Page 449 – The Financial Gazette

ZIMVRA calls for stakeholders’ alignment to drive tourism growth

Government clears US dollar payments to farmers

South Africa’s GDP beats forecasts despite war hit

TAX MATTERS: Payment of income tax in forex … saga continues

Marvelous TaperaOctober 20, 20220704 views

https://fingaz.co.zw/wp-content/uploads/penci-text-to-speech/post-285302.mp3?cb=1732294698.mp3THE enactment of SI 33 and 142 in 2019 provoked a whirlwind of tax controversy in the arena of payment of income tax in foreign currency. This is notwithstanding existing laws providing for payment of income tax in foreign currency on foreign currency trading since 2009. Where taxable income is earned, received or accrued in…

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Locals shun life assurance

Omega UkamaOctober 20, 20220959 views

MULTIPLE episodes of high inflation in Zimbabwe have eroded the appetite for traditional life assurance in the country, an industry report shows. According to the Insurance and Pensions Commission’s (Ipec) latest report on the sector, funeral assurance accounted for 71 percent of all business written by the life sector during the half-year to June 30,…

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Eschew election splurge, Government told

Tendai KamhungiraOctober 20, 20220694 views

EXPERTS have urged authorities to resist the urge to engage in populist fiscal spending, and instead concentrate on further stabilising the economy ahead of the crunch 2023 national elections. Speaking to The Financial Gazette this week, business leaders and economic analysts said keeping the focus on reviving and growing the economy would reap rich dividends…

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VFEX gains US$68 million in Quarter 3

Omega UkamaOctober 20, 20220758 views

THE Victoria Falls Stock Exchange’s (VFEX) market capitalisation was up 25 percent to US$342 million during the third quarter of 2022. Activity was, however, down by 81 percent to US$595 000. Seed Co International (Seed Co) gained the most during the period ― 42,17 percent ― to close at US$$0,3995 per share. Padenga Holdings (Padenga)…

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ZimTrade pushes for bilateral agreement with Zambia

Farai Mabeza, Senior Staff WriterOctober 20, 20220630 views

ZIMTRADE says there is a need for a bilateral trade agreement between Zimbabwe and Zambia to cement historical economic relations and boost current efforts to promote trade between the two countries. The trade development and promotion body’s manager for the southern region, Jacqueline Nyathi, told The Financial Gazette during a trade mission to Kitwe in…

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‘Over-regulation’ keeps investors away

Emmerson Njanjamangezi, Group Features EditorOctober 20, 20220973 views

FOREIGN investors remain coy about investing in the country’s equity markets due to over-regulation and policy inconsistency, a local investment and research firm has said. In a recent investment note, Imara Asset Management (Imara) said the continued suspension of Old Mutual Zimbabwe shares from trading on the Zimbabwe Stock Exchange remains a drawback and a…

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Zambian business leaders hail Zimbabwe’s trade initiative

Farai Mabeza, Senior Staff WriterOctober 20, 202201.1K views

BUSINESS leaders in Zambia have hailed Zimbabwean manufacturing companies’ recent visit to their northern neighbour, saying it was a great initiative to boost economic ties between the two countries. The visit, which targeted the mineral rich province of Copperbelt, was organised by trade development and promotion body, ZimTrade, last week. Kitwe district Chamber of…

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Counterfeit seed threatens yield

Farai Mabeza, Senior Staff WriterOctober 20, 20220752 views

PAN-AFRICAN agro-seed processor Seed Co says counterfeit maize seed on the market poses a threat to national yield targets, as well as farmer income levels. This comes after a joint operation by the company and the Zimbabwe Republic Police recently netted 7,8 metric tonnes of counterfeit maize seed with an estimated value of between US$18…

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Government bets on local production

Farai Mabeza, Senior Staff WriterOctober 20, 20220735 views

INDUSTRY and Commerce minister Sekai Nzenza, says her ministry’s strategy for the upcoming year will be underpinned by the promotion of local production to achieve stability in the wider economy. Nzenza told a strategic planning workshop last week that in crafting the strategies, the Industry ministry would be guided by the country’s vision to become…

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Sugar industry bemoans unfair competition

Emmerson Njanjamangezi, Group Features EditorOctober 20, 20220853 views

THE sugar industry is engaging authorities in a bid to shield local manufacturers from unfair competition from cheap imports from the region. Local producers have long complained that cheap low-quality sugar smuggled into the country and sold by informal traders is hurting the local industry. In its 2022 annual report, Hippo Valley chairman Canaan Dube…

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