Economy

Economy

Finance Minister Mthuli Ncube

Ncube unveils tough tax regulations

By Alois Vinga FINANCE Minister, Mthuli Ncube has unveiled new Income Tax regulations compelling companies to disclose more details on transactions in what is aimed at smoothing the process of collecting tax. Under Statutory Instrument (SI) 109 of 2019 published in the latest Government Gazette, Ncube has with immediate effect introduced the new measures. “A

Power cuts: South Africa’s Eskom says ready to assist Zimbabwe

The South African Eskom has stated its intentions to assist Zimbabwe after their government was forced to institute load shedding this week. As reported by EWN, Naresh Singh, the acting general manager for Africa strategy at Eskom confirmed that because Zimbabwe was a client of theirs, they were obliged to assist if the request was

Godfrey Kanyenze

Top economist warns Ncube against ill-treating tobacco farmers

By Alois Vinga A top economist has warned Finance Minister, Mthuli Ncube against demoralising tobacco farmers through payment in the local RTGS currency as opposed to the more stable US dollar. Godfrey Kanyenze was speaking to NewZimbabwe.com recently following an unpopular decision by government to pay tobacco farmers part of their dues in the much

RBZ Governor John Mangudya has once again put his head on the block regarding the interbank market

RBZ commits to strengthen Interbank Market

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) Governor, John Mangudya has committed to work hard in order to ensure that the country’s foreign currency requirements are met through strengthening the recently introduced interbank market. Mangudya was speaking at a breakfast meeting, Tuesday, where he added that the current glitches affecting the smooth operations

Cyclone Idai destroyed infrastructure and left over 40 000 people homeless in Zimbabwe

WB commits to disburse US$75 million towards Zim’s Cyclone Idai victims

By Alois Vinga THE World Bank (WB), has committed to provide up to US$75 million, to support current efforts to restore normalcy in Zimbabwe’s Cyclone Idai affected areas. In a statement, Friday the WB will has also pledged to give financial aid to Malawi and Mozambique two countries that bore the brunt of the devastating

Labour Minister Sekai Nzenza

1135 work related accidents kill 9 in three months

By Alois Vinga AT least nine people have already died in 1 135 work related accidents since the beginning of the year, Labour Minister Sekai Nzenza has revealed. Nzenza was addressing guests at an event held to commemorate World Day for Safety and Health at Work in Harare Friday. She bemoaned the continuous loss of

CZI president Sifelani Jabangwe

Industry mulls pricing indaba with government

By Alois Vinga THE Confederation of Zimbabwe Industries (CZI), has been tasked by its affiliate members to convene a meeting with government, to discuss the current commodity pricing furor. President Emmerson Mnangagwa’s government has reacted angrily to price hikes by manufacturers that have placed most consumer goods beyond the reach of many. Government officials argue

NMB moved to support export sector

NMB to unveil US$20 million export loan facility

By Alois Vinga PREMIER financial institution, the National Merchant Bank (NMB) is set to extend a US$20 million export loan facility to support local companies penetrate foreign markets and bolster foreign currency generation. Speaking to NewZimbabwe.com Business, Wednesday NMB chief executive, Ben Washaya said the facility will soon be launched and offered to export oriented

Finance Minister Mthuli Ncube will be keynote guest at Buy Zimbabwe's 4th annual indaba

Buy Zimbabwe in ambitious ‘Buy Local’ campaign

By Leopold Munhende BUY Zimbabwe Campaign’s 4th Public Procurement Conference previously scheduled for the Andy Miller Hall has been moved to the bigger and more spacious Rainbow Towers as the organisation makes ambitious moves to encourage greater uptake of locally produced products. The conference which was initially slated for April 30 will now be hosted

Zimbabwe is losing a lot of foreign currency through fertiliser imports despite local capacity

Fertiliser manufacturers to engage RBZ over foreign currency support

By Alois Vinga GOVERNMENT has been called upon to channel foreign currency towards the manufacturer of fertlisers in order to preserve jobs and prevent damage to soil by imported chemicals. This came out in a statement issued by the Zimbabwe Fertiliser Manufacturers Association (ZFMA), which is now compiling a draft paper which will be tabled

Ugandan strongman Yoweri Museveni is set to officially open this year's Trade Fair

Zimbabwe International Trade Fair roars into life

By Bulawayo Correspondent THE 60th edition of the Zimbabwe International Trade Fair (ZITF) kicked off in Bulawayo on Tuesday, with Belarus making its maiden participation while the United States of America (USA) is also exhibiting after a three year hiatus. Belarus‘s participation at the trade fair follows President Emmerson Mnangagwa’s recent visit to the East

Minister Mthuli Ncube

2 % tax injects RTGS$284 million into govt coffers first quarter 2019

By Alois Vinga THE 2 percent tax introduced on electronic transactions October last year has generated RTGS$284 million for government in the first three months of 2019, a Zimbabwe Revenue Authority performance report has revealed. According to report for the first quarter ended March 31, ZIMRA collected $282,843,450.27 surpassing the initially set target of $150

Inflation nightmare returns to haunt Zimbabwe

AFP The price of bread almost doubled for Zimbabweans last week, as the inflation nightmare that marked the rule of long-time authoritarian leader Robert Mugabe returns to haunt his successor Emmerson Mnangagwa. There have been warnings of the mental and physical toll the rampant price increases will have on Zimbabweans after the cost of a

CZI president Sifelani Jabangwe

Be realistic: business tells ED, scoffs at President’s “inhumane” comments

By Alois Vinga GOVERNMENT needs to be realistic about the economic situation in the country, captains of industry have said. They were reacting to statements made by President Emmerson Mnangagwa in his keynote speech at celebrations to mark the country 39th Independence anniversary. An angry Mnangagwa described recent price increases of basic commodities as “inhumane

File Pic: Zimbabwe has lost another 200 000 cattle to tick borne diseases this year

Government moves to curb livestock diseases as 200 000 cattle die

By Alois Vinga AT least 200 000 cattle, have been lost to the tick borne diseases but government is working to stop the spread of problem, President Emmerson Mnangagwa has said. Mnangagwa told thousands of people who braved the rains to attend the country’s 39th Independence celebrations in Harare, that the move by government will