PRESIDENT Emmerson Mnangagwa is today expected to deliver the State of Nation Address amid growing labour unrest and rising uncertainty in the wake of the Covid-19 outbreak. While the country has gradually eased restrictions allowing business to return to normal, there is still an air of uncertainty over the full resumption of school. At the…
FALLING into debt may be necessary, but there are problems that come with it. More often than not, the debtor ends up enslaved to the creditor if one defaults in payment. Insolvency, sequestration and liquidation are terms that people hear about frequently, but rarely have they paid attention to them. In these harsh economic times…
A fundamental reason for the existence of the rules of prescription in tax law is to provide taxpayers with certainty regarding their tax position. There has been an upsurge of re-opening of assessments after the prescription period by the Zimbabwe Revenue Authority (Zimra) and the court has extensively decided on this matter in recent times.…
A recent tweet on Zimbabwe inflation estimates by Professor Steve Hanke, a Professor of Applied Economics at the Johns Hopkins University and senior fellow at the Cato Institute, has caught many by surprise given that his y-o-y inflation of 455 percent is below the official figure of 761.02 percent. Hanke also stated in his tweet…
THE Reserve Bank of Zimbabwe (RBZ) is soon expected to introduce higher denomination notes, as part of a long-stated plan and which will see the amount of physical cash in circulation doubling to $3 billion, officials say. This comes as the country’s monetary authorities in June introduced $10 and $20 notes, as year-on-year inflation spiraled…
ZIMBABWE continues to lose millions of dollars through illicit financial flows, with a 2019 Financial Intelligence Unit (FIU) report indicating that nearly $1 billion per year was laundered between 2014 and 2018. The crack unit says the threat has remained due to the country’s limited ability to combat money laundering. Experts, however, say the government’s…
THE Insurance and Pensions Commission (Ipec) says the industry has had to bear considerable losses in the money market due to a lack of investing options in Zimbabwe. According to the regulator, nominal monthly deposit rates for money market investments varied from 3,55 percent to 14,99 percent against real negative returns of up to 86,66…
ZIMBABWE’S uptake of agricultural insurance remains subdued despite the sector being one of the major drivers of the economy, an industry official has said. Zimbabwe’s economy is agro-based, with agriculture contributing about 17 percent to the country’s gross domestic product and about 60 percent of raw materials to the manufacturing industry. Tendai Karonga, the Insurance…
FIRST Mutual Holdings (FMH) is relocating its reinsurance business, First Mutual Reinsurance Company (FMRC), to Botswana to escape the limitations of the local operating environment, which has been fouled by a chronic currency crisis. It comes as a worsening economic crisis in Zimbabwe, headlined by foreign currency shortages, has inhibited local reinsurers from underwriting more…
MEDTECH Holdings (MedTech) is considering a number of transactions that would see it transform to an investment holding company. Earlier this year, the diversified conglomerate announced that it had terminated negotiations to sell some of its assets and the acquisition of a business in a different sector, which it had made public in 2019. “Shareholders…
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