TAX experts believe the informal sector is still not ready to feed into national coffers due to several compliance issues amid concerted efforts by the government to widen the country’s tax base. This comes after a recent report by the Zimbabwe National Chamber of Commerce (ZNCC) highlighted that the informal sector, now the country’s dominant…
AFC Holdings’ mooted US$10 million agro-bills for financing the 2023/24 summer cropping season have been given prescribed asset status by the government. In a note, the diversified financial institution said the agro-bills were guaran – teed by the government and also have a liquid asset status and tax exemption. “AFC Holdings Limited intends to issue…
ZIMBABWE’S investment performance in 2024 will be heavily influenced by inflation expectations, fuelled by a depreciating local currency and persistent political and economic uncertainties, the Old Mutual Investment Group (OMIG) has warned. This comes as authorities are struggling to preserve the value of the local currency whose depreciation is the key driver of inflation. “Environment…
THE significant rainfall that the country has received since the end of last year is good news for the farming sector and the economy as a whole. As a result, business confidence — the forward-looking expectations of companies — continues to perk up, as the negative impact of El Niño weather patterns on the country’s…
ZIMBABWE-FOCUSED gold producer Caledonia Mining Corporation (Caledonia) says it expects to maintain the same production levels achieved last year, in 2024 at Blanket Mine in Gwanda. The Victoria Falls Stock Exchange-listed miner’s chief executive, Mark Learmonth, said after a challenging first half in 2023, the miner successfully met production guidance for the year, producing 75…
THE Zimbabwe Revenue Authority (Zimra) says the implementation of its new domestic Tax and Revenue Management System (TaRMS) is 80 percent complete. TaRMS is designed to address significant shortcomings under the current system and to improve further the country’s ease of doing business climate. Current system challenges cut across the core functions of the domestic…
THE Chamber of Mines of Zimbabwe (CoMZ) has written to Mines minister Zhemu Soda pleading for a rethink on some of the recently introduced tax measures targeting the mining sector in the 2024 Finance Act. The letter, a copy of which was seen by The Financial Gazette and signed by chamber president Thomas Gono, was…
THE Airports Company of Zimbabwe (ACZ) says the year 2023 saw air traffic into the country surpassing pre-Covid levels. This comes after the outbreak of the pandemic at the beginning of 2020 reduced cross-border movement to a trickle as countries imposed travel restrictions. ACZ public relations and communications manager Tonderai Mangombe told The Financial Gazette…
INTERNET services provider Dandemutande hopes the recent extension of the multi-currency regime will open up long-term borrowing for the industry. This comes after the government extended the system to 2030 in a move that business has said helps build up policy certainty and predictability. Dandemutande’s chief operating officer Ignatius Mpando told The Financial Gazette that…
INTEGRATED power and renewable energy services provider, Tendo Electronics and Power Engineering remains optimistic about its prospects despite a plethora of challenges bedevilling the economy. Tendo managing director, who is also the president of the Zimbabwe National Chamber of Commerce (ZNCC), Mike Kamungeremu said his company would ride on positive expectations within the business sector.…
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