ZIMBABWE is losing over US$106 million in duty revenue annually due to cross-border tax abuse by multinational companies and individuals hiding assets and income streams offshore, a State of Tax Justice report has revealed. According to the recently launched report by the United Kingdom-based Tax Justice Network, the Global Alliance for Tax Justice and the…
POWER utility, Zesa Holdings (Zesa), says private sector participation in power generation would provide the answer to the country’s perennial deficit, as the state entity, which is owed $15 billion by customers, has struggled to meet demand. Zimbabwe has of late been experiencing serious power shortages which have left businesses with operational losses and higher…
THE government plans to use part of the nearly US$1 billion in special drawing rights (SDR), which Zimbabwe recently received from the International Monetary Fund (IMF) to guarantee loans to be offered to stressed businesses under a new stimulus package facility. This comes as both commerce and industry have been agitating for fresh fiscal support,…
MINERS’ representative body, the Chamber of Mines of Zimbabwe (CoMZ), has asked the government to charge taxes, royalties and for electricity bills among other statutory obligations in the Zimbabwean dollar (ZWL), saying paying in United States dollars (US$) is piling pressure on mining players’ operations. Economist Pardon Chitsuro told stakeholders attending the Association of Mine Managers…
THE bulk of fuel imported into Zimbabwe during the first eight months of 2021 was funded by free funds, latest official statistics have shown. Two decades of economic turmoil has created a foreign currency scarcity in the country, at times causing fuel shortages, and the latest episode ended last March when Direct Fuel Imports (DFI)…
CABLE manufacturer Cafca Holdings (Cafca) is forecasting a slowdown in the growth of its sales volumes amid uncertainty around foreign currency availability in Zimbabwe. The company’s volumes grew by 49 percent to 2 604 tonnes during the year ended September 30, 2021. “We have budgeted for a modest increase in volumes in 2021/22 against a…
INNSCOR Africa (Innscor) is engaging local banks to negotiate for lower borrowing costs to fund expansion works within the group. In an annual report for the year ended June 30, 2021, group chairman Addington Chinake said critical focus remains on balancing volume objectives with appropriate return levels, careful overhead cost containment, and optimal cash flow…
STEWARD Bank (Steward) is reaping rewards of revenue generated by interest-bearing assets against the cost of servicing liabilities, after its net interest income rose to $706 million for the half year to August 31, 2021, from $206 million prior year. In a statement accompanying the bank’s financial results, chief executive Courage Mashavave said the bank’s…
THE Zimbabwe Association of Pension Funds (ZAPF) says the industry’s long-standing challenges with prescribed asset ratio compliance could be eased by opening up investment opportunities in the mining and rail sectors. Pension funds have been struggling to meet the prescribed asset investment threshold of 20 percent due to liquidity challenges and lack of appropriate products…
ZIMBABWE is targeting a local content threshold of 80 percent for the raw materials used in every locally-manufactured product under a rating and certification system that was launched in September. According to Buy Zimbabwe chairman, Munyaradzi Hwengwere, the key to achieving this would be the introduction of incentives for local manufacturers, which would help lower…
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