ZIMBABWE’S banking sector is set to tread carefully on non-performing loans (NPLs) this year, in a bid to prevent a resurgence of escalating NPLs as the nation continues its dollarisation process, according to the Bankers Association of Zimbabwe (BAZ). A surge in NPLs can debilitate the operations of financial institutions, as it increases the likelihood…
TAX compliance and administration in Zimbabwe has witnessed a significant transformation with the introduction of a new Pay-As-You-Earn (PAYE) return system. Effective from January 1, 2024, this new system aims to streamline the process of tax returns for employers and employees alike, offering a modernised approach to tax declarations in both United States dollars and…
STATE-OWNED telecommunications company, TelOne, says it will make use of its existing infrastructure to set up three new data centres at an estimated cost of US$20 million, despite capital constraints. A data center is a facility housing many networked computers that work together to process, store and share data. The three data centres will be…
WILLDALE spent eight times more on local procurement in 2023 than it did the previous year as the brick-making company sought to minimise lead time and stock holding costs associated with sourcing raw-materials externally. The company, the only brick maker with a publicly-traded stock, spent $17,71 billion in 2023 on local suppliers, reflecting an 832…
NMB Bank (NMB) is pursuing fresh lines of credit from undisclosed international funders to meet the growing demand for working capital financing in the local productive sectors of the economy. The bank is one of the largest financiers of blueberries, which are primarily sold on the international market. In an interview with The Financial Gazette,…
ZIMBABWE’S milk production fell eight percent month-on-month in February, according to data from the Agriculture ministry’s Dairy Services Department. This, however, comes as the country’s dairy farmers have seen a significant increase in milk production in the first two months of 2024, with output up 21 percent year-on-year to 18,33 million litres. The decline, from…
AXIA Corporation’s subsidiary, Distribution Group Africa (DGA) regional operations in Zambia and Malawi resulted in improved volume performance during the six months to December 31, 2023 to after a lacklustre performance by the local unit. DGA is a distribution and logistics concern with its core expertise in inbound clearing and bonded warehousing, ambient and chilled/frozen…
THE Zimbabwe National Road Administration (Zinara) is on track to settle its debt with the Development Bank of Southern Africa (DBSA), with less than $70 million now outstanding. The original debt, which Zinara has been repaying in instalments, stood at $206 million. Zinara’s CEO, Nkosinathi Ncube, confirmed at the company’s annual general meeting that the…
TAXATION is a crucial aspect of any country’s economic system, serving as a primary source of revenue for government operations and public services. In Zimbabwe, the tax framework extends to cover various sectors, including the entertainment and sports industries. I explore the income tax intricacies faced by non-resident individuals involved in the entertainment and sports…
FITCH Solutions believes Zimbabwe’s ban on raw lithium exports, steering towards in-country processing, is a strategy that holds immense promise for economic upliftment in the medium term. The bold move was meant to harness the burgeoning global demand for electric vehicle batteries. As a major lithium provider, Zimbabwe is poised to tap into the rapidly…
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