ZIMBABWE has a very progressive Constitution and if those who preside over State power were to adhere to its dictates, our country would take a thrilling developmental trajectory. A Constitution just being a piece of paper, requires men and women of character and fortitude to have its provisions implemented for a resultant better nation. Great…
THE Zimbabwean government is exploring all avenues, including disposing some of its assets, to raise US$3,5 billion to compensate white farmers, who were kicked off their farms in the fast-track land reform 20 years ago, Finance minister Mthuli Ncube has said. In a widely contested move, the cash strapped government last month agreed to pay…
THE Zimbabwe Stock Exchange (ZSE) last week lost $50 billion in capitalisation as foreign investors rushed to offload stocks in the week that the market resumed trade following a five-week suspension. The local bourse has been under the spotlight with authorities alleging that the market was being used to manipulate the exchange rate and fuel…
The outbreak of the Covid-19 pandemic has spelt doom for alcohol and tobacco-related businesses given that health concerns have intensified across the globe. Outlets such as bars, night clubs and the common social spots remain under lock and key as governments grapple to save millions from the contagious disease. In some extreme cases, the sale…
MNEs and companies with associate transactions will be required for the first time in Zimbabwe to file transfer pricing (TP) returns. Disclosure is also required when a taxpayer has transactions with tax havens i.e. low tax jurisdiction countries. The return is to be filed at the same time with the Income Tax Return (ITF12C) on…
ZIMBABWE’S commercial and residential property sector is reeling from the double whammy of a long-standing economic crisis and the worsening effects of the Covid-19 pandemic. This has seen both sales and rentals plummeting precipitously, as hard-pressed businesses and beleaguered consumers are increasingly unable to afford to buy or rent properties. Experts who spoke to The…
ZIMBABWE’S revenue collections took a knock in the seven months to July, dropping by 18 percent — as the effects of the Covid-19 pandemic and an ever-deteriorating economic environment stifled business in the country, the tax agency has said. Before the pandemic, the southern African nation was already dogged by the rapid depreciation of the…
THE National Social Security Authority (Nssa) has rushed to the Supreme Court (SC) to challenge a High Court order directing it to pay Housing Corporation Zimbabwe (HCZ) US$22 million in damages for their US$304 million off-take agreement, which went sour in 2018. While Justice Paul Musithu had on July 22 ruled against the compulsory pension…
RIOGOLD has dragged Falcon Gold Zimbabwe (FalGold) to the High Court – accusing it of failure to make full disclosures during the acquisition of Palatial Gold Investments (Palatial) about four years ago, court documents seen by The Financial Gazette show. The company, which is a subsidiary of Zimbabwe Stock Exchange (ZSE)-listed RioZim, took control of…
DELTA Corporation (Delta) says beer consumption declined in the three months to June due to a combination of lockdown measures as a result of the Coronavirus (Covid-19) pandemic and an unstable economic environment. In a trading update for the first quarter ended June 30, Delta said lager beer volumes declined by 18 percent compared to…
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