(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.
experiencing serious foreign currency shortages and is trying to
open up other avenues of generating it other than through
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
The central bank added the Chinese yuan, Japanese yen, Indian
rupee and Australian dollar to the currency basket in early
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.
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
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.
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
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.
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.
Zimbabwe urge drastic action as 42 immolated in bus
Not happening: Zimbabwe had hoped for increased
co-operation with Germany and other Western nations