Taxpayers are required by law to give sensitive information of their businesses to revenue authorities, such as their income, expenditures and business operations. Tax returns, assessments and other correspondents or documents that a tax authority may seek from time to time may be used to supply the information. Section 34F of the Revenue Authority Act…
THE Zimbabwe Energy Regulatory Authority (Zera) says low water levels at Kariba Dam have seen the country’s energy mix getting less sustainable with increased reliance on coal.
MEIKLES says it cannot assess possible performance for its forthcoming financial year due to the country’s inflationary environment. In a statement accompanying the group’s 2023 annual report, chairman John Moxon noted that the economy faced elevated levels of inflation, a depreciating exchange rate, and rising interest rates during the period under review. “The resultant impact…
BRITISH American Tobacco Zimbabwe (BAT) says it recorded a 120 percent turnover growth during the nine months ended September 30, 2023 underpinned by strategic pricing decisions. The cigarette manufacturer, however, recorded a seven percent decline in sales volumes during the nine months to September 30, 2023 owing to a decline in consumers’ disposable income. This…
RAINBOW Tourism Group (RTG) says it is constantly pursuing the expansion of its hotel portfolio, capitalising on its debt-free financial position. This comes as the hotelier allocated $2,6 billion (equivalent to US$1,7 million) towards capital expenditure during the half year ended June 30, 2023. The group said its primary focus of capital expenditure investment was…
SIMBISA Brands (Simbisa) says it embarked on an organisational restructuring exercise during the year ended June 30, 2023 with a brand-focused approach. The Victoria Falls Stock Exchange-listed group said as part of the re-organisation efforts, it made a strategic decision to streamline the brand portfolio to focus entirely on the best-performing core brands in the…
THE Confederation of Zimbabwe Industries (CZI) says the manufacturing sector’s negative performance reflects a gap between government policy measures and set National Development Strategy 1 goals. CZI president Kurai Matsheza told the organisation’s annual congress last week that the downward trend in the manufacturing sector was worrying as it implied de-industrialisation at a time the…
THE Zimbabwe Investment and Development Agency (Zida) says the energy sector was the peak of new investment in the third quarter of 2023, as six projects worth US$2,8 billion were licensed. According to the agency, the sector accounted for 82 percent of all new investments during the period, in value terms. This comes as the…
BOTH industrial hemp and medicinal cannabis producers still have a huge task of convincing the financial sector to fund production costs due to legal and perception hurdles, experts say. Zimbabwe Industrial Hemp Trust chief executive, Zorodzai Maroveke, however, pointed out that this challenge was not peculiar to Zimbabwe. “In America, because at federal law they…
EXPERTS say the recent extension of the country’s multi-currency system to 2030 will unlock much-needed long-term funding for commerce and industry. The extension came amid growing concerns that banks were now limiting their lending to business due to the looming earlier deadline of 2025 for the end of the rising local use of the US…
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