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Firms evade remitting forex taxes
THE Zimbabwe Revenue Authority (Zimra) says it has detected a string of scams in which some companies charging for goods and services in foreign currency have evaded paying taxes in forex.This...Published: 04 Dec 2020 at 07:20hrs | 680 | by Staff reporter
RBZ orders Zimbabwe banks to give forex
Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has ordered banks to settle transactions outside the public glare as he cracks the whip on the sector amid revelations some banks were refusing cl...Published: 03 Dec 2020 at 07:06hrs | 8781 | by Staff reporter
Mangudya warns money launderers
THE governor of the Reserve Bank of Zimbabwe (RBZ), John Mangudya, says authorities will step up the current crack down on individuals and companies that are moving large but unexplained sums of money...Published: 02 Dec 2020 at 06:35hrs | 2319 | by Staff reporter
'Dollarisation was our biggest mistake,' says Mthuli Mcube
Dollarisation was a big mistake as it took away the country's monetary autonomy and made industry uncompetitive, Finance and Economic Development Minister Mthuli Ncube said yesterday. Besides,...Published: 01 Dec 2020 at 06:48hrs | 2884 | by Staff reporter
Diaspora remittances up 48% in 10 months, says RBZ
DIASPORA remittances increased by 48 percent to reach US$760 million in the 10 months to October 2020 compared to the same period last year, according to the Reserve Bank of Zimbabwe (RBZ).The...Published: 30 Nov 2020 at 19:02hrs | 273 | by Staff reporter
Tobacco exports net US$690 million
AT least 168 million kg of tobacco worth US$688 million had been exported across the globe by November 20, Tobacco Industry Marketing Board (Timb) data showed last week.The Timb said shipments for...Published: 29 Nov 2020 at 07:02hrs | 219 | by Staff reporter
Mthuli's 'fantasy' budget: Here's how it will affect you
THE 2021 budget presented by the finance minister Mthuli Ncube to Parliament shows that the minister was living in a ‘fantasy world,' according to academic, Professor Austin Chakaodza."Some ...Published: 28 Nov 2020 at 07:12hrs | 3122 | by Staff reporter
Businesses dodge forex tax
Treasury has tightened measures to bring to book businesses that are dodging tax obligations in foreign currency amid concerns that most forex sales in the country are not accurately accounted for, th...Published: 28 Nov 2020 at 07:10hrs | 839 | by Staff reporter
Mnangagwa orders US-dollar payment on foreign currency pensions
PRESIDENT Emmerson Mnangagwa Friday ordered US dollar pension pay-outs on all investments under which workers injected foreign currency.This comes after thousands of Zimbabwean workers were be...Published: 28 Nov 2020 at 07:08hrs | 18084 | by Staff reporter
Vehicle supply syndicate exposed
A syndicate comprising vehicle suppliers and senior procurement officials in various State institutions has been milking millions of dollars from state coffers through murky and inflated vehicle suppl...Published: 27 Nov 2020 at 18:23hrs | 3734 | by Staff reporter
'No 2021 tax clearance certificates to improperly fiscalised operators'
Zimbabwe's tax collector has threatened to withhold 2021 tax clearance certificates to all registered business operators that have not properly fiscalised as most operators are not remitting taxes in ...Published: 27 Nov 2020 at 17:23hrs | 2710 | by Staff reporter
Mthuli Ncube reduces taxes
FINANCE minister Mthuli Ncube yesterday gave struggling workers something to cheer about ahead of the festive season when he presented his 2021 National Budget in Harare - significantly easing tax thr...Published: 27 Nov 2020 at 17:09hrs | 2589 | by Staff reporter
Govt okays forex tollgate fees payment
GOVERNMENT has given motorists greenlight to pay toll fees using foreign currency and says the move will enhance the Zimbabwe National Roads Administration (Zinara) to harness resources to clear its e...Published: 27 Nov 2020 at 17:03hrs | 3012 | by Staff reporter
Mnangagwa, Chiwenga, SB Moyo wrestle for Zim gold sector control
PRESIDENT Emmerson Mnangagwa, his deputy Constantino Chiwenga and Foreign Affairs Minister Sibusiso Moyo, locked in a vicious duel to wrest and consolidate state power, are manoeuvring to control the ...Published: 27 Nov 2020 at 07:18hrs | 3009 | by Staff reporter
RBZ swoops on foreign entities
THE Reserve Bank of Zimbabwe (RBZ) has launched an investigation into the conduct of at least 15 foreign-owned companies, which have allegedly externalised millions of United States dollars, according...Published: 27 Nov 2020 at 07:07hrs | 4356 | by Staff reporter
$421.6bn inclusive 2021 budget unveiled
FINANCE and Economic Development Minister, Professor Mthuli Ncube yesterday announced a $421.6 billion National Budget for 2021 in which he handed down tax relief measures to cushion workers and corpo...Published: 27 Nov 2020 at 07:02hrs | 328 | by Staff reporter
RBZ ropes in banks to clear forex backlog
