TANGANDA Tea Company’s borrowings grew by 153,2 percent to US$6,52 million in 2024 against US$2,57 million in 2023 as the group pursued expansion initiatives.While increased borrowings may indicate confidence in future revenue streams, they also bring financial risks, particularly in the current volatile economic environment characterized by tight liquidity.In its 2024 annual report, group long-term…
By Marvelous Tapera THE introduction of new tax provisions under the Finance Act (No. 2 of 2024) marks a significant shift in the way Zimbabwe handles the taxation of its growing betting industry. The provisions, which impose taxes on both bookmakers and betting punters, reflect a broader trend of governments worldwide increasing their focus on…
INNBUCKS MicroBank Limited (Innbucks) posted a significant growth in revenue from customers’ loan payments ― more than doubling its topline while fees and commissions income also fared positively during the year ended June 30, 2024.In its delayed full year results, the group saw its interest income grow by an impressive 960 percent to ZiG96,4 million,…
FINANCE minister Mthuli Ncube should introduce more tax reforms and perk up the country’s ease of doing business climate in his pending mid-term fiscal policy statement to boost the economy. So recommend economic experts, who told The Financial Gazette — Zimbabwe’s number one business publication — this week that Ncube also needed to take further…
MUTAPA Investment Fund (MIF) is wasting no time in pursuing its mission of safeguarding national assets and bolstering the country’s economy. During the Fund’s inaugural meeting, chief executive John Mangudya underscored the critical importance of prioritising national interests, making it clear that MIF is guided by core values of transparency, accountability, excellence, commitment, and integrity.…
CALEDONIA Mining Corporation posted a six percent increase in gold production at its flagship subsidiary, Blanket mine, to 17,050 ounces during the first quarter ended March, 31, 2024 despite having eight fewer production days compared to the same period last year. Fewer production days were due to the production cut-off for gold de- livery set…
RESEARCH firm Imara Investing in Africa is advocating for a fuel duty hike as a means to tax the country’s burgeoning informal sector. The country’s informal economy is estimated to be worth US$42 billion, according to the Zimbabwe National Chamber of Commerce and this proposal comes amid concerns about the sector’s contribution to national coffers…
ECONET Wireless (Econet) says viable pricing of telecommunication services remains a key factor for the continued growth and sustainability of the industry. In a statement accompanying the company’s financial statements for the half year ended August 31, 2023, Econet’s chairman, James Myers, said the current volatile operating environment continued to significantly erode the benefits of…
EXPERTS say the adoption of US dollar-pegged tariffs for telecommunication services could boost the sector’s capacity to invest in critical infrastructure. The Postal and Telecommunication Regulatory Authority of Zimbabwe (Potraz) recently approved a 100 percent industry-wide Zimbabwe dollar tariff increase with effect from November 1, 2023, saying the move was necessary to ensure the viability…
An employee is a person who performs services for an entity under the direction and control of that entity for remuneration. Employees are levied tax in terms of the 13th Schedule to the Income Tax Act (ITA). An employee’s tax on remuneration should be deducted by an employer. Every employer should withhold employees’ tax from…
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