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Multi Currency is no Currency
By: Amos Kumwenda on 26-Dec-09

Definition of luxury Cars
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Upcoming Budget
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Import duty on capital equipment and goods
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Boarder queues vs collection of taxes
By: Rugare on 08-Jun-09

Archived News, Statements, Speeches & Events

Energy Sector Open For Investment

11 February 2010

Business Reporter/Engineering News

Zimbabwe is opening up its doors to investors for its energy sector, Energy and Power Development Minister Engineer Elias Mudzuri said on Tuesday, adding that Government was also considering offering potential tax holidays for those investors willing to participate in the development of large power projects in the country.

The minister told delegates at the Southern African Energy Week conference, in Johannesburg, South Africa, that Government was hoping to attract investors to participate in the development of Zimbabwe’s energy sector through public–private partnerships or any other join...

Mining, Taxation Laws Need Urgent Amendment: Hon Biti

10 February 2010

Business Reporter

Finance Minister Tendai Biti has called on Government to urgently amend the country’s mining and taxation laws if Zimbabwe is to benefit from its huge natural resources.

Minister Biti’s call comes amid revelations that the country’s earnings from the sector were minimal due to multiple tax rebates and concessions available through the mining law.

He said Zimbabwe possesses a number of minerals that include platinum, gold and methane gas but has left everything in the hands of the mining companies.

The mining sector is contributing a paltry 4 percent of Gross Domestic Product despite huge pr...

Zim Wins Tourism Award

09 February 2010

By Isdore Guvamombe

ZIMBABWE has won an international excellence award, the Golden Award for the Tourism, Hotel and Catering Industry, New Millennium, for its tourism marketing development and promotion efforts, while five more companies and a Cabinet minister have been nominated by Africa Investor for the 2010 Tourism Investment Awards slated for next week.

Zimbabwe scooped the 35th edition of the award after exhibiting in Madrid, Spain. The award also comes hardly a week after Zimbabwe Tourism Authority chief executive Mr Karikoga Kaseke was elected first vice president of the newly formed Africa Tourism Promotion Initia...

ZSE Demutualisation on Course

05 February 2010

By Golden Sibanda

The Zimbabwe Stock Exchange is working to complete its demutualisation programme in the next 12 months as it also prepares to become a member of the Federation of World Exchanges.

The ZSE intends to demutualise, list, set up a Central Depository System and be a member of the Federation of World Exchanges.

Demutualisation refers to the transformation of an organisation, usually a club or a society, into a privately owned company or entity.

Considerable ground has reportedly been covered and the process, which started a few years back, could be completed soon to transform the ZSE from a socie...

US, UK Will Support Zim Bid for IMF Voting Rights –– Hon. Biti

05 February 2010

THE International Monetary Fund will decide later this month whether to restore Zimbabwe’s voting rights, Finance Minister Tendai Biti said on Wednesday.

Hon. Biti said the move was in response to positive reforms implemented by the unity government formed last year by arch-rivals President Robert Mugabe and Prime Minister Morgan Tsvangirai.

“There is a general understanding and support for the restoration of Zimbabwe’s voting rights. The IMF executive board will meet this month to decide on the issue,” said Biti who was in Washington last week to lobby for the restoration of the rights.

“We were pushing for the re...

Availability of Local Basic Commodities Improves

05 February 2010

Business Reporters

THE availability of locally manufactured basic commodities has improved with these now the dominant products on the shelves of leading supermarkets in the country.

According to a price monitoring schedule released by the National Incomes and Pricing Commission, products such as mealie-meal that is being sold in shops such as Spar, OK and TM is now virtually locally manufactured.

This is a different situation from the same time last year where mealie-meal that was available were virtually imports from mainly South Africa.

Apart from mealie-meal there has also been a dramatic increase in the...

World Bank Commends Government on Progress

04 February 2010

By Golden Sibanda

THE World Bank has commended the inclusive Government for making significant progress towards fixing Zimbabwe’s macro-economic challenges, but will not extend direct financial assistance until the country clears arrears with the international lending institution.

World Bank president Robert Zoellick yesterday said a better performing Zimbabwe was good for Southern Africa and the Bretton Woods institution would offer technical assistance to help the economy recover.

While noting the bank’s improved relations with inclusive Government and progress it has on the economic front, Mr Zoellick said the co...

The Round Table on Stabilisation, Reconstruction and Development in Zimbabwe

06 January 2010

The Round Table on Stabilisation, Reconstruction and Development in Zimbabwe, organised by the Brooks World Poverty Institute of the University of Manchester was held on 11 December 2009 in Manchester, United Kingdom.

Professor David Hulme gave welcome remarks and commended the rapid macro-economic stabilisation realised in 2009 especially the U-turn in inflation.

Hon. Minister T. Biti gave opening remarks at the Round Table stressing that the Zimbabwean economy is still in a fragile state due to the lost decade of successive economic downturn. In this regard sustainable growth and reconstruction would need efforts from bot...

The Three Year Macro-Economic Policy and Budget Framework Launched

23 December 2009

The Deputy Prime Minister, Honourable T. Khupe launched the Three Year Macro-Economic Policy and Budget Framework (STERP II) today, 23 December 2009.

The Three Year Macro-Economic Policy and Budget Framework is the successor to STERP, covering the period 2010 to 2012.

It is informed by the need to move the country's reforms beyond macro-economic stabilisation, embracing the challenges of graduating the economy towards a sustainable rapid growth and developmental path.

It is a structural and social transformative policy Framework aimed at ensuring that the socio-economic status of Zimbabweans, particularly those who ...

Parliament Approves the Public Finance Management Bill and the Audit Office Bill

18 December 2009

The Public Finance Management Bill and the Audit Office Bill were approved by Parliament this week and now await Presidential assent to make them effective into Law.

The Public Finance Management Bill seeks to repeal the Audit and Exchequer Act [Chapter 22:03] and the State Loans and Guarantees Act [Chapter 22:13.

This will improve accountability over the use of public resources, provide the regulatory framework for the management of public finances and promotion of good governance as well as strengthen the current accounting system, that way strengthening the accounting function in Government.

The Audit Office Bill...