Chinamasa to scrap tax on electronic transfers

Chinamasa to scrap tax on electronic transfers

By Daniel Chigundu FINANCE and Economic Development Minister Patrick Chinamasa says he is going to scrap the 5percent tax on all electronic transfers below US$10 to make it cheaper to transact. Electronic transfers are said to be on the high in Zimbabwe owing to the various taxes which are then passed on to the customers when they eventually transact. According statistics, electronic transfers in Zimbabwe are ranging to about US$90 billion per year largely driven by RTGs us$62 billion and mobile banking US$28 billion, while cash only accounts for US$7billion….

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Local investor snaps up stake in Dr Dish

Local investor snaps up stake in Dr Dish

By Staff Reporter PROMINENT lawyer Gerald Mlotshwa through his Ktulu Nominees has emerged as the single largest Shareholder in Dr Dish following a deal signed over the weekend. The transaction will see Mlotshwa becoming the Chairman of Dr Dish, while Nyasha Muzavazi steps down as Executive Chairman to assume the Chief Executive Officer role. “I am very excited to announce the taking over of 50% by Ktulu Nominees representing the family interests of one of Zimbabwe’s prominent Lawyers Gerald Mlotshwa. The transaction brings in the much needed Capital to launch…

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Foreign Investments safe: ED

Foreign Investments safe: ED

By Ndafadza Madanha PRESIDENT Emmerson Mnangagwa has assured foreign investors that their investments are safe and his administration will honor all Bilateral Investment Protection Agreement Zimbabwe have signed. The pronouncements come at a time when government has intensified efforts to lure foreign direct investment with the head of state penciled to undertake his maiden trip to the World Economic Forum gathering in Switzerland next week. “All investments are safe and secure and all BIPPA will be honored and I have directed the ministry of foreign affairs to ratify all agreements…

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Chinamasa concedes to pressure …as Parliament passes 2018 budget

Chinamasa concedes to pressure …as Parliament passes 2018 budget

By Daniel Chigundu FINANCE Minister Patrick Chinamasa had to literary buy passage for his 2018 National Budget as legislators had dug-in on their demands for Parliament and health sector. Parliamentarians were unanimous in their demand for adequate budget for the legislature arguing that the initially allocated US$57 million was not enough to effectively funding their oversight role. Parliament last year failed to hold public meetings in some areas and had to literary depend on the benevolence of development partners. However after threatening to sabotage the budget, Minister Chinamasa was left…

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Bond notes going nowhere: Chinamasa

Bond notes going nowhere: Chinamasa

 By Daniel Chigundu FINANCE and Economic Development Minister Patrick Chinamasa has dismissed claims that government intends to phase out the Bond Notes. Bond Notes were introduced as an export incentive, to help ease cash crisis and stop externalisation of foreign currency a few years ago and are reportedly backed by an AfreximBank facility. In a statement, Chinamasa said government has no such plans adding that economic fundamentals have not changed as required by such a decision. “As has been repeatedly advised by government, the economic fundamentals are not yet appropriate…

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RTG US$22M rights issue approved

RTG US$22M rights issue approved

By Ndafadza Madanha RTG shareholders have approved a US$22.5m rights offer to restructure the entity’s balance sheet significantly reducing its gearing ratio. In an interview after the company AGM&EGM, CEO Tendai Madziwanyika said his organization was now geared to embrace growth opportunities in the hospitality sector. He said the company will also be able to offset its US$16m debt to NSSA and other short term loans with local financial institutions that were curtailing it growth prospects. “The approval of the rights offer will enable us to restructure our balance sheet…

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Allocate more funds for Sanganai/Hlanganani

Allocate more funds for Sanganai/Hlanganani

By Daniel Chigundu PARLIAMENTARY Portfolio Committee on Environment, Water and Tourism has called on Finance Minister Patrick Chinamasa to allocate more funds for the hosting of Sanganai/Hlanganani Travel Expo and the Harare International Carnival. Sanganai/Hlanganani and Carnival are part of the Zimbabwe Tourism Authority (ZTA) destination marketing activities and have the potential to bring millions of tourists to the country combined. Last year Minister Chinamasa told delegates Sanganai/Hlanganani in Bulawayo last year that he was going to adequately fund the tourism sector because of its vast potentials that bring instant…

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Chinamasa has dirty hands: Sibanda

Chinamasa has dirty hands: Sibanda

By Daniel Chigundu BINGA North legislator Prince Dubeko Sibanda has accused Finance and Economic Development Minister Patrick Chinamasa of coming to Parliament with dirty hands over his failure to allocate funds to Provincial Councils and local authorities. According to Section 301.3 of the country’s constitution, Treasury is supposed to allocate about 5 percent of the national budget to provinces and local authorities as their share in that year. However, Minister Chinamasa has never complied with that constitutional provision arguing that there are no guidelines on how the money will be…

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New political dispensation spurs Delta

New political dispensation spurs Delta

By Staff Reporter DELTA says optimism for an economic recovery on the back of the new political dispensation has resulted in increased demand for its products. In a trading update for the third quarter ending December 2017 delta said revenue was up 24 percent for the quarter and nine percent for the nine months. The company had managed to meet demand despite challenges in importing raw materials owing to the foreign currency shortage. “The period was characterized by significant political developments which give rise to renewed optimism for an economic…

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Kaseke pin hopes on FITUR

Kaseke pin hopes on FITUR

By Daniel Chigundu ZIMBABWE Tourism Authority (ZTA) chief executive Dr Karikoga says he is hopeful that Zimbabwe’s participation at the 2018 edition of FITUR from 17-21 January, in Madrid Spain will help push the country’s tourism agenda to the world. Tourism has been pinpointed as one of the country’s low hanging fruits with quick returns and attracting more foreign tourists is one of the ways the country hopes to benefit from the sector. Arrivals had taken a dip in the last few years owing to various challenges that include a…

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