November 7, 2024 - The Financial Gazette

Corporates expected to target informal sector

Mishma Chakanyuka, Staff WriterNovember 7, 20240626 views

https://fingaz.co.zw/wp-content/uploads/penci-text-to-speech/post-310327.mp3?cb=1733932125.mp3BUSINESSES in Zimbabwe are expected to intensify their focus on the informal sector as a primary source of US dollar cash flow, according to a recent report from IH Securities. With the informal economy increasingly becoming a stronghold for US dollar transactions, corporates are strategically targeting this sector to secure consistent access to hard currency…

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Foreign currency loans dominate banks’ books

Almot Maqolo, Staff WriterNovember 7, 202401.1K views

ZIMBABWE’s banking sector is heavily invested in foreign currency-denominated loans, which account for 88,88 percent of total loans and advances, reaching ZiG27,45 billion by mid-2024, according to recent data. The Reserve Bank of Zimbabwe (RBZ) Banking Sector Industry Report for the quarter ending June 30, 2024, states that banks have remained committed to funding productive…

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TAX MATTERS: Insurance commission tax: A regulatory dilemma with unintended consequences

Marvelous TaperaNovember 7, 202402.7K views

IN Zimbabwe, insurance businesses must navigate and comply with many tax obligations. Among these several obligations is the property and insurance commission tax in respect of commission paid to freelance agents or brokers. This creates unintended consequences in that the tax liability rests with the person who does not hold any money in their hands…

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Murowa earnings hit by declining diamond prices

Almot Maqolo, Staff WriterNovember 7, 202401.1K views

RIOZIM’s associate, RZM Murowa (Murowa) says its revenue and profitability were negatively affected by receding global diamond prices despite a slight uptick in production during the six months to June 30,2024. Mining activities from the pits remained suspended as the company is currently engaged in extensive exploration targeted at extending the life of its pits.…

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Afdis volumes gush up by 11 pct

Mishma Chakanyuka, Staff WriterNovember 7, 20240748 views

AFRICAN Distillers Limited (Afdis) volumes shot up by 11 percent during the half year ended September 30, 2024 driven by ready-to-drink and wine segments which grew by 22 percent and 13 percent respectively. Afdis chairman Matlhogonolo Valela said in a statement accompanying the company’s financials that the ready-to-drink volume was influenced by promotions and the…

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