Business
Zimbabwe’s Gold Production Breaks Records with Government-Driven Growth
Zimbabwe’s gold production has shown remarkable growth since 2021, consistently surpassing the 30-tonne milestone. This upward trajectory culminated in a new record in 2024, following an impressive output of 35.3 tonnes in 2022, which laid the foundation for the historic achievement. This success is attributed to deliberate measures introduced by the Government to bolster gold […]
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ZERA reviews price of LP Gas downwards
The Zimbabwe Energy Regulatory Authority (ZERA) has further reviewed downwards the price of Liquified Petroleum Gas (LPG) with effect from the 7th of January 2025. ZERA reduced the price of LPG on the 1st of January following the exemption from value-added tax (VAT). The latest reduction is a welcome intervention by the government. The price […]
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Khayah Cement Limited Initiates Corporate Rescue Amid Financial Struggles
Khayah Cement Limited has voluntarily entered corporate rescue proceedings under the Insolvency Act [Chapter 6:07] to address its financial challenges and pave the way for a sustainable recovery. The decision comes after a series of operational and financial setbacks, including significant equipment breakdowns, rising production costs, and market pressures. The company’s kiln, crucial for producing […]
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The Victoria Falls Hotel Remains Under Original Ownership
The owners of The Victoria Falls Hotel have dismissed rumors claiming the property has been sold. Emerged Railways Properties (ERP), the owners of The Victoria Falls Hotel property, along with Meikles Limited and African Sun Limited, the lessees and operators of the hotel, have refuted media speculations about the hotel’s ownership and their partnership. Media […]
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Fast Foods Tax Collection Commences Today
The newly introduced Fast Foods Tax collection and remittance starts today, 1st January 2025. This 1% tax, announced by the Minister of Finance, Economic Development, and Investment Promotion, Hon. Prof. Mthuli Ncube, was introduced during the presentation of the 2025 annual budget last November. The tax applies to a range of fast foods, including pizza, […]
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Tanganda puts VFEX listing on hold, pursue secondary listing
Tanganda Tea Company has ditched plans to migrate to the Victoria Falls Stock Exchange (VFEX), instead opting to pursue a secondary listing on the bourse. The Company had initiated the process to migrate to the foreign currency denominated bourse from the Zimbabwe Stock Exchange (ZSE). The company issued an amended cautionary statement dated 10 December […]
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Tanganda returns to profitablility amid spur in avocado sales volumes
Tanganda Tea Company says its revenue grew by 9% to US$25.7 million for the year ended 30 September 2024. The growth is attributed to an increase in avocado export volumes and firming of prices post covid-19. The company recorded an increase in exports of 39% to US$15.1 during the year. A dip in local sales […]
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Churches liable to pay tax
The Zimbabwe Revenue Authority (ZIMRA) has clarified income that Churches are liable to pay tax. Generally church income has been assumed to be exempt from taxation. However this position is not correct. Churches which carry out trade activities are subject to income tax. Revenue from the sale of church literature, food, books, or music, church-branded […]
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Competition and Tariff Commission declines CBZ offer to minorities
The Competition and Tariff Commission (CTC) has resolved that CBZ Holdings Limited (CHZHL) must maintain 31.22% shareholding in First Mutual Holdings Limited (FMHL) which was initially approved by the Commission. CBZHL sought to acquire additional shareholding in FMHL through a Mandatory Offer to minority shareholders in accordance with the ZSE Listing Requirements and the Companies […]
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Driving Industrialization Through Local Vehicle Assembly
Zimbabwe is poised for a transformative shift in its economic strategy with the 2025 National Budget announcement by Finance Minister Professor Mthuli Ncube. By lifting the temporary suspension of customs duties on imported public service buses, effective January 1, 2025, the government has signaled a commitment to fostering local vehicle assembly and strengthening the country’s […]
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