ZIMBABWE recorded a 4,13 percent increase in tourist arrivals in the fourth quarter of 2023, with 515 336 visitors entering the country, according to the Reserve Bank of Zimbabwe (RBZ). This growth is a continuation of the positive trend set post-Covid-19 and elections, signalling a strengthening of the sector. The RBZ said the rise was…
THE Zimbabwe Revenue Authority (ZIMRA) introduced the Tax and Revenue Management System (TaRMS) as part of their strategy to transform the administration of taxes by using a system that simplifies registration, enhances online services and automates compliance checks. The efforts to enhance tax administration and compliance can also be enhanced through the use of Artificial…
By Kundai Mudzviti Staff Writer CFI Holdings (CFI) has rolled out a solar systems installation program in its retail branches as the firm moves to cushion the adverse effects of power cuts as well as leaning towards cleaner sources of energy. The Zimbabwe Stock Exchange-listed agro-based holding company is also pursuing several initiatives to curb…
TOBACCO farmers are currently saving at least US$20 per tonne in production costs, thanks to a coal facility jointly developed by the Tobacco Industry & Marketing Board (TIMB) and Hwange Colliery. TIMB’s head of business development, Tapiwa Chimedza, revealed at a media interface that the partnership with Hwange Colliery has resulted in a 25 percent…
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…
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