January 2024 - The Financial Gazette

TAX MATTERS: Zimbabwe’s sugar tax a public health necessity

Marvelous TaperaJanuary 31, 2024049 views

https://fingaz.co.zw/wp-content/uploads/penci-text-to-speech/post-299996.mp3?cb=1732287675.mp3THE taxation of sugar-sweetened beverages (SSBs) has been brought to the forefront as a key public health intervention strategy amidst the global health crisis. The SSB taxation is endorsed by the World Health Organisation (WHO) and the United Nations Children’s Fund (UNICEF) and is hailed as a “best buy” policy to curb the proliferation of…

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Exchange controls squeeze retailers

Omega UkamaJanuary 29, 2024047 views

ZIMBABWE’S formal retail sector is teetering on the brink as stringent currency controls hamper competitiveness and drive consumers towards the burgeoning informal market. The crux of the issue lies in the in-store “willing buyer-willing seller” exchange rate, currently set at 10 percent above the central bank’s auction rate. Retailers argue this “artificially inflated” rate puts…

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Cautious optimism reigns among banks

Mishma Chakanyuka, Staff WriterJanuary 29, 2024042 views

THE Zimbabwean banking sector anticipates a brighter 2024, buoyed by the relative stability witnessed in inflation and currency rates during the latter half of 2023, according to the Bankers Association of Zimbabwe (BAZ). BAZ chief executive Fanwell Mutogo expressed optimism for the coming year, citing the 2023 positive trends in inflation and exchange rate management.…

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InnBucks leaps onto Zimswitch platform

Almot Maqolo, Staff WriterJanuary 28, 2024043 views

SIMBISA Brands’ mobile money service, InnBucks, has gained access to the national payments platform, Zimswitch, marking a significant step towards seamless financial transactions across the country. This inclusion, long advocated for by users, facilitates smoother interactions with other mobile money operators and banks. “It’s operational,” confirmed Zimswitch chief executive Zabron Chilakalaka, dating the integration back…

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Kavango drills for gold in Zimbabwe

Almot Maqolo, Staff WriterJanuary 26, 2024040 views

IN A bold move, Kavango Resources, a Botswana-based exploration company, is setting its sights on Zimbabwe’s untapped gold potential. Ben Turney (BT), Kavango’s CEO, recently sat down with The Financial Gazette’s Almot Maqolo (AM) to discuss the company’s plans and long-term vision in the country. Below are excerpts from the interview: AM: Can you provide…

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AirZim seeks to expand network with new plane

Mishma Chakanyuka, Staff WriterJanuary 25, 2024036 views

AIR Zimbabwe’s fleet took wing with the arrival of a 50-seater Embraer ERJ145LR, marking a significant step in the national carrier’s turnaround strategy. The aircraft promises improved efficiencies, reduced costs, and potential expansion into new regional routes. Transport minister Felix Mhona hailed the acquisition, saying, “This aircraft signals the unlocking of Air Zimbabwe’s potential. We…

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‘Informal sector not ready to pay taxes’

Farai Mabeza, Senior Staff WriterJanuary 25, 2024051 views

TAX experts believe the informal sector is still not ready to feed into national coffers due to several compliance issues amid concerted efforts by the government to widen the country’s tax base. This comes after a recent report by the Zimbabwe National Chamber of Commerce (ZNCC) highlighted that the informal sector, now the country’s dominant…

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Bridgefort to set up REIT

Almot Maqolo, Staff WriterJanuary 25, 2024033 views

BRIDGEFORT Capital (Bridgefort) says it is working on a Real Estate Investment Trust (REIT) to manage its assets. This comes as the company continues to pursue transactions to broaden its investment portfolio. “Whilst a transaction is pursued, the Class B portfolio comprises an effective 50,1 percent of a stand registered in the name of MedTech…

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Econet calls for balanced regulation

Mishma Chakanyuka, Staff WriterJanuary 25, 2024037 views

ECONET Wireless Zimbabwe Limited (Econet) has called for balanced regulation, given the rising operational costs driven by inflation and the shift to using the US dollar. The telecommunications services provider said it is essential to find a middle ground where tariffs remain practical for the business without becoming unaffordable for consumers. “Regional benchmarks reflect that…

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Cafca’s raw material consumption decline

Almot Maqolo, Staff WriterJanuary 25, 2024035 views

CAFCA, Zimbabwe’s only cable manufacturer, says its raw material consumption in the year ended September 30, 2023 (FY 2023) declined 10 percent to 2 791 metric tonnes from 3 107 metric tonnes in the comparative period. While the company uses aluminium, polyvinyl chloride, polythene and galvanised steel wire, copper remains the main raw material in…

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