Economy

Economy

Finance Minister Mthuli Ncube

Mthuli tightens tax grip as he delivers $421.6 billion budget

By Alois Vinga FINANCE Minister Mthuli Ncube Thursday moved to widen governments tax collection nets as he delivered his $421.6 billion budget for 2021 which will see new tax measures being applied on Small to Medium Enterprises (SMEs) and self-employed professionals among others. Delivered under the theme “Building Resilience and Sustainable Economic Recovery”, the blueprint

Mthuli introduces US$30 monthly tax on trinket traders

By Business Reporter SMALL business operators plying their trade in partitioned compartments in the country’s CBDs have been slapped with a US$30 monthly presumptive tax to be collected and relayed to government by building owners. The harsh policy move was announced in parliament by Finance Minister Mthuli Ncube while presenting his 2021 budget Thursday. “Honourable

Treasury bans second hand private cars above 10 years old

By Business Reporter FINANCE Minister Mthuli Ncube has imposed a ban on second-hand private use vehicles above 10 years from the date of manufacture. Ncube made the policy pronouncement while delivering his 2021 budget in parliament this Thursday. “Mr Speaker Sir, about US$1.3 billion was spent on imported buses, light commercial and passenger motor vehicles

Finance Minister Mthuli Ncube

2021 budget: Zimbabweans want govt to dump bias towards security ministries

By Anna Chibamu AS Finance minister Mthuli Ncube presents the 2021 National Budget this Thursday, many locals say they were expecting government to dump its traditional bias towards security ministries in terms of budgetary allocation often at the expense of social services sectors. They were speaking in separate interviews with NewZimbabwe.com Wednesday. Harare researcher Tjenesani

Zimbabwe Importing 600MW to Cover Power Supply Gap

Construction Review ZIMBABWE is currently importing up to 600MW of electricity from regional producers in order to cover the supply deficit, caused by subdued energy generation capacity mainly by aging thermal power stations. The country is currently producing an average of about 900MW electricity daily against a demand of between 1400MW and 1500MW. Kariba Dam

RBZ Governor John Mangudya

Jan-Sept Diaspora Remittances Up 45% Due To Covid-19 Lockdown

Reuters ZIMBABWE’S central bank governor said on Thursday official remittances from the diaspora were up 45% during the January-September period from last year at $657.7 million as Covid-19 lockdowns forced people to send cash home via official channels. Diaspora remittances are an important source of foreign exchange for the southern African country, which is in

RBZ governor John Mangudya

RBZ Official Rate Remains Stable 

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) official exchange rate has remained stable amid rising allotments to support production at the auction platform system. An update released by the central bank at the close of trading at the auction shows that a total of US$31.7 million was allotted towards industrial productivity to both

President Emmerson Mnangagwa

Mnangagwa launches new five-year economic blueprint

Xinhua Zimbabwean President Emmerson Mnangagwa on Monday launched the country’s new five-year economic blueprint that is targeting economic growth rate of five percent per annum to catapult the country into an upper middle income economy by 2030. Dubbed the National Development Strategy (NDS), the plan runs from 2021-2025 and succeeds the Transitional Stabilization Program (TSP)

ZESA Lost $4.5b Due To Covid-19 Lockdown

By Staff Reporter POWER utility Zimbabwe Electricity Supply Authority (ZESA) lost $4.5 billion due to the Covid-19 lockdown, which it is now off-setting by frequently hiking electricity tariffs, a cabinet minister has disclosed. Energy Minister Soda Zhemu made the stunning disclosure last Thursday week during the weekly question and answer session in the Senate, Parliament’s

Mary Mliswa-Chikoka

Wildlife Major Contributor To US$5b Tourism Sector Target

By James Muonwa, Mashonaland West Correspondent WILDLIFE has the potential to contribute immensely to the target of achieving a US$5 billion tourism and hospitality sector by the year 2025. This comes on the backdrop of a rich resource base in Mashonaland West province Mashonaland West Minister, Mary Mliswa-Chikoka told delegates attending a recent tourism and

Tobacco farmers warned over keeping stocks in fields

By Staff Reporter ODZI – Tobacco contractors have warned farmers who fail to destroy their stocks after the harvest that they risked not receiving any assistance next season. The threats follow reports that some local farmers were not uprooting their stocks which are reported to be main carriers of a mealy bug plant pest which

Chopping off nose to spite the face...Finance Minister Mthuli Ncube

Strict RBZ policies on Ecocash result in $2 billion tax revenue decline

By Alois Vinga GOVERNMENT’S tough decision to throttle leading mobile money transfer agent, Ecocash has backfired with the Zimbabwe Revenue Authority (ZIMRA) recording a $1.9 billion decline on the 2 % revenue tax collections. During the period April 2020 and September 8, 2020, the Reserve Bank of Zimbabwe, through its subsidiary, the Financial Intelligence Unit

ZIMRA Commissioner General Faith Mazani

Inflation led salary increments spur ZIMRA earnings

By Alois Vinga THE continuous salary increases to cushion employees from the unbearable inflationary pressures have seen Zimbabwe Revenue Authority’s (ZIMRA) collections surpassing set targets by 27 % with salaried individuals emerging top revenue injectors among the taxed categories. This comes at a time the country’s annual inflation is hovering at around 659 %, having

Finance Minister Mthuli Ncube

Mthuli Ncube Pegs 2020 Inflation Annual At 134%

Reuters ZIMBABWE expects its average annual inflation to slow to 134% in 2020, according to a finance ministry document published on Friday, more than halving the central bank’s previous forecast. The country is grappling with its worst economic crisis in more than a decade, with runaway inflation of 659.4% year-on-year in September, and severe shortages

Mthuli Ncube

Mthuli eyes 2021 wage value return in 7.4 % growth projection

By Alois Vinga FINANCE Minister, Mthuli Ncube’s is keen on restoring inflation eroded wages’ value while repositioning the country’s battered economy onto a recovery trajectory – from the projected minus 4.5 % to a growth of 7.4 % in the forthcoming year. The country’s working population has lost a significant chunk of its salaries’ worth