BUSINESS leaders say there is a need to renew the country’s economic diversification drive as primary products continue to dominate exports. Confederation of Zimbabwe Industries president Kurai Matsheza said industrialisation was key in expanding the economy. “There is a need to diversify, obviously, our production processes. Mining and services are coming up but more than…
https://fingaz.co.zw/wp-content/uploads/penci-text-to-speech/post-285387.mp3?cb=1732294696.mp3WITHHOLDING tax on local contracts is not one of the most celebrated measures in the country and that being the case, the law seems to not pay much attention to that either. This is seen through the latest Bill that has reinforced the law on local contracts by including the word “over the year of…
ZECO Holdings’ (ZECO) stock is leading the Zimbabwe Stock Exchange (ZSE) gainers this year, having so far put on 560 percent, official figures show. The property investment and development firm, which just recently pivoted from being a rolling stock company, has been technically undervalued for years, with a market anchoring capitalisation of about $15 million…
TIME Bank of Zimbabwe Limited (Time Bank) has been given a licence to resume operations by the Reserve Bank of Zimbabwe (RBZ). The bank, renowned as the first locally owned commercial bank to be established in the country, was first licensed in 1997. Chris Wesley Takura Tande was the founder of the bank. Time Bank…
https://fingaz.co.zw/wp-content/uploads/penci-text-to-speech/post-285302.mp3?cb=1732294698.mp3THE enactment of SI 33 and 142 in 2019 provoked a whirlwind of tax controversy in the arena of payment of income tax in foreign currency. This is notwithstanding existing laws providing for payment of income tax in foreign currency on foreign currency trading since 2009. Where taxable income is earned, received or accrued in…
MULTIPLE episodes of high inflation in Zimbabwe have eroded the appetite for traditional life assurance in the country, an industry report shows. According to the Insurance and Pensions Commission’s (Ipec) latest report on the sector, funeral assurance accounted for 71 percent of all business written by the life sector during the half-year to June 30,…
EXPERTS have urged authorities to resist the urge to engage in populist fiscal spending, and instead concentrate on further stabilising the economy ahead of the crunch 2023 national elections. Speaking to The Financial Gazette this week, business leaders and economic analysts said keeping the focus on reviving and growing the economy would reap rich dividends…
THE Victoria Falls Stock Exchange’s (VFEX) market capitalisation was up 25 percent to US$342 million during the third quarter of 2022. Activity was, however, down by 81 percent to US$595 000. Seed Co International (Seed Co) gained the most during the period ― 42,17 percent ― to close at US$$0,3995 per share. Padenga Holdings (Padenga)…
ZIMTRADE says there is a need for a bilateral trade agreement between Zimbabwe and Zambia to cement historical economic relations and boost current efforts to promote trade between the two countries. The trade development and promotion body’s manager for the southern region, Jacqueline Nyathi, told The Financial Gazette during a trade mission to Kitwe in…
FOREIGN investors remain coy about investing in the country’s equity markets due to over-regulation and policy inconsistency, a local investment and research firm has said. In a recent investment note, Imara Asset Management (Imara) said the continued suspension of Old Mutual Zimbabwe shares from trading on the Zimbabwe Stock Exchange remains a drawback and a…
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