CABS’ credit risk was upgraded after the quality of the mortgage lender’s loan book improved, with its non-performing loans ratio reduced to 0,23 percent during the year to December 31, 2021 from 0,41 percent in the prior year. In a statement accompanying financial results, CABS’ managing director Mehluli Mpofu said in inflation adjusted terms, the…
BUSINESS is urging authorities to craft new tax laws and overhaul the various acts that govern tax collection to lessen the corporate burden and simplify tax computation and payment procedures. Although the mining industry remains upbeat about its growth prospects going forward, it is one of the major sectors that would like the country’s tax…
TIAN Ze Tobacco says it currently has no plans to establish a tobacco processing plant in the country, but will instead focus on expanding its contract farming scheme. The Chinese tobacco company was established in 2005 under a Memorandum of Understanding and currently handles at least half of Zimbabwe’s crop. During the 2021 marketing season,…
OLD Mutual Zimbabwe (OM) posted significant growth in 2021, registering an inflation adjusted profit after tax of $28,8 billion, up from $10,5 billion achieved in the prior year. In historical cost terms, this translated to a profit after tax of $35,6 billion, up from $11,1 billion achieved last year, the financial services giant’s results showed…
CHURCHES bring together people of the same faith and beliefs to worship under one roof and often under one name. It is a common occurrence in Zimbabwe to see small churches springing up in neighborhoods, towns and villages all over the country. A lot of these small churches do not see the need to formally…
LANDLINE phone and data services operator TelOne says the recent performance of its data services business merits a separate business unit status. This comes after the company last week commissioned a US$1 million data centre expansion project at its Mazowe Earth Station, a partnership with Tendo Electronics and Power Engineering Company. TelOne managing director Chipo…
THE government is set to rope in tobacco farmers to ramp up wheat production, amid supply chain disruptions caused by the Russia-Ukraine conflict. Zimbabwe imports about 40 percent of its wheat from Russia. In a post-Cabinet media briefing, Information minister Monica Mutsvangwa said golden leaf farmers were expected to increase wheat production, as government plans…
ZIMBABWEAN tax laws bring into gross income all amounts an employee derives in connection with employment, including all amounts received or accruing to a person by reason of employment or cessation of such employment. It does not matter whether such amounts are paid in terms of a signed contract or under an implied contract or…
FINANCE minister Mthuli Ncube says the government is prepared to offer independent power producers guarantees on power purchase agreements (PPAs). A PPA is a long-term renewable energy agreement, directly between an energy producer and a consumer entity. The consumer commits to a renewable energy developer for the purchase of a volume of energy set at…
LOCAL alternative trading platform Financial Securities Exchange (FINSEC)plans to introduce automated derivatives writing and trading, as it pushes to bring the country’s capital market up to speed with the rest of the world. Derivatives are contracts between two or more parties whose value is based on an agreed-upon underlying asset, or set of assets such…
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