parliamentarians sitting 05-10-10.jpgThe Finance Bill, which gives legal effect to the 2011 national budget, has sailed through Senate with amendments as adopted by the House of Assembly.

 

 

The bill, which was last Friday rejected by Senate due to many loopholes, has finally been passed and now awaits Presidential assent.

 

Its rejection last Friday was due to the fact that Finance Minister, Tendai Biti had clandestinely amended clause 21 of the Exchange Control Act, which give the President the authority to make regulations governing currencies, imports and exports as well as the control of strategic economic resources.

The bill was referred back to the lower house for amendment of clauses 18, 22 and 24, whilst cabinet recommended the withdrawal of clause 21.

Clause 21 was withdrawn from the bill after the realisation that Mr Biti was trying to usurp the Presidents’ executive powers into his office with analysts saying this was aimed at ensuring that he has uncontested control of the financial resources for political and economic mileage ahead of the anticipated election next year.

Mr Biti had many proposals to the effect that one person is allowed to sit on more than two boards while local authorities were expected to collect revenue on behalf of the Zimbabwe Revenue Authority (ZIMRA) and retain 10% among other changes.

The dishonesty by Mr Biti was exposed by the Senate and this resulted in the bill being referred back to the lower house with recommendations for amendments and these were adopted hence the passing of the bill without any debate.