The outbreak of the Covid-19 pandemic has spelt doom for alcohol and tobacco-related businesses given that health concerns have intensified across the globe. Outlets such as bars, night clubs and the common social spots remain under lock and key as governments grapple to save millions from the contagious disease. In some extreme cases, the sale…
MNEs and companies with associate transactions will be required for the first time in Zimbabwe to file transfer pricing (TP) returns. Disclosure is also required when a taxpayer has transactions with tax havens i.e. low tax jurisdiction countries. The return is to be filed at the same time with the Income Tax Return (ITF12C) on…
ZIMBABWE’S commercial and residential property sector is reeling from the double whammy of a long-standing economic crisis and the worsening effects of the Covid-19 pandemic. This has seen both sales and rentals plummeting precipitously, as hard-pressed businesses and beleaguered consumers are increasingly unable to afford to buy or rent properties. Experts who spoke to The…
ZIMBABWE’S revenue collections took a knock in the seven months to July, dropping by 18 percent — as the effects of the Covid-19 pandemic and an ever-deteriorating economic environment stifled business in the country, the tax agency has said. Before the pandemic, the southern African nation was already dogged by the rapid depreciation of the…
THE National Social Security Authority (Nssa) has rushed to the Supreme Court (SC) to challenge a High Court order directing it to pay Housing Corporation Zimbabwe (HCZ) US$22 million in damages for their US$304 million off-take agreement, which went sour in 2018. While Justice Paul Musithu had on July 22 ruled against the compulsory pension…
RIOGOLD has dragged Falcon Gold Zimbabwe (FalGold) to the High Court – accusing it of failure to make full disclosures during the acquisition of Palatial Gold Investments (Palatial) about four years ago, court documents seen by The Financial Gazette show. The company, which is a subsidiary of Zimbabwe Stock Exchange (ZSE)-listed RioZim, took control of…
DELTA Corporation (Delta) says beer consumption declined in the three months to June due to a combination of lockdown measures as a result of the Coronavirus (Covid-19) pandemic and an unstable economic environment. In a trading update for the first quarter ended June 30, Delta said lager beer volumes declined by 18 percent compared to…
THE Covid-19 has by far become a significant disruption catalyst in terms of how business is being conducted and how it will evolve into the future. Of course, understanding the disruption better will definitely go a long way in terms of managing it. The impact of the outbreak of Covid-19 has led to social distancing…
BUSINESS has once again implored the government to encourage the wider local use of the rand, saying the South African unit is more competitive than the much-coveted American dollar. This comes as the government’s recent policies — including the awarding of US dollar allowances to civil servants — are effectively promoting re-dollarisation, even as authorities…
PPC ZIMBABWE’S parent company PPC anticipates its earnings for the year to March 2020 to decline by more than 20 percent due to impairments on property, plant and equipment and other fair value adjustments. In the prior comparable period last year, PPC reported basic earnings per share and headline earnings per share of 16 cents…
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