THE Zimbabwe National Chamber of Commerce (ZNCC) this week elected Mike Kamungeremu as its new national president. Kamungeremu served in the outgoing national executive committee as the deputy president and he received the backing of the chamber’s members during a virtual annual general meeting this week. He succeeds Tinashe Manzungu who leaves office at the…
THE government says it has finalised the shareholding structure of the Zimbabwe Commodities Exchange (ZMX) with its partners in the project. Speaking after a cabinet meeting on Tuesday, acting Information minister Jenfan Muswere said the government will own 20 percent of the entity, while FINSEC and TSL will each get 22,5 percent. CBZ Bank will…
OUTGOING Swiss ambassador to Zimbabwe Niculin Jäger says companies from Switzerland which recently established the Swiss-Zimbabwe Business Chamber have shown confidence in the country. The Swiss companies based in Zimbabwe launched the Swiss-Zimbabwe Business Chamber to promote economic and commercial trade between the two countries last June. “I am very proud that today also marks…
AGRICULTURE permanent secretary John Basera says private sector contractors account for at least 33 percent of total wheat production this year. Basera said these figures were a result of a deliberate strategy by the government to crowd in the private sector into agriculture production under both the contract farming framework and the joint venture system.…
HOUSING minister Daniel Garwe says pan-African development financial institution, Shelter Afrique, is set to extend a US$25 million facility to finance the construction of 3 000 housing units in Zimbabwe. This comes as Shelter Afrique is set to host its 41st annual general meeting (AGM) in Victoria Falls next month. “Shelter Afrique has now extended…
CLOTHING retailer Truworths says its profit margins and viability would be under “strain” going forward, if currency “disparities” in Zimbabwe persist. The company said it would focus on improving cash sales as “operating woes are likely to persist” due to rising inflation, which was reported at 131,7 percent for May. In a trading update for…
https://fingaz.co.zw/wp-content/uploads/penci-text-to-speech/post-281793.mp3?cb=1732288234.mp3ZIMBABWE presently operates on a source-based tax system. This means that income from a source within, or deemed to be within Zimbabwe will be subject to tax in Zimbabwe unless a specific exemption is available. The specific circumstances of a transaction should always be considered to determine whether the transaction gives rise to taxation in…
PIPPING products maker Proplastics says it will focus on strengthening its working capital position in anticipation of increased demand for the group’s products. Chairman Gregg Sebborn said with the business and the general economic environment improving, as well as the recently constructed new factory and mixing plant fully operational, the focus was now on strengthening…
IN last week’s piece, I dealt with key considerations that parties must be aware of when contemplating multi-party dispute resolution mechanisms. I looked at multi-party arbitration clauses and the factors that parties must address to be protected by law. This week, I will deal with contractual mechanisms for dealing with multi-party situations and how to…
CBZ Holdings (CBZ), Zimbabwe’s largest financial services group, says it will lean on US$ lending and other business lines for the foreseeable future, as inflation has become a major hindrance for ZWL lending. Zimbabwe’s annual inflation rose to 131,7 percent in May, hitting three digits for the first time since June last year. This was…
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