The Zimbabwe Tourism Authority (ZTA) has made submissions to the Ministry of Finance to consider reinstating Statutory Instruments 46 and 60 that allow for duty free importation of capital goods and vehicles used in the tourism sector.
As the presentation of the Mid Term fiscal policy draws nearer the Ministry of Tourism is optimistic the fiscal authorities will take heed to their appeal for the exemption of duty on imported capital goods and motor vehicles in the tourism industry.
ZTA Spokesperson, Mr Sugar Chagonda said the authority is concerned over the challenges faced by hoteliers in importing capital goods and has since engaged the fiscal authorities with a view to renewing the expired statutory instruments.
Director of Ochi Safaris, Commissioner Oliver Chibage and Bronte Hotel Managing Director, Mr Graham Dickens say high costs of financing operations has forced them to shelve some of the key investment projects and the re-introduction of the statutory instruments is critical in the revival, growth and completion of the current projects.
Financial results released by some firms in the tourism industry indicate that funding remains a major constraints hampering growth of the sector and upgrading of the existing facilities.
Statutory Instruments 46 and 60, which expired in February this year were gazetted prior to the 2010 World Cup to allow players in the tourism industry to import capital goods duty free so as to spruce up their facilities ahead of the soccer showpiece.