Business

Business

ZIMRA boss Faith Mazani

Private Sector, Parastatals Owe ZIMRA 4.7billion In Unpaid Taxes

By Alois Vinga THE Zimbabwe Revenue Authority (ZIMRA) is owed a total of $4.7 billion in unpaid taxes by several companies and government departments indicating serious losses in revenue. The taxman’s 2019 annual report shows parastatals owe $1.02 billion, local authorities, $174 million while the private sector owes $3.4 billion. Out of the total debt

RBZ governor John Mangudya

RBZ Foreign Currency Auction Official Rate Climbs To 1:63

By Alois Vinga THE official foreign currency exchange rate Tuesday rose to US$1:63 at the close of business at the recently launched Reserve Bank of Zimbabwe (RBZ) forex auction system. Last week’s rate was at 1:57. The central bank’s report released after the auction shows that US$16.2 million was available on the market which saw

Leading Customer Service Company In Recruitment Drive For Professionals

By Business Reporter A LEADING company is on a recruitment drive for customer service advisers as the firm gears for growth and provides world-class business packages to its over 75 000 associates across the globe. “We are changing the face of customer service. We are a people-driven, diverse company that does one thing really well,”

Robin Vela

Ex-NSSA boss, Vela welcomes court judgment setting aside AG-BDO report, vows to fight ‘smear campaign’ 

Agencies FORMER National Social Security Authority (NSSA) chairperson Robin Vela has pledged to continue to fight abuse of power, political expediency and overreach, and corruption after a landmark court judgment vindicated him. He hailed the damning High Court ruling which found that adverse findings and conclusions relating to him in an Auditor-General forensic audit report

ZSE formally suspends trading following RBZ ban order

By Alois Vinga ZIMBABWE Stock Exchange (ZSE) has formally notified its stakeholders that trading has been suspended as a matter of urgency following a ban order by the central bank after recent allegations of economic sabotage by authorities. In a statement Sunday, ZSE chief executive, Justin Bgoni said the decision to halt operations was reached

ZIMRA boss Faith Mazani

ZIMRA 2019 revenue target exceeded by 24.6%

By Robert Tapfumaneyi THE Zimbabwe Revenue Authority (ZIMRA) says it collected Net Revenue of $23.19 billion against a target of $18.6 billion, which is 24.65 % above target in 2019. The authority’s Commissioner General Faith Mazani said this Thursday at the organisation’s annual general meeting. “Widening of Tax Base with 21 333 new taxpayers were

RBZ governor John Mangudya

RBZ cautiously opens foreign currency trading system

By Alois Vinga THE foreign exchange auction trading system announced by the Reserve Bank of Zimbabwe (RBZ) commences this Tuesday and spells the end of government’s unpopular interbank market era. The new system announced by RBZ governor, John Mangudya last week aims to maintain a balance between stimulating productivity while eliminating reckless speculative behaviour which

RBZ governor John Mangudya

Maize dealer sues govt, RBZ over cancelled US$19m deal

By Mary Taruvinga A company has taken government and the central bank to court seeking an order to declare null and void, a recent decision by authorities to cancel a US$19 million maize procurement deal they had secured with the firm. Blue Chip, trading as Tbacha (Pvt) Ltd (Tbacha), has filed an urgent chamber application

Eddie Cross

Zim move to pay civil servants US$75 allowances ‘crazy’ – Eddie Cross

Fin24 The Zimbabwean government’s move to pay its workers US dollar-denominated allowances as the southern African country struggles to stabilise its local currency has been described as “crazy” by an economist and member of the central bank’s monetary policy committee. Fin24 previously reported that President Emmerson Mnangagwa’s administration had hiked civil servants’ salaries in local currency

Zimbabwe Cement Sector Needs Support From Cheap Imports

Cement News ZIMBABWE’S largest cement producer, PPC Zimbabwe, has called for urgent measures to protect the domestic cement industry from cement imports. Despite having adequate capacity to supply the local market, Zimbabwe remains a destination for cheap and substandard cement products, which are finding their way through the country’s borders as well as via smuggling,

Zimbabwe Cigar Venture Eyes Smokers At Home And Abroad

Reuters A NEWLY established Zimbabwean company has started making cigars for export, aiming to take on established players while developing a culture of smoking at home. Mosi-Oa-Tunya, the local name for Victoria Falls which means “the smoke that thunders”, is the first firm to make cigars in the southern African nation whose economic troubles have

Stanbic Bank In Thrust To Make Dreams Possible

By Business Reporter STANBIC Bank Zimbabwe has launched a new tag line that is aimed at expressing a commitment to helping its customers realise their dreams as it promises to be a financial partner that works with their stakeholders to make dreams come true. The bank’s new tag line, IT CAN BE was launched yesterday in a series

Finance Minister Mthuli Ncube

Zimbabwe’s Inflation Hits 786 %

By Alois Vinga ZIMBABWE’s year on year inflation has reached 785.55 % indicating deep problems embedded within the country’s economic fundamentals. According to a Tuesday update by the Zimbabwe National Statistics Agency (ZIMSTAT), the inflation rates jumped from 765.57% recorded in April 2020. The current stats are covering the period of May 2020. The statistics

RBZ governor John Mangudya

Zim currency woes a result of non-monetary factors: RBZ

Fin24 The Reserve Bank of Zimbabwe (RBZ) has blamed the country’s currency tumble on non-monetary factors despite statistics revealing that reserve money grew by as much as 307% year-on-year. The RBZ on Monday released monetary statistics showing that reserve money had grown to Z$13,4 billion by the second week of June 2020, a 300% growth