INNSCOR Africa’s (Innscor) bakery division, Baker’s Inn, is targeting to ramp up daily bread production to one million loaves from about 450 000. The chief operating officer of the company’s logistics arm, Benjamin Mavros, told The Financial Gazette that demand for fast-moving consumer goods (FMCG) has risen in Zimbabwe over the past few years, despite…
THE government has cleared the air on confusion that had been created by an error in President Emmerson Mnangagwa’s capital gains tax (CGT)N review pronouncement last weekend. The President had said capital gains tax on shares held for less than 270 days was being raised from 20 percent to 40 percent to deter short term…
CALEDONIA Mining Corporation Plc says its secondary listing on the Victoria Falls Stock Exchange in late 2021 has seen the gold miner registering an increased proportion of revenues in US dollars. This comes as the company reported gross revenues of US$35,1 million, up from US$25,7 million recorded in Q1 2021 in its operating and financial…
WHEN parties enter into a contract, it is with the view that the contract be enforceable. They enter into a contract with the intention of performing and executing it. However, the truth of the matter is that not every contract is valid just because the parties have agreed to it. There are legal requirements that…
https://fingaz.co.zw/wp-content/uploads/penci-text-to-speech/post-281325.mp3?cb=1732288240.mp3SUSPENSION of duty is the waiver of customs duty and surtax. Value Added Tax (VAT) is payable at a rate of 14.5% based on the value of a motor vehicle plus freight, insurance and any other charges incurred before delivery of the vehicle to Zimbabwe. In terms of the Section 120 of the Customs and…
HWANGE Colliery Company (Hwange) has entered into an equipment mobilisation agreement for its underground mine that will result in the miner acquiring new equipment valued in excess of US$15 million over the next two years. In a statement accompanying the financial results for the year ended December 31, 2021, Hwange’s acting managing director Blake Mhatiwa…
GENERAL Beltings Holdings (GB) expects to increase its market consolidation on the back of logistical constraints caused by the Russia-Ukraine conflict, which is compelling its customers to replace imports with locally made products. In a trading update for the quarter to March 31, 2022, the rubber, plastics and chemicals manufacturer said it would take advantage…
THE government has renewed its push for the trade of elephants’ products to fund wildlife conservation and management programmes in the country. This comes as the country is sitting on more than 136 tonnes of ivory and rhino horns worth about US$600 million. The trade in endangered species products is heavily regulated by the Convention…
ONE of Zimbabwe’s fastest growing off-grid energy companies, Zonful Energy (Zonful), says it expects to access new lines of international funding and investments after being shortlisted for the Ashden Awards 2022. This year, the Ashden Awards said they were showcasing innovators transforming the world of work and accelerating the transition to a more inclusive, green…
RAINBOW Tourism Group (RTG) says it recorded its best quarterly performance since the outbreak of the Covid-19 pandemic during the three months to March 31, 2022. The group said its revenue was up by 306 percent to $344 million during the period, as occupancy reached the pre-pandemic level of 43 percent in 2019. “The group…
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