The most recently announced Mid-Term Budget Statement announced by Minister of Finance on 14 July 2010 opened some opportunities for Zimbabwean SMEs in the field of international trade.
Export of Scrap Metal
As you may remember from my previous article ‘Passports for Export’, all scrap metal exports from Zimbabwe were banned starting 1 August 2004 in order to promote their use in the local production.
On 14 July 2010, in the Mid-Term Budget Statement, the Minister of Finance announced that, with effect from 1 August 2010, scrap metal generated as a by-product of the production process shall be exempted from the aforementioned export ban. However, export licences of such scrap metal shall still be required and these are issued by the relevant Ministry on a case by case basis.
SMEs who have access to such scrap metal can now have a better business opportunity to export the by-product scrap metal to their clients. The SMEs should approach Ministry of Mines for the export licence of such scrap metal.
Removal of Import Duty on Solar Energy Products
In support of investment in solar energy, on 14 July 2010, in the Mid-Term Budget Statement, the Minister of Finance announced the removal of import duty customs duty on solar panels, inverters, batteries, regulators, geysers, lanterns, water pumps & heaters and energy saving bulbs with effect from 1 August 2010.
