BUSINESS NEWS

Tax breaks for renewable energy investors as govt launches new policy

Government has dangled a carrot to potential investors in the renewable energy sector by giving tax breaks as well as awarding national project status for such ventures.This is contained in the new en...

By Staff reporter | Published: 19 March 2020

BUSINESS NEWS

Companies, parastatals default paying tax: Zimra boss

Zimbabwe Revenue Authority (Zimra) Commissioner-General Faith Mazani on Tuesday told Parliament that companies and parastatals were not paying taxes resulting in a huge tax debt.Mazani appeared before...

By Staff reporter | Published: 10 October 2019

INDUSTRIALS & ENERGY

Chiyangwa's ZECO Holdings after-tax loss widens by 52%

Bulawayo-based engineering firm Zeco Holdings Limited remains in the red after its loss-after-tax widened by 52% to $886 605 in the six months to June 30, 2019, despite undertaking cost-containment me...

By Staff reporter | Published: 10 October 2019

OPINION

Zanu-PF's tax evasion outs govt

The Zanu-PF government is taxing people dead on one hand, but is an artful dodger of tax on the other. That's an insulting contradiction.Months ago, Mthuli Ncube, the Finance minister, introduced a 2%...

By Tawanda Majoni | Published: 06 October 2019

BUSINESS NEWS

Zimra sweats over tax defaulters

THE Zimbabwe Revenue Authority (Zimra) is sweating over the fiscalisation of companies after it emerged that some entities have not connected the recording of their taxable transactions on the fiscal ...

By Staff reporter | Published: 27 September 2019

MINING & RETAIL

Zimbabwe scraps 15% tax on raw platinum exports

Zimbabwe's platinum mining companies have come up with a roadmap for refinery plants that have seen the government considering the removal of a 15 percent tax on raw exports for the commodity.While co...

By Staff reporter | Published: 16 July 2019

BUSINESS NEWS

Mthuli Ncube promises to reduce tax burden

FINANCE Minister Mthuli Ncube has promised relief on some taxes ahead of his interim budget on July 31, 2019, as a mid-term fiscal review statement measure to cushion people against the continuous ero...

By Staff reporter | Published: 12 July 2019

BUSINESS NEWS

Tax scam costs Govt billions

Some players in the garment-making sector are allegedly skimming the Government of billions of dollars in potential tax revenue and suffocating downstream textile industries by abusing a special cloth...

By Staff reporter | Published: 10 July 2019

INDUSTRIALS & ENERGY

CFI holdings Limited reports ZWL$7,2 million profit after tax

CFI holdings Limited reported a profit-after tax of ZWL$7,2 million in the half-year to March 31, 2019, up from ZWL$2,1 million posted over the same period last year, driven by growth in earnings from...

By Staff reporter | Published: 04 July 2019

TELECOMS & TECHNOLOGY

Econet swings to $106,4m loss after tax

Econet Wireless Zimbabwe Limited (EWZL) posted a loss after-tax of ZWL$106,4 million in the year ended February 28, 2019, from a profit after-tax of ZWL$132,3 million recorded in 2018 following the un...

By Staff reporter | Published: 02 July 2019

TELECOMS & TECHNOLOGY

TelOne records 125% untaxed profit

FIXED telecoms giant, TelOne, extended its streak as one of only a few shining beacons among usually poor performing State-owned enterprises after untaxed profit jumped 125 percent to $1 million in th...

By Staff reporter | Published: 01 July 2019

BUSINESS NEWS

SMES generate $1million in taxes daily at border

SMALL to medium enterprises (SMEs) are generating an average of $1 million a day at the Beitbridge Border Post through payment of taxes, according to Women Affairs, Community, Small and Medium Enterpr...

By Staff reporter | Published: 29 April 2019

OPINION

Zimbabwe MFIs seek exemption from 2% money transfer tax

Microfinance institutions (MFI) play a key role in providing financial services to the unbanked population of Zimbabwe. Zimbabwe has a fairly vibrant MFI sector and Parliament is currently tasked with...

By Staff reporter | Published: 28 April 2019

BUSINESS NEWS

Zimra net closes in on tax dodgers

THE Zimbabwe Revenue Authority (Zimra) will start to access third-party information from different Government databases and financial institutions to track companies and individuals that are not payin...

By Staff reporter | Published: 28 April 2019

FINANCIAL SERVICES

Stanchart posts 38% improvement in profit-after tax

STANDARD Chartered Bank Zimbabwe (Stanchart) has posted a 38% increase in profit-after-tax to US$18,36 million in the full year ended December 31, 2018, driven by the bank's digitisation strategy.The ...

By Staff reporter | Published: 26 April 2019

BUSINESS NEWS

Government starts simplifying tax system

GOVERNMENT has begun a process of simplifying its tax system while the Zimbabwe Revenue Authority (Zimra) continues to roll out operational reform strategies aimed at enhancing voluntary compliance an...

By Staff reporter | Published: 26 April 2019

POLITICS

Mugabe wheelchair-hound, taxpayers to foot $4m bill

THE taxpayer continues to foot former president Robert Mugabe's medical bills, as it emerged President Emmerson Mnangagwa's government gave the deposed strongman US$4 million to cover his hospital exp...

By Staff reporter | Published: 19 January 2019

BUSINESS NEWS

Mthuli Ncube refuses to relax tax thresholds

Finance minister Mthuli Ncube has refused to relax non-taxable income thresholds to $400 saying Treasury needs every penny it can raise to respond to the tough budgetary environment.In his 2019 nation...

By Staff reporter | Published: 02 January 2019

BUSINESS NEWS

Tax exemption for Chinese company

Finance and Economic Development minister Mthuli Ncube said government will refund and exempt China Jiangsu International from Value added Tax (Vat) and income tax dating back to 2012.China Jiangsu in...

By Staff reporter | Published: 31 December 2018

POLITICS

Mthuli Ncube's 2% tax raises $572 million in December

Government says it has surpassed its monthly target for December and raised $572,4 million through the controversial two percent tax.According to Finance minister Mthuli Ncube, revenue generated throu...

By Staff reporter | Published: 31 December 2018

BUSINESS NEWS

Zimra starts forex tax collection

The Zimbabwe Revenue Authority (Zimra) has started collecting taxes, especially Value Added Tax (VAT) and Pay-As-You-Earn (PAYE) in foreign currency from companies that collect payments in that curren...

By Staff reporter | Published: 31 December 2018

BUSINESS NEWS

Mthuli Ncube's 2% transaction tax starts bearing fruit

The two percent transaction tax initiated in October 2018 has started bearing positive results towards addressing the budget deficit.The budget deficit has been described by Finance and Economic Devel...

By Staff reporter | Published: 31 December 2018

INDUSTRIALS & ENERGY

NTS after tax profit doubles

NATIONAL Tyre Services (NTS) reported an increase in profit after tax to $337 051 for the half year to September, but the company fears that fiscal and other monetary measures introduced by authoritie...

By Staff reporter | Published: 24 December 2018

OPINION

Digital tax headache for small economies

Taxation of digital services like Facebook, e-Commerce, cloud services, video streaming, Twitter and Google advertising is a complex global problem.Countries like Zimbabwe, which are beneficiaries but...

By Dr Dennis Magaya | Published: 09 December 2018

INDUSTRIALS & ENERGY

Seed Co in tax avoidance dispute

Zimbabwe's special court for income tax appeal has dismissed with costs a long list of preliminary points made by Zimbabwe Stock Exchange-listed seed manufacturer Seed Co Limited (Seed Co) in its appe...

By Staff reporter | Published: 04 December 2018
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