Thread by @shingaiRndoro, #NOCZIMDebtRedemptionLevy Thread i. HOW long shall this be paid? ii. WHO is [...]

Shingai Ndoro

shingaiRndoro

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#NOCZIMDebtRedemptionLevy Thread

i. HOW long shall this be paid?
ii. WHO is being paid WHAT amount?

1/ Indicated in the fuel price build up is a level of 1.3 cents USD & 5.7 cents USD per litre for diesel&petrol, respectively.

Accountability based on s68 of the Const

#NOCZIMDebtRedemptionLevy Thread i. HOW long shall this be paid? ii. WHO is being paid WHAT amount? 1/ Indicated in the fuel price build up is a level of 1.3 cents USD & 5.7 cents USD per litre for diesel&petrol, respectively. Accountability based on s68 of the Const

2/ The 1999 #NOCZIM corruption scandal led the Gvt to pass on its debts to the people of Zimbabwe by way of a #NOCZIMDebtRedemptionLevy introduced in 2003.

@zeraenergy @ZimTreasury @ZimFact @newswireZW @zimlive @kukurigoZW @HeraldZimbabwe @SundayMailZim

3/ Finance Act: "The Noczim debt redemption levy was introduced by the Finance Act in 2003 to assist the company amortise its accumulated foreign debt that it has battled to settle despite previously enjoying monopoly over fuel trade."

4/ Here were the US$158m debts:
1. Arab Foreign Bank (LAFB) &Tamoil (both Libyan firms) US$44m
2. ZIMRA US$29,3m
3. Nordbanken US$24,6m
4. Dread Stock US$16,3m
5. BP South Africa US$12,7m
6. Buffer Stock $11,850m
7. CPMZ US$9,3m
8. Engen US$6,980m
9. Caltex (Chevron) US$2,6m

5/ Curiously reading on the list are the creditors,
#4. Dread Stock &
#6. Buffer Stock.

Was an audit done to find out who they are?

#2. ZIMRA, thats the people of ZW owed!

6/ From the data mined in 2010 by the Ministry of Energy&Power Development from ZERA, ZIMRA & the Parliament Budget Office show that close to US$200 million had been raised for the #NOCZIMDebtRedemptionFund since 2013.

7/ Using ZIMRA data, it showed that ZW imported 1,873 billion litres of petrol & 3,536 billion litres of diesel btwn 2013 & 2016, yielding about US$173m in levies paid into the #NOCZIMDebtRedemptionFund.

How much has been raised for the period 2003-2013 &from 2017 to date?

8/ The Auditor General’s 2015 audit found that Gvt used proceeds from the fund 2 finance its operations, beyond the redemption levy’s specific purpose.

9/ From September 2014, the fund was making monthly payments of US$2,7m to pay off a US$67m loan for unspecified “government operations” without Treasury approval, the audit noted.

10/ "The Gvt raised nearly US$200m between 2013 and 2016 from NOCZIM debt redemption levy, enough to pay off the parastatal’s legacy debts, but continues to tax consumers & diverting the cash to other expenses. - The Financial Gazette June 22, 2017.

11/ Whats the situation with the #NOCZIMDebtRedemptionLevy? @fortunechasi @official_MOEPD