Business

Mthuli Ncube’s 2% tax sparks confusion

There is confusion in the market over the two percent tax introduced by Finance minister Mthuli Ncube. Part of the confusion emanated from an EcoCash message sent to customers stating that whilst their mobile tariffs remain unchanged, all applicable EcoCash transactions now attract two cents government tax per every dollar effective on Friday evening. It is also reported that some ...

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‘Mangudya deserves our support’

Zimbabweans must support the country’s recently announced monetary policy measures because they are “meant to preserve people’s savings at banks”, a youth empowerment activist has said. This also comes as government has somehow backed a Zanu-PF youth league’s call for punitive action against “economic saboteurs”, including currency and commodity speculators by revoking their operating licences and President Emmerson Mnangagwa has ...

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Zimra to get new board by December

A new board for the government’s taxes and revenue collection agency, the Zimbabwe Revenue Authority (ZIMRA) will be appointed by December as the state seeks to increase efficiency and stamp out corruption. The dissolution of the ZIMRA board by the government earlier this month has seen the authority’s executive reporting directly to treasury. Permanent Secretary in the Ministry of Finance ...

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Zimra beats Q3 revenue target

Zimbabwe’s gross revenue collections in the third quarter ended September amounted to $1,28 billion, surpassing the target of $1,089bn by nearly 18%, the tax agency said yesterday. The Zimbabwe Revenue Authority (Zimra)’s net revenue at $1,19 billion was 22,56% higher than the $967,76 million realised during the same period last year after refunds of $95,94m, but corporate tax grew to ...

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Mnangagwa’s first 50 days: Zimbabwe sinks deeper into abyss

President Emmerson Mnangagwa this week completed 50 days in office, but in that short stint, the negatives have so far outweighed the positives amid indications he faces a herculean task in his bid to revive the comatose economy. Mnangagwa, who won the July 30 election by a wafer-thin 50,6%, was inaugurated on August 26 after a Constitutional Court challenge by ...

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Mthuli Ncube heads for US over Zidera

Finance and Economic Development Minister Professor Mthuli Ncube will soon be headed for the United States of America to engage Washington on the Zimbabwe Democracy and Economic Recovery Amendment Act (Zidera) of 2018, the piece of legislation that appears to be the major hurdle blocking Harare’s efforts to unlock international funding. In as much as Government is leaving no stone ...

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ZimBollar: A guide to Zimbabwe’s black market

As Zimbabwe suffers severe money shortages, businesses are closing, food shelves in Harare are emptying and prices of basic commodities, fuel and medicines are soaring. The price of a two-litre bottle of cooking oil has reached $US10. After the Zimbabwean dollar crashed in runaway inflation, Zimbabweans turned to US dollars, South African rands and the Euro to trade daily goods ...

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Zimbabwe govt won’t assist resettled farmers anymore, says Mthuli Ncube

Zimbabwe’s minister of finance Mthuli Ncube has reportedly said that resettled farmers will no longer get assistance from government, as the programme was “riddled with corruption”. According to Daily News, Ncube’s decision came after the dramatic failure of the Farm Mechanisation Scheme that was introduced by former president Robert Mugabe’s government in 2007. The report said that more than $200 ...

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Fuel service stations threatened over artificial fuel shortages

It has come to the attention of the Zimbabwe Energy Regulatory Authority (ZERA) that some petroleum licensees are deliberately hoarding or limiting fuel supplies to consumers for speculative purposes. Isolated cases of service stations charging fuel prices that are above the regulated threshold have also come to ZERA’s attention. Such actions are in violation of the Petroleum (Fuel Pricing) (Amendment) ...

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Zim economy in typical labour pains

Some pains are just but a necessary evil and ought to be lived through than avoided if the benefits are to be harnessed in totality. Joys of motherhood come with excruciating pain, sweating and energy draining pregnancy, but at the end of it all is the feeling of fulfilment and self-actualisation. The economic events of the past two weeks in ...

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