MTHULI Ncube’s budget statement for 2024, presented on Thursday, stands out as a concerning display of authoritarianism, exploitation, deceit, incompetence, and blatant self-centeredness.

The budget reveals a government completely unaware of the structural challenges confronting the economy, the hardships faced by ordinary citizens, and the numerous issues affecting businesses. It demonstrates a lack of regard for economic fundamentals, resulting in a set of prescriptions that are a calamitous assortment of harsh, extractive, and potentially illegal or unconstitutional measures.

This budget mirrors a regime displaying utter disdain for its citizens.

The imposition of an extensive range of taxes on a population already burdened by poverty and social challenges reflects an anti-citizen approach. The increases in toll gate charges, passport fees, duty on soft drinks, vehicle registration, and fuel levy are self-centered and unnecessary.

The proposed government takeover of third-party insurance is evidently unconstitutional and absurd. The removal of VAT zero rating on all goods, excluding exports and medicines, along with the elimination of duty suspension on basic goods, will adversely impact the poor and elderly.

Granting Zimbabwe Revenue Authority powers to temporarily shut down businesses, seize storage devices, raid custody vaults at banks and security companies, as well as confiscate goods and digital data without due process, is both authoritarian and unconstitutional. These measures are likely to face legal challenges.

The introduction of a 1 percent tax on homes valued above US$100,000 is another poorly thought-out measure that will negatively affect innocent homeowners and struggling working people. Notably, homeowners already pay capital gains, rates, and stamp duties.

Structurally, the budget is technically flawed. Failure to express the budget in United States dollars, the predominant currency for transactions in the country, undermines its credibility and decency.

Additionally, the budget conceals a significant budget deficit created in 2023, which will likely surface in a condonation bill two years from now. The budget neglects to address the exchange rate issues, ensuring the perpetuation of exchange rate arbitrage and hyperinflation. Instead of providing relief to working people, the budget punishes them with a wide range of punitive revenue measures, foreshadowing a prolonged period of hardship.