The Secretary of State for Finance and Treasury Vera Daves warned Tuesday that there will be penalties for the price speculators.
Vera Daves said that conditions have been created for curbing such practices. The official referred to a working group made up of technicians from the Ministry of Commerce, through the National Institute for Consumer Protection (INADEC), the Economic Police, as having been created to deal with such a practice.
The General Tax Administration (AGT) also made available a tip off line to denounce the practices.
“We are aware of the risk. And I calls on everyone to help in fight this practice by denouncing it,” Veras Daves a press conference on VAT on local made or imported goods and services at a flat rate of 14%.
The single 14% rate is below the 15% average practiced by the other 14 SADC regional bloc member states (DRC, South Africa, Tanzania, Mozambique, Botswana, Namibia, Swatini, Zambia, Zimbabwe, Malawi, Madagascar, Islands Mauritius, Seychelles, Lesotho and Eswatini Kingdom.