AAT chief executive Ross Kennedy said the development, announced in the budget by finance minister Patrick Chinamasa, would help unlock building development in the sector.
“The extension of the Tourism Rebate Regulation applies to the import of capital goods for tourism projects and is a significant incentive for those involved in tourism to take the opportunity to upgrade and refurbish their products, properties and associated projects,” Kennedy said.
In the budget statement, Chinamasa said the tourism sector needed more time to expand and modernise and revealed that the rebate on capital goods would be run for the whole of 2014.
The Government introduced the duty free import of tourism and hospitality capital equipment in 2009, but the facility expired in August 2013. Some, however, feel that 12 months is too short as renovations are long-term projects.
Kennedy commended both the minister of tourism, Walter Mzembi, and Chinamasa for working together on the initiative. He said the extension would give the Zimbabwean tourism industry a significant injection of momentum and support.
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