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Zimra gives firms until December to declare forex transactions or risk hefty fines

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BY MEMORY MATARANYIKA

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Zimbabwean companies have until the end of this year to declare sales undertaken in foreign currency or risk rigorous audits and hefty fines – as dollarisation, which remains unmatched by foreign currency tax collections, intensifies across the economy.

The local unit of exchange, the Zimbabwe dollar, has continued to struggle on official and parallel currency markets, prompting traders to push for sales in hard currency.

President Emmerson Mnangagwa’s administration – cash-strapped owing to a dearth of foreign investment, smuggling of minerals such as gold, and because of its net importer status – is expecting a boost to its foreign currency revenues from the latest operation, which is targeting firms not declaring forex sales.

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The Zimbabwe Revenue Authority (Zimra) says it has noted that there are “… traders who are falsifying their financial records”, through failure to declare foreign currency sales or converting such sales into Zimbabwean dollar for taxation purposes.

Additionally, some companies that are transacting in foreign currency, “… are converting such transactions to Zimbabwean dollars for tax purposes”.

The authority has therefore given these businesses until December 31 to declare all sales recorded in foreign currency.

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“Zimra is therefore urging all traders to come forth and make voluntary disclosures of all under-declared or non-payment of tax by 31 December 2021 to avoid vigorous audits, prosecution and penalties that will be instituted soon after the deadline,” the authority said in a notice.

The ultimatum issued by Zimra for Zimbabwean companies to declare transactions undertaken in foreign currency comes on the back of a decline in export earnings amid high demand for forex across the economy.

Zimstats said earlier this month that the value of Zimbabwe’s total exports in August declined 5% to $597.2 million, with imports for the same period standing at $667.5 million.

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The central bank of Zimbabwe has also been battling to meet foreign currency demands from industry for retooling, raw material imports, and the resuscitation of the manufacturing sector.

Additional pressure on the government’s foreign currency resource base will be the payment of bonuses for civil servants in foreign currency.

Labour unions representing civil servants on Monday said the bonuses would be accessible in foreign currency from the banks.

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This is unlike in previous instances when the bonuses would be liquidated into local currency using the official exchange rate.

The Zimbabwe Confederation of Public Sector Trade Unions said in a statement that the bonus will be accessible in US dollars.

Analysts at Old Mutual Zimbabwe expect that the Zimbabwe dollar’s “… weakening is likely to persist”, for the remainder of the current quarter.

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National

Zimbabwe fast-tracks approval of long-acting HIV prevention drug Lenacapavir

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BY WANDILE TSHUMA

Zimbabwe has taken a major step in the fight against HIV following the rapid approval of Lenacapavir, a groundbreaking long-acting injectable for HIV pre-exposure prophylaxis (PrEP). The Medicines Control Authority of Zimbabwe (MCAZ) authorised the drug in just 23 days, marking one of the fastest regulatory approvals in the country’s history.

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The application, submitted by pharmaceutical company Gilead Sciences in October, underwent an expedited review because of its public health importance. MCAZ says the fast-tracked process did not compromise scientific scrutiny, with the product subjected to a rigorous assessment of its safety, efficacy and quality.

Lenacapavir is designed for adults and adolescents weighing at least 35kg who are HIV-negative but at substantial risk of infection. Unlike traditional daily oral PrEP, the medicine is administered as a six-monthly injection, following an initiation phase that includes one injection and oral tablets on Days 1 and 2. Health authorities say this long-acting formulation could dramatically improve adherence and expand prevention options, particularly for communities where daily pill-taking is difficult.

MCAZ Director-General  Richard T. Rukwata described the approval as a landmark moment in Zimbabwe’s HIV response.

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“The rapid approval of Lenacapavir reflects MCAZ’s dedication to accelerating access to trusted, high-quality health products. This milestone brings new hope for HIV prevention and reinforces our commitment to safeguarding public health,” he said.

To fast-track the process, the Authority applied a regulatory reliance approach, drawing on scientific assessments from the World Health Organization’s Prequalification Programme (WHO PQ). This allowed evaluators to build on internationally recognised review processes while ensuring Zimbabwe’s own standards were met.

The introduction of Lenacapavir comes as Zimbabwe continues efforts to reduce new HIV infections, particularly among young people and key populations who face barriers to consistent PrEP use. Public health experts say the drug’s twice-yearly dosing could be a game changer in improving uptake and protection.

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MCAZ says it remains committed to ensuring Zimbabweans have access to safe, effective and good-quality medical products, in line with its mandate under the Medicines and Allied Substances Control Act.

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ZimParks to host first-ever International Wildlife Conservation symposium

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BY NOKUTHABA DLAMINI

The Zimbabwe Parks and Wildlife Management Authority (ZimParks) will hold its inaugural International Wildlife Conservation Symposium under the theme “Wildlife Conservation and Sustainable Development.”

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The two-day event, scheduled for October 22 to 23, next week, will take place at the Management Training Bureau in Msasa, Harare. It will bring together conservationists, researchers, policymakers, and students to discuss key issues around wildlife protection and sustainable development.

The symposium will focus on eight sub-themes, namely Wildlife Conservation and Transboundary Management, Freshwater, Fisheries and Aquatic Management, Sustainable Tourism and Socio-Economic Development, Human-Wildlife Interactions, Environmental Health and Safety, Climate Change Adaptation and Mitigation, Community-Based Natural Resource Management, and Natural Resource Policy and Governance.

ZimParks says the symposium will provide a platform to exchange ideas and deepen understanding of the link between wildlife conservation and sustainable development. Members of the public, students, and professionals are encouraged to attend.

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CCC legislators in road accident, Nkulumane MP dies

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BY STAFF REPORTER

One Citizens Coalition for Change (CCC) legislator has died while four others were seriously injured in a road accident that occurred early Friday morning near Shangani along Bulawayo-Harare highway.

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CCC spokesperson Promise Mkhwananzi confirmed the accident, saying it happened between 2 a.m. and 3 a.m. when the vehicle carrying the members collided with an elephant.

“The vehicle hit an elephant along the Shangani area, and unfortunately Honourable Desire Moyo, the Member of Parliament for Ngulumane, died on the scene,” Nkwananzi said.

He added that the other occupants — Honourable Madalaboy Ndebele, Senator Rittah Ndlovu, Honourable Sethulo Ndebele, and Libion Sibanda — sustained serious injuries and were rushed to a hospital in Bulawayo.

Nkwananzi said he was deeply shocked by Moyo’s death, as he had met him just yesterday in Harare.

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“I had seen Moyo yesterday and we spent about an hour chatting outside Jamieson Hotel about the party and our future plans for national development,” he said. “I’m gutted by his passing. It’s a huge loss for the party.”

He conveyed his condolences to the Moyo family and wished a speedy recovery and strength to the families of the other CCC members who remain in critical condition.

He said further details, including the name of the hospital where the injured are receiving treatment, would be released once confirmed.

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