Tax-free threshold raised to $5 000

The increase is attributed to increased support extended to farmers under the Presidential Input Scheme, encouragement by the Government as well as capacity building of farmers.

For purposes of enhancing food security, this year Government seeks to expand the winter maize programme targeting to put 4000ha in low-lying areas of Masvingo, Matabeleland North and Mashonaland West.

Prof Ncube said the 2020/21 Presidential Input Scheme is targeting to support 1,8 million households to grow maize and traditional grains. The programme will be funded through the budget for procurement of inputs.

On the 2020/21 Summer Cropping Programme, Prof Ncube said Government is continuing the guarantee arrangement with the financial sector. The financial sector is expected to target highly productive farmers in irrigated and highly productive areas.

Turning to mining, the Minister expects the industry to perform well.

“Currently, mining sector contributes about eight percent of total GDP and has set a target of generating

US$12 billion revenues by 2023 from as little as US$2,7 billion in 2017. Priority policy areas to attain this target and other Transitional Stabilisation Programme benchmarks include reviewing and updating mining legislation, enhancing exploration and investment in mining, modernisation and computerisation of the mining title administration system (mining cadastre), improving transparency in the mining sector and establishing a viable fiscal regime,” he said.

Prof Ncube said beneficiation and value addition of minerals to create more jobs and earn more foreign currency are priorities for the sector.

He said the manufacturing sector remains central for industrialising the country and top on the agenda are policy reforms to improve the investment environment.

“However, the sector continues to face investment deficit and other challenges relating to electricity and foreign currency supply and inflation. The Covid-19 pandemic also depressed the performance of the manufacturing industry by restricting production, distribution and consumption of goods and services, among other factors,” said Prof Ncube.