FINANCIAL statements published by companies in Zimbabwe are no longer of any practical use to the intended audience, as current regulatory conditions for their preparation do not allow presentation of an “accurate and fair picture”, an Institute of Chartered Accountants of Zimbabwe (ICAZ) forum heard last week. It comes as companies in the country have…
FIRST Mutual Holdings’ (FMH) assets grew by 21 percent during the nine months to September 30, 2021, driven by gains from investments in stocks and property. It comes as high inflation in Zimbabwe over the past few years has driven investors to value preserving asset classes, particularly stocks. In a trading update, FMH last week…
RAINBOW Tourism Group (RTG) says the relaxation of the Covid-19 restrictions, which has brought tourism sector stability, is a positive development providing green shoots and increased activity for the group. In a trading update for the period ended September 30, 2021, the group said it had narrowed its focus to exploit emerging revenue opportunities to…
PUBLIC-private partnerships (PPPs) are not a new phenomenon in Zimbabwe. From as far back as 1998, PPP deals saw the construction of the New Limpopo Bridge on a 20-year Build-Operate-Transfer arrangement between New Limpopo Bridge (Pvt) Limited and the government of Zimbabwe. PPPs have also been effective in regulating recent deals such as the 2017…
ONE important topic of discussion at the 2021 OESAI Conference had to do with capacity building and skills development in the insurance sector. The paper was presented by Saul Sseremba, CEO of the Insurance Training College (Uganda). Generally, there was consensus among participants that globalisation has disrupted knowledge creation and that there is no monopoly…
CROSS border hiring of capital equipment, (mining, manufacturing, telecommunications, construction etc) from a non-resident person creates a withholding tax liability for the non-resident in Zimbabwe and an obligation on the part of the resident payer of the royalty or rent to deduct and remit the said tax liability to the Zimbabwe Revenue Authority (Zimra) in…
ZIMBABWE is losing over US$106 million in duty revenue annually due to cross-border tax abuse by multinational companies and individuals hiding assets and income streams offshore, a State of Tax Justice report has revealed. According to the recently launched report by the United Kingdom-based Tax Justice Network, the Global Alliance for Tax Justice and the…
POWER utility, Zesa Holdings (Zesa), says private sector participation in power generation would provide the answer to the country’s perennial deficit, as the state entity, which is owed $15 billion by customers, has struggled to meet demand. Zimbabwe has of late been experiencing serious power shortages which have left businesses with operational losses and higher…
THE government plans to use part of the nearly US$1 billion in special drawing rights (SDR), which Zimbabwe recently received from the International Monetary Fund (IMF) to guarantee loans to be offered to stressed businesses under a new stimulus package facility. This comes as both commerce and industry have been agitating for fresh fiscal support,…
MINERS’ representative body, the Chamber of Mines of Zimbabwe (CoMZ), has asked the government to charge taxes, royalties and for electricity bills among other statutory obligations in the Zimbabwean dollar (ZWL), saying paying in United States dollars (US$) is piling pressure on mining players’ operations. Economist Pardon Chitsuro told stakeholders attending the Association of Mine Managers…
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