Zimbabwe: Sugar levy to drain US$1,6 billion from drinks firms

Source: Sugar levy to drain US$1,6bn from drinks firms – The Zimbabwe Independent SHOCKING implications of a hefty sugar levy which came into force this January before being massage on Monday drifted into limelight this week, with Zimbabwe’s industries warning that US$1,6 billion in fresh costs will be added to beverages producers annually. Warning of a potential ‘wipe out’ of a sector that is already battling diminishing demand, the Confederation of Zimbabwe Industries (CZI) said the levy was too high. The sugar levy, one of a raft of taxes and other statutory obligations introduced by Finance, Economic Development and Investment Promotion Minister Mthuli Ncube in the 2024 national budget, had already been blamed for waves of recent beverage price hikes. Under the sugar levy, Ncube wanted to collect US$0,02 for every gramme of sugar contained in beverages. He slashed the figure to US$0,001 per gramme this week. There has been a drumbeat of anger across Zimbabwe since the budget ...