ART creates liquidity ‘headroom’

AMALGAMATED Regional Trading Holdings (Art) says the successful completion and settlement of Nampak’s shareholding in Softex, as well as upgrades in Chloride, will create liquidity “headroom” to enable the group to complete the capitalisation of its paper business. The diversified group said the acquisition was necessitated by the need to streamline the decision-making process at…

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TAX MATTERS: VAT on imported services

VALUE Added Tax (VAT) laws provide for collection of VAT on services imported by any person (individuals, registered operator or non-registered persons). The supplier of imported services must be a non-resident of Zimbabwe and the services should be consumed or utilised in Zimbabwe. VAT on imported services is a self-declaration by the recipient of services.…

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Mining is poised to top 2022 forecasts

THE mining industry is well on course to surpass the government’s growth projections for the sector for the year, amid strong commodity prices and rising export earnings. Presenting the sector’s prospects for 2022 at the recent Confederation of Zimbabwe Industries’ (CZI) annual economic outlook forum, the chief economist for the Chamber of Mines, Pardon Chitsuro,…

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Listed companies focus on cost containment

A NUMBER of companies listed on the Zimbabwe Stock exchange (ZSE) say they will concentrate on controlling operating costs this year to improve raw material procurement, increase production and profits. This comes as most companies are groaning under the weight of mounting costs driven by the falling value of the local dollar, exchange rate distortions,…

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Zimbabwe’s trade with South Africa declines

ZIMBABWE’S trade with its neighbour and biggest trading partner, South Africa (SA), accounted for 33,4 percent of all its trade in December, down from 38,1 percent in November, according to figures released by the Zimbabwe National Statistics Agency (Zimstat) this week. This came after imports from South Africa declined from 43,7 percent in November 2021…

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Zinara approaches banks for funds

THE Zimbabwe National Roads Authority (Zinara) says it is in talks with various banks to secure short-term funding of $5 billion to be disbursed to local authorities, while it seeks Treasury’s approval to widen its scope for funding and apply for long-term finance. Zinara board chairman George Manyaya told the media this week that the…

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Government approves four investment projects

CABINET this week approved four public investment projects that are expected to support efforts to rehabilitate Zimbabwe’s economy, which has been sluggish for decades. Speaking after a cabinet meeting this week, Presidential Affairs minister Jorum Gumbo said the meeting approved a joint venture between TelOne, Flashcord and the National Venture Capital Company of Zimbabwe to…

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