Connect with us

National

Zimbabwe eases forex tax rules to shore up local currency

Published

on

BY NELSON BANYA

Zimbabwe has reduced the portion of taxes payable in foreign currency, Finance minister Mthuli Ncube said on Friday, as the country tries to reduce U.S dollar demand and stop the rapid devaluation of the local currency.

Advertisement

The southern African country reintroduced its currency in 2019 after a decade of dollarisation, but it has declined sharply under pressure from acute foreign currency shortages and low confidence in the economy.

Zimbabwe’s economy is struggling to revive after years of hyperinflation and erratic policymaking. It bounced back in 2021 and Ncube has forecast economic growth of 5.5% this year.

After initially outlawing the use of foreign currencies for domestic transactions in June 2019, the government now allows the local currency to circulate alongside the U.S. dollar and other currencies.

Advertisement

It also charges a raft of taxes – including mineral royalties, vehicle import duty and on export earnings – in foreign currency, a policy which critics say shows the government has no confidence in its own currency.

But on Friday, Ncube said exporters would now pay up to 40% of their taxes in local currency, while miners can pay 50% of royalties in Zimbabwe dollars. Previously, royalties and export taxes were 100% taxed in foreign currency.

Tax on vehicle imports, also previously charged entirely in foreign currency, can now be paid in both local and foreign currency on a 50-50 basis.

Advertisement

“The measures reflect government’s commitment to promote the wider use of the Zimbabwe dollar and to continuously strengthen the economy so as to build long lasting macro-economic stability,” Ncube said in a statement.

Exporters, especially miners, have complained that the payment of tax in foreign currency has affected their viability.

The local currency has weakened from 2.5 against the U.S. dollar when it was re-introduced, to current levels of 116 against the dollar on the official market. It trades as low as 240 to the U.S. dollar on a the black market- Reuters 

Advertisement

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

National

Econet InfraCo targets ultra-luxury market with Vic Falls resort

Published

on

BY STAFF REPORTER 

Econet InfraCo has unveiled plans for a multimillion-dollar luxury resort in Victoria Falls, marking a strategic push by the billion-dollar infrastructure platform into high-end tourism.

Advertisement

The development, branded Vic Falls Lifestyle, will feature 40 luxury residential villas supported by premium amenities, including restaurants, wellness centres and sports facilities.

Chief executive Fayaz King described the project as a landmark for Zimbabwe’s luxury tourism segment.
“These will be among the most exclusive residential properties ever developed in Zimbabwe, designed to meet top-tier international hospitality standards comparable to presidential suites in leading global hotels,” he said.

The project aims to reposition Victoria Falls as a destination for affluent global travellers seeking privacy, exclusivity and fully integrated services.
Recently listed on the Victoria Falls Stock Exchange with a valuation of about US$1 billion, Econet InfraCo said the resort will include a 24-hour, 10-bed private hospital offering emergency and dental services—an amenity tailored to high-net-worth clientele.
Security and privacy will be central to the offering, with the gated development providing round-the-clock protection for residents and guests.

Advertisement

Under the investment model, buyers will own individual villas but will be required to place them in a rental pool for up to 11 months a year, balancing personal use with income generation.

“Victoria Falls needs developments of this calibre to attract visitors who not only spend, but invest,” King said.

Econet founder and group chairman Strive Masiyiwa played an advisory role in shaping the concept and is expected to be among the property owners.
The company said the project has already drawn interest from local and diaspora investors, as well as international buyers.

Advertisement

Land has been secured, planning is at an advanced stage, and construction is scheduled to begin before year-end.

The Victoria Falls resort is Econet InfraCo’s second major project. Its flagship, Econet Tech City, is a planned industrial and technology hub near Robert Gabriel Mugabe International Airport in Harare, expected to host around 300 businesses across more than 800 hectares.

Advertisement
Continue Reading

National

Parliament moves to curb machete gang violence in rural areas

Published

on

BY WANDILE TSHUMA

Lawmakers are demanding an urgent security crackdown in rural constituencies following a report of nearly 1 000 violent incidents involving machete-wielding gangs over a four-year period.

Advertisement

A motion moved by Brown Ndlovu highlighted the “horrific terror unleashed by machete-wielding gangsters” in the Vungu Constituency of Midlands Province, where murders, robberies, and assaults have reportedly become a daily occurrence. Official records presented to the House show that 997 violent cases were reported in the Vungu district alone between 2021 and 2025 .

Hwange Central MP, Daniel Molokele, recently raised the alarm to VicFallsLive, following his tour at Inyathi District Hospital, where he revealed that the gold panners were now digging under the hospital and that most casualties and admissions at the hospital were linked to machete-gang violence.

Parliamentarians expressed sharp “disdain” for current judicial practices, noting that the integrity of the legal system is at risk . The motion criticized the fact that “suspects who perpetrate such horrendous crimes are often granted bail and allowed to return to the same communities where they freely continue to molest and intimidate victims and witnesses,”a practice they say grossly undermines public safety.

Advertisement

The House has called for the Zimbabwe Republic Police in rural areas to be modernized and properly equipped. Specifically, lawmakers are urging the Ministry of Home Affairs to provide officers with “adequate tools of trade such as vehicles, modern communication equipment, and weapons to wade off criminal activities”. Additionally, the motion proposes that bail should be denied in machete-related cases and that state witnesses be granted enhanced protection from “intimidation, retributions and retaliations”

Advertisement
Continue Reading

National

Parliament declares diabetes a public health emergency, pushes for urgent action

Published

on

BY NOKUTHABA DLAMINI

Zimbabwe’s Parliament has resolved to prioritise the fight against diabetes, warning that the condition is rapidly becoming a public health emergency, particularly for children and young people living with Type 1 diabetes.

Advertisement

The motion, tabled in the National Assembly by Concilia Chinanzvavana and seconded by Edwin Mushoriwa, highlights critical gaps in access to life-saving treatment. Lawmakers noted that people with Type 1 diabetes require uninterrupted access to insulin, diagnostics and specialised care, without which they face preventable disability and death.

Despite existing Non-Communicable Disease (NCD) policies and fiscal measures such as the sugar tax, Parliament expressed concern that diabetes remains underfunded and insufficiently prioritised. This has resulted in inequitable access to treatment and persistent weaknesses in care systems across the country.

Legislators also stressed that policy alone is not enough, pointing to frameworks developed by the World Health Organization, including the Package of Essential Noncommunicable Disease Interventions (PEN) and PEN-Plus, which require strong political commitment and implementation.

Advertisement

As part of the resolution, Parliament pledged to champion equitable diabetes care within national development frameworks and to strengthen oversight of health budgets, policies and programme delivery. Lawmakers also called for sustainable financing mechanisms, including the possible ring-fencing of sugar tax revenues to support diabetes care.

The House further urged the integration of diabetes prevention and treatment into primary healthcare systems, alongside improved referral pathways to ensure timely and effective care.

In addition, Parliament emphasised the need for inclusive, people-centred governance, calling for structured engagement between lawmakers, the Ministry of Health and Child Care, civil society, development partners and people living with diabetes.

Advertisement

 

Advertisement
Continue Reading

Trending

Copyright © 2022 VicFallsLive. All rights reserved, powered by Advantage