NEDBANK Group (Nedbank) has reported a 21 percent increase in revenue for its Southern African Development Community (Sadc) operations, reaching R4,29 million in 2023. This growth was primarily driven by an expansion in net interest margin (NIM) and unrealised forex gains in Zimbabwe. During the same period, Nedbank’s Sadc operations experienced a significant 80% growth…
ZIMBABWE’S export-reliant mining sector faces mounting pressure as global commodity prices continue to decline. This trend raises concerns for the country’s economy, which depends heavily on the mining industry for foreign currency earnings. In a recent interview with The Financial Gazette, Mines minister, Zhemu Soda, acknowledged the severity of the situation, stating, “The mining industry…
ZIMBABWE’S complex and frequently changing property tax regime is discouraging long-term investment and hindering economic growth, according to the Real Estate Investment Trusts Association of Zimbabwe. Speaking at The Financial Gazette’s fifth annual Tax Review Breakfast in Harare last week, chairman Mike Juru made a strong appeal for simplifying Zimbabwe’s complex property tax system. “An…
THE Zimbabwe Revenue Authority (Zimra) says there has been a notable increase in tax compliance among Small and Medium Enterprises (SMEs). Zimra’s Commissioner of Domestic Taxes, Misheck Govha, shared this positive development at the annual tax review breakfast meeting recently hosted by The Financial Gazette. Govha highlighted that since the start of the year, 432…
ZIMBABWE’S sweeping changes to its Value Added Tax (VAT) system have left businesses and analysts grappling with the implications, particularly as the government pursues a vigorous domestic revenue mobilisation drive. The Finance Act 13 of 2023, accompanied by significant statutory instruments, substantially altered the landscape of what goods and services qualify for various VAT rates.…
SIMBISA Brands (Simbisa) says it has completed the acquisition of the Eswatini business, previously a franchised market, as the group streamlines its operations. The Victoria Falls Stock Exchange-listed firm’s operations in Eswatini are now company-owned and operated, profitable contributors to group performance with 17 counters currently trading under the Chicken Inn, Pizza Inn and Galito…
CALEDONIA Mining Corporation (Caledonia) has warned that increased operating costs for 2023 and several significant one-off, non-operating costs in the final quarter of 2023 will see a reduction in profit for the full year. The Victoria Falls Stock Exchange-listed miner said the increase in operating costs comprises higher-than-expected overtime payments and power costs at Blanket…
EDGARS Stores (Edgars) plans for its shares to commence trading on the Victoria Falls Stock Exchange (VFEX) on April 8, subject to shareholder approval at a March 22 extraordinary general meeting. If passed, the apparel retailer’s shares would cease trading on the Zimbabwe Stock Exchange (ZSE) on March 27. The move, announced in February, reflects…
INVICTUS Energy says it is preparing to monetise the Mukuyu gas discoveries and further explore the portfolio of multiple drill ready prospects. The ASX-listed miner confirmed the discovery of high-quality natural gas at the Mukuyu gas field, marking a significant stride in the country’s energy sector. The energy firm’s December drilling campaign unearthed two material…
VALUE-added Tax (VAT) legislation and its regulations presents a unique interpretation challenge because of its intricate system of classifications of goods and services. A correct classification is essential in managing VAT compliance and for enhancing shareholder value. This article, therefore, explains these categories, highlighting their roles and implications within the VAT framework. According to the…
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