Zimra revenue declines by $27million

By Thupeyo Muleya The Zimbabwe Revenue Authority (Zimra) has recorded a decline of $27 million from commercial and vehicle imports in the first 10 days after Government legalised the payment of duty on specified goods in foreign currency, it has emerged. ZIMRA offices in Harare (Picture by smezim.com) Zimra collects about 30 percent of Government revenue. In addition, 70 percent of the parastatal’s money is collected at Beitbridge Border Post alone where they rake in around $400 million annually. Related Articles Finance and Economic Development Minister Professor Mthuli Ncube recently…

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Fuel companies call for 2-week forex cover

By Tawanda Musarurwa  Fuel firms operating in the country have said Government should supply them with two-week worth of foreign currency cover to ensure there are no gaps that “exaggerate” the fuel shortages. Motorists wait to fill up their tanks at a fuel station in Harare, Tuesday, Oct, 9, 2018. As Zimbabwe plunges into its worst economic crisis in a decade, gas lines are snaking for hours, prices are spiking and residents goggle as the new government insists that the country somehow has risen to middle income status. (AP Photo/Tsvangirayi…

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Sex workers dollarise

By Gibson Mhaka Grief is the real price men pay for sex! with the festive season around the corner, some commercial sex workers in Bulawayo are literally running a promotion in which they are reportedly offering extra-sexual services to clients who would have paid for their services in foreign currency. Commercial sex workers are now demanding foreign currency for their goods and services. The seemingly shocking move which prostitutes say is to offset the “free-falling” bond, came hard in the wake of a number of companies and service providers who are now…

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Forex dealer jailed as crackdown starts

On Nov 29, 2018 24,355 0 By Pauline Hurungudo Government has handed a prison sentence to a trader selling foreign currency outside the official exchange rate, marking the advent of the crackdown on a black market it says destabilizes the country’s currency. File picture of forex dealers in Zimbabwe This comes after promulgation of new laws prescribing that unlicensed foreign currency traders face up to 10 years in jail if convicted and loss of their money and assets. Police spokesperson senior assistant commissioner Charity Charamba said in a statement yesterday…

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Duty on vehicle imports gazetted

By Zvamaida Murwira Finance and Economic Development Minister Professor Mthuli Ncube has invoked the Customs and Excise Act and imposed duty in foreign currency on an array of goods that include vehicles and meat, in line with the 2019 National Budget Statement he presented last week. Mthuli Ncube The other affected imports include horticultural products, cosmetics and selected fruits. The announcement was made in a Government Gazette published last Friday in terms of Section 115 (3) of the Customs and Excise Act (Chapter23:02) and would be known as (Designation of…

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Duty in forex for car imports

By Prosper Ndlovu Importers of motor vehicles will pay customs duty in foreign currency with effect from today as Government moves to control the surge in the importation on non-productive goods while businesses that price products in forex will be required to pay tax in the same currency. Announcing revenue enhancing measures in his 2019 National Budget statement in Parliament yesterday, the Minister of Finance and Economic Development, Professor Mthuli Ncube, said the measures were critical in redirecting use of scarce foreign currency to the productive sector and implementation of…

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Minister reads riot act

By Tendai Madhomu Industry and Commerce minister Mangaliso Ndlovu yesterday met with manufacturers and retailers in a heated closed door meeting, with the minister emphasising the need to bring sanity to the pricing regime. Industry and Commerce Minister Mangaliso Ndlovu and his deputy Raj Modi follow proceedings during a meeting with manufacturers and retailers on price hikes in Harare yesterday. — Picture by Memory Mangombe The tense meeting that lasted nearly three hours did not yield much positive results, with stakeholders reportedly clashing in angry scenes. Manufacturers vowed that as…

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Forex dealers begin to stew

By Nokuthaba Nkomo and Pauline Hurungundo The hordes of illegal foreign currency traders who had made the streets of Harare their home are increasingly becoming a rare sight, as President Emmerson Mnangagwa’s abatement measures take effect. File picture of forex dealers in Zimbabwe As has accurately been reported by the Daily News over the past few weeks, Mnangagwa this week introduced temporary emergency policies to mitigate the country’s rampaging foreign currency black market. The new laws prescribe a maximum 10-year custodial sentence for illegal foreign currency traders, with authorities empowered…

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10 years in jail for illegal forex dealers

On Nov 13, 2018 35,765 0 A new law came into force yesterday prescribing a 10-year jail term for unlicensed foreign currency traders in Zimbabwe. File picture of forex dealers in Zimbabwe The new law that amends the Exchange Control and Money Laundering and Proceeds of Crime Act says those convicted will also have money confiscated from them forfeited to the State. This comes after President Emmerson Mnangagwa has said he was moving to deal decisively with unscrupulous Zanu PF bigwigs and business people who are involved in the illegal…

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