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New Zimbabwe

UNITED Refineries Limited (URL) chief executive Busisa Moyo has urged the government to accept tax payments in the local currency to increase confidence in its use.

The businessman, who is also a presidential advisor to President Emmerson Mnangagwa and the chairperson of the Zimbabwe International Trade Fair (ZITF), was speaking on a live radio talk show on the weekend on the sidelines of the Confederation of Zimbabwe Industries (CZI) 2021 congress.

“The US$1: $200 and US$1: $100 rates have caused a lot of challenges in the industry, a lot of things are being chocked,” said Moyo.

He questioned why the government was not allowing local companies an opportunity to pay their taxes in the local currency.

“I do not think you should pay taxes in US dollars, you should pay taxes in the local currency. The government is the issuer of the local currency, the first backer of the currency is government itself,” he added.

“You cannot invite me to your house and say I am buying myself a KFC when you are the one who cooked. If you invite me we eat together.”

The local currency is now trading at US$1: $99 on the official market and as high as US$1: $200 on the popular black market.

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