Chamber of Commerce wants banking levy in 2018 budget

THE Mufulira Chamber of Commerce and Industry (MCCI) has proposed introduction of a banking levy in the 2018 national budget as a measure to boost

revenue collection.
In an interview, MCCI vice-president Luckson Ndhlovu said the introduction of a banking levy will compel commercial banks to positively contribute to the treasury.
Mr Ndhlovu said commercial banks make exorbitant profits that do not trickle down to their customers in terms of interest lending rates, as well as easy access to financing.
He said most banks have stringent lending procedures that make it difficult for small and medium entrepreneurs to borrow and grow their businesses, and that this tends to negatively affect overall economic growth, and employment creation.
“So I think the only way to go round this issue is to introduce a banking levy, say, at 10 percent for all financial institutions because they make a lot of money yet contribute very little,” he said.
Mr Ndhlovu said the central bank is not doing much to regulate the activities of commercial banks in ensuring that access to finance is eased.
And Mr Ndhlovu urged Government to reduce the import duty on brand new motor vehicles next year.
He said a reduction in the import duty for brand new vehicles will discourage the purchasing of second- hand vehicles that contribute to environmental degradation through carbon emissions.
Mr Ndhlovu also appealed to Government to apply punitive measures on officials that misappropriate and misapply public resources as cited in the Auditor General’s report annually.

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