TAX defaulting firms now risk temporary closure as the government plans stiffer penalties in a bid to enforce compliance. Presenting the 2022 mid-term budget review last week, Finance minister Mthuli Ncube said the Zimbabwe Revenue Authority (Zimra) was as at June 30, 2022 owed $23 billion in taxes. “Efforts to recover the outstanding tax debts…
FIRST Capital Bank says it has started to expand its regional and international corresponding banking relationships in a bid to avert a single supplier risk, as it angles to reap rewards in the growing regional business emanating from the African Continent Free Trade Area (AfCFTA). Correspondent banking is an agreement between two banks whereby one…
FARMERS say they are yet to receive the promised US$60 million revolving facility from the government in a development which has affected tobacco production in the country. This comes as the tobacco marketing season draws to a close having recorded a six percent increase in total sales to US$592 million, compared to US$559 million earned…
THE Zimbabwe Stock Exchange’s losing streak stretched to three months in July, the longest since 2016, when bond notes were introduced. The local bourse had trended upwards since then, with inflation — driven mostly by currency ambiguity, which essentially started with the introduction of the pseudo currency — pushing demand for stocks and other non-cash…
EDGARS Stores Zimbabwe (Edgars) says it will continue to align its business to opportunities that arise to increase the clothing retailer’s revenue and strengthen its operations. In a statement accompanying the company’s financials for the 52 weeks ending January 9, 2022, chairman Thembinkosi Sibanda said the company will concentrate on controlling operating costs this year…
Fringe benefits plans are vital in building an appealing company culture that attracts the right workforce. Employees who feel comfortable and influential in their work environment are more motivated to achieve. Moreover, the ability of organisations to respond to changing expectations and adapt significantly impacts success in employee retention and recruitment efforts, while preventing high…
CHAMBER of Mines Zimbabwe (CoMZ) has struck a note of caution after Finance minister Mthuli Ncube announced an increase in royalties for the platinum and lithium sectors, saying some miners may struggle to meet the new thresholds. Presenting the mid-term budget review and supplementary budget last week, Ncube proposed a royalty rate of five percent…
FINANCE minister Mthuli Ncube says the government is set to introduce private sector grain marketing amid plans to operationalise a bankable 99-year land lease programme by next year. Presenting his budget strategy paper for 2023 last week, Ncube said agriculture was expected to rebound in 2023, with growth expected at 6,7 percent, up from the…
THE directors of Zeco Holdings (ZECO) will this month convene an extraordinary general meeting to ratify the change of its strategic focus from a rolling stock company to a residential and commercial property investment and development company. The meeting will be held on August 17. Shares in the company were temporarily suspended from trading on…
ECOCASH Holdings is confident that it will withstand current economic challenges in the country. In a trading update for the quarter ended May 31, 2022, published this week, Ecocash said the group’s performance would remain constrained by the deteriorating operating environment. “We will continue to leverage on our digital platforms to innovate and meet the…
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