INVESTMENT-STARVED Zimbabwe is crafting a new law aimed at making it easier for foreign investors to repatriate their profits from the southern African country, The Financial Gazette can reveal. This comes as scores of foreign firms — including BAT, PPC, Lafarge and numerous airlines — are struggling to repatriate millions from Zimbabwe. Justice minister…
CONSTRUCTION of the Gwayi-Shangani Dam in Matabeleland North is expected to be completed by December this year despite work done being at 36 percent, a government minister has said. The Gwayi-Shangani Dam, which will become the country’s third largest inland water body when complete after Tokwe-Mukosi and Lake Mutirikwi, is expected to have a capacity…
THE Public Accountants and Auditors Board (PAAB) says the recently gazetted Statutory Instrument 33 of 2019, which set an exchange rate of 1:1 between RTGS$ and US dollars, conflicts with Zimbabwe’s prescribed reporting standards. The law, which was gazetted on February 22, 2019 specified, among other things, that for accounting and other purposes, all…
ZIMBABWE has introduced a new mining law that imposes a double penalty on entities that fail to pay royalties. Mining royalties, a usage-based tax calculated as a percentage of the gross fair market value of minerals produced, are levied in terms of the Mines and Minerals Act, while the royalty rates are fixed through the…
ZIMBABWE’S trade deficit for January was down by 82 percent compared to the same period last year after a sharp decline in imports from South Africa (SA). Latest trade data from the Zimbabwe National Statistics Agency shows that the country’s trade gap in January was $44 million, representing a dramatic decline from gaps of $130…
TRUWORTHS Zimbabwe says its financial performance for the half year ended January 6, 2019 was dampened by the introduction of a two percent tax on electronic transactions. Its trading expenses increased significantly during the period under review due to the new levy. Finance minister Mthuli Ncube in October last year announced an intermediated money transfer…
THE Zimbabwe National Statistics Agency (ZIMSTAT) plans to start publishing national accounts on a quarterly basis. The move comes after the agency signed a Memorandum of Understanding (MoU) with the Zimbabwe Revenue Authority (ZIMRA), which allows the agencies to share “vital information about business entities, which operate in the local economy”. “…there is strong need…
AXIA Corporation Limited (AXIA) has partnered businesses that generate foreign currency as part of strategies to grow the company’s volumes going forward, a local equities research firm has said. Due to the foreign currency shortages and the real threat of stock shortages, AXIA management recently suggested a strategy of acquiring and or partnering businesses that…
NATIONAL Foods (Natfoods) says the central bank has assumed its US$54,9 million legacy debt owed to a foreign supplier, in a move that will allow the food processor to continue operating its flour milling unit. In December last year, the group warned that its flour milling division was on the brink of closing down after…
THE current fuel shortages in Zimbabwe are due to temporary lags in the banking system and working capital constraints faced by petroleum dealers, central bank governor John Mangudya has said. The former CBZ Holdings chief executive told Parliament’s energy portfolio committee that the central bank had provided ample foreign currency for fuel imports since January…
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Read More