Zimbabwe

Finance Minister Tendai Biti said he plans to simplify taxes to lure investment, cut debt and won't restore use of Zimbabwe's currency until annual exports more than double. Zimbabwe needs to cut the number of taxes, restore annual exports to between USD 3-5 billion, a level last seen in about 1996, and tackle its debt "overhang" before it restores its own currency, he said. "The challenge for us is to broaden our tax base and to simplify it," Biti told a mining conference in Harare. "Our thinking generally is to move to a flat rate of tax." Exports totaled USD 1.52 billion last year, according to the Reserve Bank of Zimbabwe. (Bloomberg)

About the author