THE Joint Venture Act, expected to promote major investment across economic sectors, came into force last week after the gazetting of a Statutory Instrument to operationalise it. Through SI 53 /2016, May 27 was fixed as the date of commencement of the legislation. The objectives of the JVA include providing for the implementation of joint venture agreements, establishing governing rules for the pu
A Zimbabwean businessman has made the Forbes Africa’s 30 under 30 list, which shows the 30 most promising entrepreneurs from around the continent, across various sectors. “This is the most important list of the year for Forbes Africa. “If one young African reads it and is inspired enough to start a business, it has done its job,” said Chris Bishop, managing editor of Forbes Africa.The list
EXPERTS yesterday expressed reservations on the Bulawayo Power Station upgrade project saying the proposed model would contribute to greater environmental degradation through high carbon emissions and damage to road infrastructure. The project seeks to refurbish the plant to increase its power generation to 90 mega watts from an average of 30MW.The excercise would involve installation of new boile
Banks have also come under fire with depositors accusing them of taking advantage of the biting cash situation to milk them through “exorbitant” service and withdrawal charges from repeat withdrawals.Some banks charge up to $20 a month service charge and up to $4 ATM charge per transaction. Last month banks had capped withdrawal limits between $200 and $500 per day.A snap survey carried out by
Harare City Council is in the process of introducing swipe machines in its revenue halls across the city to ease transaction challenges for ratepayers.This comes at a time when the country is experiencing cash shortages with banks limiting daily cash withdrawals to between $100 and $200.In an interview with a local publication yesterday, Harare City Council acting corporate communications manager
ZIMBABWE National Chamber of Commerce (ZNCC) has called on government to increase efforts to clampdown on smuggling, which is costing both Treasury and businesses millions of dollars in lost revenue.As the economic situation continued to worsen, smuggling has been on the rise in recent months, with the Zimbabwe Revenue Authority’s (Zimra) first quarter report for 2016 attributing a tax revenue l
THE central bank has set up a foreign exchange management committee to consult with the banking sector to review bank import receipts and discuss ways to limit those imports to just the essentials.The new committee will meet on a weekly basis with the Reserve Bank of Zimbabwe (RBZ), as it moves to aggressively improve on exports and liquidity in the economy.Speaking at an Industry and Commer
DEBT-RIDDEN coal miner, Hwange Colliery Company Limited (HCCL)’s equipment attached over unpaid debts was yesterday saved from going under the hammer after a public auction was cancelled.This is the third time that a public auction to dispose of HCCL’s equipment and machinery has been called off at the last minute after involved parties resolved to settle the matter out of court leaving prospe
About 20 Cabinet ministers descend on Bulawayo today for a Zim-Asset interactive conference that will be headlined by the First Lady Grace Mugabe.The conference will be held at the Zimbabwe International Trade Fair’s Hall 3 today and tomorrow under the theme: “Consolidating Bulawayo’s growth through Zim-Asset.”Ministers are expected to explain how the city is benefiting from government pro
Victoria Falls Municipality has cancelled a $1,7 million street lighting contract with a Harare company arguing that it had failed to deliver and will be inviting new bidders in due course.Last year, the local authority entered into a reciprocal agreement with a Harare electrical company, Mechanical Electrical Distribution, to install street and traffic lights at a cost of $1,7 million in a Public
THE People’s Own Savings Bank has started providing mortgage loans to individuals intending to buy a complete structure, build or purchase a residential stand, an official has said. “They have started accepting and processing applications,” an official at the bank said. The initial tenure is 10 years at 12 percent per annum and a customer is required to deposit 20 percent of the purchase pri
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A forensic audit soon to be initiated by the Zimbabwe Revenue Authority will be centred on executive payroll and packages including secondment of Zimra staff, personal loans advanced to executives and subsequent importation and clearance of vehicles. The forensic audit will cover the period from January 2014 and the report detailing the findings of
Government has scrapped value added tax on all goods purchased by the Global Fund to fight Aids, tuberculosis and malaria or on its behalf with effect from January 1, 2015.According to Statutory Instrument 51 of 2016 on value added tax (Global Fund) (Refunds) regulations 2016 published last Friday, the Global Fund will be refunded any tax paid for any goods or services purchased for it or on its b
The Reserve Bank of Zimbabwe (RBZ) announced a $200 million bond notes issue to provide a fiscal buffer against cash shortages.The article looks at the stability of the model, specifically inflationary concerns, end user response to changes and the degree of consistency between expectations and real world observations.Origins and developmentIn 2014, RBZ initially introduced bond coins as a store
Two TelOne employees and three other accomplices have been arrested in Bulawayo for allegedly defrauding the telecommunications company of nearly $700,000.The fraud was unearthed during an audit.The five suspects appeared before the courts yesterday facing fraud charges.They were not asked to plead and were remanded in custody to today for bail application.Thembile Sondida, 53, and Chelesile Nkath
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