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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Zimbabwe Revenue Collector demand Taxes in
foreign currency from foreign currency earners

HARARE Zimbabwe (Xinhua) -- Government revenue collector, the Zimbabwe Revenue Authority (ZIMRA) now requires businesses that trade in foreign currency to remit taxes in the currencies they collect revenue in.

Zimbabwe is experiencing serious foreign currency shortages and is trying to open up other avenues of generating it other than through predominantly exports.

In a notice published in the Sunday Mail, ZIMRA said it had noticed that there were businesses that were trading, withholding and collecting value added tax, pay as you earn, capital gains tax and other taxes in multi-currencies.

"Following this observation, ZIMRA has found it necessary to clarify that these businesses should remit taxes in the specific currencies in which they collect them without any conversion to RTGS (Real Time Gross Settlement which is equivalent to the local bond dollar), bond notes, local point of sale and mobile money," the statement said.

The country uses a basket of nine currencies dominated by the U.S. dollar since the Zimbabwe dollar became moribund in 2009.

It introduced the U.S. dollar, British pound, Euro, South African rand and Botswana pula in 2009 to arrest runaway inflation which had reached 239 million percent at the last official count, although some economists put it at around 4 billion percent.

The central bank added the Chinese yuan, Japanese yen, Indian rupee and Australian dollar to the currency basket in early 2014.

Government critic and a minister in former President Robert Mugabe’s government Jonathan Moyo has however criticized the move saying that it showed government failure.
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EARLIER REPORTS:

Zimbabwe President Mnangagwa urges African leaders to fight corruption

HARARE Zimbabwe (Xinhua) -- Zimbabwean President Emmerson Mnangagwa on Sunday said it was necessary for all African countries to fight corruption within their respective jurisdictions, as the recent launch of a Continental Free Trade Area had created a single African economy with a market of 1.2 billion people.

He said this soon after arriving in Harare from the 11th Extraordinary Session of the African Union (AU) Assembly in Addis Ababa, Ethiopia, which deliberated on proposed reforms to transform the organization into a highly efficient institution capable of delivering stability and economic prosperity on the continent, the Herald newspaper reported Monday.

Mnangagwa said there was urgent need to change the structures of the AU to reflect the contemporary transition from focusing on political issues to concentrating on economic development.

This prompted the Assembly, the supreme organ of the bloc, to trim the number of commissions from 10 to eight, including the chairperson and the deputy chairperson of the commission.

"The structures in the past were structured to deal with the political issues of the time, but now it’s a question of the economy as well as market issues, so the following issues have been resolved: We have reduced the size of the commissions from 10 to eight.

"We have also introduced the system of rotation.

"In the past, there was no systematic rotation of chairpersons of the AU, but now it must rotate among the five regions (West, Central, East, North and South).

"And also in terms of the many commissioners, we must see that they also rotate among the regions, but of course on the basis of merit," he said.

The Southern African Development Community believes that there should be "predictable inter- and intra-regional rotation (among the regions) following the English alphabetical order.

The proposed new structure will have a chairperson, deputy and six commissioners who will superintend over the restructured portfolios of Sustainable Environment, Agriculture Rural Development and Blue Economy; Economic Development, Trade and Industry; Education, Science, Technology and Innovation; Infrastructure and Energy; Political Affairs, Peace and Security; and Health, Social Development and Humanitarian Affairs.

On Saturday, Mnangagwa told the Assembly that streamlining portfolios of the AU Commission, the Union’s secretariat, through focused units would help "remove overlaps and duplication in portfolios".

The current amorphous structure is viewed as complex as it has eight commission directorates, 31 departments and offices, along with 11 AU organs, 31 specialized technical agencies and 20 high-level committees.
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Zimbabwe government has started restructuring 41 state-owned entities

HARARE Zimbabwe (Xinhua) -- The Zimbabwe government says it has started restructuring 41 state-owned entities as it ratchets up reforms to boost economic recovery.

Zimbabwe has about 90 state-owned entities that have been perennially making losses over the years and have become a huge drain on the fiscus.

Efforts to restructure the firms and make them viable have not been successful in the past but the government now says it needs to revamp the entities as part of Vision 2030, which seeks to transform Zimbabwe into a middle-income country by 2030.

The Ministry of Information announced on its Twitter handle Monday that out of the 41 firms earmarked for restructuring, 13 would be privatized, 12 will be listed on the national stock exchange while the rest will be departmentalized, partially privatized, commercialized or liquidated.

Firms to be privatized include the agricultural bank, Agribank, and passenger bus firm ZUPCO.

Those to be partially privatized include the Zimbabwe Mining Development Corporation, while grain procurer Grain Marketing Board and the Civil Aviation Authority of Zimbabwe would be unbundled to separate their regulatory and commercial functions.

Firms to be liquidated include National Glass Industries, Zimglass, stationary and text book seller Kingstons and tractor firm Motira.
.

Zimbabwe President Mnangagwa approves
investments worth U.S. $5.3 billion dollars

HARARE Zimbabwe (Xinhua) -- Zimbabwean President Emmerson Mnangagwa has approved the implementation of 11 investment projects worth 5.3 billion U.S. dollars, according to a document presented to the cabinet by the Chief Secretary to the President and Cabinet Misheck Sibanda on Tuesday.

"The Chief Secretary to the President and Cabinet circulated for the information of Cabinet a list of 11 projects which have been approved by His Excellency the President for immediate implementation after processing by the One-Stop Investment Service Center," the document, which was published in the state-controlled Herald newspaper on Wednesday, said.

The biggest project that has been approved is a joint venture partnership between Mindlink Holdings and the government of Zimbabwe on the establishment of a bullion bank valued at 2 billion U.S. dollars, followed by one on the manufacturing of iron and steel by Iron and Steel Company worth 1.1 billion U.S. dollars.

Other ventures include the manufacturing of fertilizers and medical and industrial gases and the establishment of a warehouse receipt system and agriculture commodity exchange.

Another joint venture between an asset management company and the Infrastructure Development Bank of Zimbabwe on infrastructure development valued at 800 million U.S. dollars has also been approved.

Two Chinese companies are among the investors which have been given the greenlight to implement their projects.

Afrochine (Pvt) Ltd will implement a 200 million U.S. dollar ferrochrome mining and smelting project while fellow Chinese company SUREWIN (Pvt) Ltd will invest in a 20 million U.S. dollar granite mining and processing venture.
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SEE ALSO:

Zimbabwe urge drastic action as 42 immolated in bus accident

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FURTHER READING:

Not happening: Zimbabwe had hoped for increased co-operation with Germany and other Western nations

             

 

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