am by kenlej
» Phony Tony sez: Full Steam Ahead!
Sat Apr 13, 2024 11:51 am by Mission1st
» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
Sat Apr 13, 2024 11:45 am by Mission1st
» Russia aren't taking any prisoners
Fri Apr 05, 2024 6:48 pm by kenlej
» Deadly stampede could affect Iraq’s World Cup hopes 1/19/23
Wed Mar 27, 2024 6:02 am by Ditartyn
» ZIGPLACE
Wed Mar 20, 2024 6:29 am by Zig
» CBD Vape Cartridges
Thu Mar 07, 2024 2:10 pm by Arendac
» Classic Tony is back
Tue Mar 05, 2024 2:53 pm by Mission1st
» THE MUSINGS OF A MADMAN
Mon Mar 04, 2024 11:40 am by Arendac
» Minister of Transport: We do not have authority over any airport in Iraq
Mon Mar 04, 2024 11:40 am by Verina
» Did Okie Die?
Mon Mar 04, 2024 11:34 am by Arendac
» Hello all, I’m new
Wed Jan 31, 2024 8:46 pm by Jonny_5
» The Renfrows: Prophets for Profits, Happy Anniversary!
Wed Jan 31, 2024 6:46 pm by Mission1st
» What Happens when Cancer is treated with Cannabis? VIDEO
Wed Jan 31, 2024 8:58 am by MadisonParrish
» An Awesome talk between Tucker and Russell Brand
Wed Jan 31, 2024 12:16 am by kenlej
» Trafficking in children
Mon Jan 29, 2024 7:43 pm by kenlej