The Reserve Bank of Zimbabwe has approached local banks to help clear a two-week backlog of unpaid importers invoices amid indications that the auction is struggling to keep up with demand for foreign...Published: 26 Nov 2020 at 07:48hrs | 2768 | by Staff reporter
2021 budget: Fitting a round peg in a square hole
THE 2021 national budget due to be presented this afternoon presents one of the toughest challenges for Finance minister, Mthuli Ncube.He is expected to roll out strategies that will help the ...Published: 26 Nov 2020 at 07:27hrs | 399 | by Staff reporter
Treasury orders refunds for exempted 2% tax transactions
Treasury has widened exemption on selected foreign currency denominated transactions from the two percent tax in response to submissions by stakeholders. Those considered would now be refunded...Published: 26 Nov 2020 at 07:11hrs | 416 | by Staff reporter
Biti says RBZ forex auction system headed for collapse
FORMER Finance Minister and legislator Tendai Biti has dismissed the Reserve Bank of Zimbabwe (RBZ) foreign currency auction system as a charade that is set implode once all economic fundamentals begi...Published: 26 Nov 2020 at 07:06hrs | 1738 | by Staff reporter
Zim dollar continues to firm against the greenback
The Zimbabwe dollar continues to firm against the greenback despite a marginal loss at this Tuesday's RBZ forex Auction after moving from 81.71 to 81.82 per one United States Dollar.A total of...Published: 24 Nov 2020 at 19:14hrs | 2041 | by Staff Reporter
Govt to revisit vehicle policy
The Government might soon reintroduce a policy that compels line ministries, departments and State institutions to procure certain types of vehicles only from local producers to aid industrial recover...Published: 24 Nov 2020 at 04:23hrs | 3431 | by Staff reporter
Green Fuel selling ethanol in 'real money'
ZIMBABWE'S biggest ethanol producer Green Fuel is now selling the commodity in hard cash and accepts only transfers to its nostro foreign currency account accompanied by letters from the clients' bank...Published: 20 Nov 2020 at 06:12hrs | 1184 | by Staff reporter
Firms hail forex auction system
ZIMBABWE'S biggest companies have hailed central bank governor, John Mangudya's foreign currency auction system for defusing a forex crisis that had affected production in the past year.The Re...Published: 20 Nov 2020 at 06:08hrs | 286 | by Staff reporter
Govt has failed to resolve strike by teachers, and all civil servants
The major reason why the Zimbabwe government is failing is in whole part for its reason to resist the tide. For a start, the government has over the decades tried and failed dismally to control th...Published: 18 Nov 2020 at 12:29hrs | 3791 | by Zanda Shumba
Mnangagwa launches new economic blueprint
PRESIDENT Mnangagwa yesterday launched the National Development Strategy 1 (NDS1), which is anchored on economic growth and institutional reforms aimed at attaining an upper middle-income economy by 2...Published: 17 Nov 2020 at 07:29hrs | 2017 | by Staff Reporter
Zimbabwe economic meltdown deepens
SOME of Zimbabwe's largest companies have painted a grim picture of the country's socio-economic situation, reporting a sharp fall in revenues, as the relentless economic meltdown intensifies....Published: 13 Nov 2020 at 07:31hrs | 1670 | by Staff reporter
Forex dealers in court
Six suspected foreign currency dealers yesterday appeared in court on allegations of using the EcoCash platform to buy US$3 153 317 from the public. The eight are Felix Tafadzwa Chikuse (38), ...Published: 13 Nov 2020 at 05:37hrs | 1458 | by Staff reporter
Zimbabwe industry on edge over 2% forex tax
Bankers have said the recently introduced 2% Intermediated Money Transfer Tax on foreign currency is inflationary and erodes the rising confidence in the local currency. Bankers Association of...Published: 12 Nov 2020 at 07:08hrs | 1892 | by Staff reporter
Teachers decline 'mockery' govt pay offer
TEACHERS have rejected the government's 40% salary hike offer, describing it as a mockery, vowing not to return to work until their employer pays them meaningful salaries.Government on Tuesday...Published: 12 Nov 2020 at 06:31hrs | 5116 | by Staff reporter
Zimbabwe inflation drops to 471,25%
ZIMBABWE'S annual inflation rate dropped to 471,25% in October from 659,40% in September, according to latest data from the Zimbabwe National Statistics Agency (ZimStat).The annual inflation r...Published: 12 Nov 2020 at 06:29hrs | 1145 | by Staff reporter
Harare's growing garbage problem
HARARE, renamed from the colonial Salisbury, in the early days of independence, was widely referred to as the Sunshine City owing to its squeaky-clean streets and orderly, smart and clean residential ...Published: 12 Nov 2020 at 06:25hrs | 343 | by Staff reporter
RBZ forex auction allotments to industry reach highest ever at US$32 million
RESERVE Bank of Zimbabwe Tuesday allotted a total US$31.7 million to industry, becoming the highest amount to be availed since the launch of the auction system in June this year.The auction la...Published: 10 Nov 2020 at 19:44hrs | 1682 | by Staff reporter
Teachers absent as schools re-open
