CONSTRUCTION works for Makuti inland dry port will commence this month following the completion of designs for the pilot project. In a bid to decongest border posts Finance minister Mthuli Ncube gazetted statutory Instrument 55 of 2020, which saw the government designating Masvingo, Bulawayo, Makuti, and Mutare as the country’s customs dry ports. “In 2021,…
THE government could borrow as much as US$100 million this year through bonds on the Victoria Falls Stock Exchange (VFEX) to supplement its budget, Finance minister Mthuli Ncube has said. In his 2022 national budget statement last year, the minister had said the bonds would come during the first quarter of this year, but a…
THE Insurance and Pensions Commission (Ipec) says compensation for losses suffered by policyholders during the 2009 currency conversions should be made in US$. This comes as the government has committed US$175 million to supplement the industry’s own resources. “Estimated prejudice will be adjusted for the time value of money and honoured while recommended settlement currency…
ZIMBABWE Revenue Authority (Zimra) anticipates real revenue growth to exceed 10 percent in the second half of the year, supported by growth in the manufacturing and mining sectors. This comes as the tax authority targets to intensify the implementation of various compliance strategies that ensure timely and accurate tax remittances from different segments. “Real revenue…
ALTHOUGH business is happier with Finance minister Mthuli Ncube’s “more realistic economic targets” that he announced in his mid-term budget statement last week, it wants authorities to do more to boost investor confidence and the country’s economy. This comes after Ncube reviewed downwards the country’s projected gross domestic product (GDP) for this year — from…
MEIKLES says the anticipated upside potential of its 2012 merger with Mentor Africa Proprietary has not been realised. The group announced in March that its investment vehicle in the project — Cape Grace Investments — had accepted an offer for its 35 percent interest in the entity. The group has now laid out the rationale…
TAX defaulting firms now risk temporary closure as the government plans stiffer penalties in a bid to enforce compliance. Presenting the 2022 mid-term budget review last week, Finance minister Mthuli Ncube said the Zimbabwe Revenue Authority (Zimra) was as at June 30, 2022 owed $23 billion in taxes. “Efforts to recover the outstanding tax debts…
FIRST Capital Bank says it has started to expand its regional and international corresponding banking relationships in a bid to avert a single supplier risk, as it angles to reap rewards in the growing regional business emanating from the African Continent Free Trade Area (AfCFTA). Correspondent banking is an agreement between two banks whereby one…
FARMERS say they are yet to receive the promised US$60 million revolving facility from the government in a development which has affected tobacco production in the country. This comes as the tobacco marketing season draws to a close having recorded a six percent increase in total sales to US$592 million, compared to US$559 million earned…
THE Zimbabwe Stock Exchange’s losing streak stretched to three months in July, the longest since 2016, when bond notes were introduced. The local bourse had trended upwards since then, with inflation — driven mostly by currency ambiguity, which essentially started with the introduction of the pseudo currency — pushing demand for stocks and other non-cash…
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