ZIMBABWE has witnessed a spate of unprecedented price increases for most goods and services after parallel market rates soared and business reacted to the introduction of a two percent tax on money transfers by Finance Minister Mthuli Ncube. A majority of retailers defend the increases, saying they are doing so to cushion their businesses against…
ZIMBABWE’S annual broad money supply grew 47,5 percent to $9,68 billion in July, from $6,56 billion during the same period in the prior year, according to the Reserve Bank of Zimbabwe (RBZ). In its monthly economic highlights for July released last week, the RBZ said growth in money supply reflected yearly increases in demand deposits…
ZIMBABWE’S total merchandise trade declined 10 percent from $999,3 million in June 2018 to $900,3 million in July due to a decrease in month-on-month stock of both exports and imports, latest data has shown. According to the Reserve Bank of Zimbabwe’s (RBZ) monthly economic review for July, merchant exports amounted to $340,3 million in July…
ZIMBABWE’S cost of living increased marginally in September due to rising inflation, the consumer watchdog has said. This comes at a time when Cabinet has approved principles of the Consumer Protection Bill, which criminalises retailers and manufacturers who increase prices of goods and services without justification. The Consumer Council of Zimbabwe (CCZ) yesterday…
ZIMBABWE’S tax system is characterised by low compliance levels as registered corporate taxpayers are not remitting their dues, a tax expert has said. Speaking at The Financial Gazette tax review conference last week, Christina Muzerengi, a tax partner with Grant Thornton, said the three tier pricing system in the country was making it difficult for…
TREASURY should add exemptions to the intermediated money transfer tax, which it announced last week, an expert has said. Last week, Finance minister Mthuli Ncube announced exemptions to the tax which came into effect on Saturday. Transfer of funds for salaries, the purchase and sale of equities as well as foreign currency related payments are…
GOVERNMENT should review mining royalties to encourage large scale investments in precious metals, Christina Muzerengi, a tax expert, has said. A royalty is a usage based tax, which is calculated as a percentage of the gross fair market value of minerals produced. Zimbabwe’s mining royalties are among the highest in the region. “There is a…
THE Zimbabwe Stock Exchange (ZSE) has been ranked as the best performing market in Africa in the last five years. The local bourse has intermittently surged on the deterioration of economic fundamentals in the country, resulting in most investors preferring stocks to hedge against cash shortages and rising inflation. According to InvestingInAfrica, the ZSE’s return…
THE Zimbabwe Stock Exchange (ZSE) is yet to appoint a substantive chief executive officer (CEO), 22 months after Alban Chirume’s dismissal. Chirume was suspended in January last year after he sanctioned a listed company’s cash call, despite reservations from the listing committee. Operations manager Martin Matanda has been acting CEO since February last year. Speaking…
Bobi Wine, Uganda’s most prominent opposition leader and former reggae star, has hit out at Kanye West for meeting President Yoweri Museveni at the State House. West is in Uganda with his wife, the reality TV star Kim Kardashian West, to shoot a video in a game park where the rapper is recording his ninth album in a…
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