TEACHERS have been urged to report for duty as schools opened under Phase Three which has paved the way for lessons for everyone in primary and secondary school to resume being conducted in the classr...Published: 09 Nov 2020 at 23:23hrs | 7594 | by Staff Reporter
Govt losing millions as firms evade US dollar tax
THE Zimbabwe government is being cheated of millions of United States dollars in tax revenue by businesses that are accepting foreign currency payments but not declaring or under-declaring the forex p...Published: 06 Nov 2020 at 06:47hrs | 672 | by Staff reporter
Economy snuffs out Zimbabwe smokers' income
Zimbabwean smokers lit up 8% fewer cigarettes this year, and the biggest drop is in the cheapest brands, as the economy snuffs out incomes.BAT, the country's biggest cigarette maker, saw sales...Published: 06 Nov 2020 at 06:39hrs | 192 | by Staff reporter
Panic as banks backdate 2% tax deduction to August
DEPOSITORS are in panic mode after some banks issued notices informing them to brace for the two percent Intermediated Money Transfer Tax (IMTT) deductions, which are backdated to August 2020. ...Published: 06 Nov 2020 at 06:30hrs | 868 | by Staff reporter
Illegal forex dealers feel the pinch
Black market forex dealers are feeling the heat following a raft of monetary measures recently put in place by the central bank to halt the depreciation of the local currency which had fuelled a spike...Published: 05 Nov 2020 at 21:34hrs | 11609 | by Staff reporter
Mangudya retains confidence at the Central Bank
From the time Zimbabwe switched from inter-bank market for foreign currency to an auction system, which is largely driven by market. The idea is to determine market exchange rate. The bids come from u...Published: 05 Nov 2020 at 16:02hrs | 2678 | by Tinashe Eric Muzamhindo
Councils mustn't demand forex, says Chombo
GOVERNMENT has threatened to deal with local authorities demanding payment of bills in foreign currency at 1:1 exchange rate.This was said by Local Government deputy minister Marian Chombo yes...Published: 05 Nov 2020 at 06:26hrs | 1415 | by Staff reporter
The best trading apps in the EU
If you want to venture into the European financial market, then here's your chanc...Published: 02 Nov 2020 at 15:38hrs | 398 | by Staff Writer
Mangudya agonises over gold smuggling
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya has expressed concern over rampant smuggling of gold, warning Zimbabwe could as a result miss its official 25 tonnes production target for the yea...Published: 30 Oct 2020 at 06:38hrs | 5363 | by Staff reporter
'We need more Zimdollar than US$'
UNITED Refineries Limited (URL) chief executive officer, Mr Busisa Moyo says the Bulawayo headquartered agro-processing company needs more of the local dollar to localise production of key raw materia...Published: 30 Oct 2020 at 06:19hrs | 1133 | by Staff reporter
Mnangagwa implores business produce more goods at affordable prices
PRESIDENT Emmerson Mnangagwa has implored business to capitalise on the country's stabilising economy and produce more goods at affordable prices for ordinary Zimbabweans.Speaking at the unvei...Published: 29 Oct 2020 at 21:08hrs | 82 | by Staff reporter
A beginners guide to bitcoin trading
At this point, you've likely heard of Bitcoin, a mobile currency, also known as cryptocurrency. Did you know that you can become a Bitcoin trader? Since conception in 2009, Bitcoin continues to rise i...Published: 28 Oct 2020 at 08:49hrs | 1281 | by Staff Writer
Zimdollar flat as street traders push cash transactions
The local currency was flat on Tuesday after it depreciated by a marginal 0.004% at the latest auction to trade at 81.3531 against the US dollars while the street rate remains range bound at between 9...Published: 27 Oct 2020 at 17:45hrs | 7881 | by Staff reporter
Mnangagwa's SONA: Selling a 'fragile' stability
President Emmerson Mnangagwa sold optimism in his state of the nation address Thursday, saying a period of exchange rate stability shows that his policies are delivering. But not everyone is convinced...Published: 26 Oct 2020 at 06:47hrs | 2124 | by Staff reporter
'Measures to insulate Zimdollar against erosion sustainable'
Measures put in place to insulate the local currency against erosion are sustainable beyond the lockdown, Finance and Economic Development Minister Professor Mthuli Ncube has said, despite the reopeni...Published: 26 Oct 2020 at 06:39hrs | 1330 | by Staff reporter
RBZ bouyant over Zimdollar
Reserve Bank of Zimbabwe (RBZ) governor John Mangudya says he is doing everything in his power to maintain a four-month stretch of exchange rate stability achieved since the introduction of the foreig...Published: 25 Oct 2020 at 08:28hrs | 5416 | by Staff reporter
Mnangagwa says 'a brighter future depends on us all'
PRESIDENT Emmerson Mnangagwa yesterday made an impassioned call to all Zimbabweans to set aside their political differences and work together to build the country.At the same time, the 78-year-old...Published: 23 Oct 2020 at 17:13hrs | 551 | by Staff reporter
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