Category: Business
OK Zimbabwe & NSSA are offering Pensioners a 10% discount
Discounts have been a little obsession of mine over the last few weeks, mostly for USD purchases. Shops like TM Pick N Pay and TV Sales are trying to entice their customers to make purchases in hard currency in order to recoup the elusive USD. However this time there is a discount of a completely […]
Discounts for USD: a game of haves vs have nots
Discounts for USD purchases is a “hidden” business practice in Zimbabwe. Late last year we reported on TM Pick n Pay’s 50% discount for groceries bought with US$ and it looks like they aren’t the only ones doing this. We were out on the town this week and popped into TV Sales and we noticed […]
Zimbabwe’s Pay As You Earn (PAYE) Tax Tables explained
Pay As You Earn (PAYE) is a system that is used to calculate how much from your gross earnings your employer is going to deduct to pay the Zimbabwe Revenue Authority (ZIMRA) Income Tax on your behalf. The Income Tax Act [Chapter 23:06] specifies which parts of your salary as an employee are subject to […]
2022 ZIMRA PAYE USD and ZWL$ Tax Tables
The Zimbabwe Revenue Authority (ZIMRA) has released the 2022 Pay as You Earn (PAYE) tax tables for those who are earning in USD and in local currency. Zimbabwe Revenue Authority (ZIMRA) PAYE 2022 RTGS (ZWL$) PAYE 2022 Zimbabwe’s Pay As You Earn (PAYE) Tax Tables explained DAILY TABLE Rates from – to 821.92 multiply by […]
Check out ZIMRA’s $180,000 a year tax credit for employing under 30s
The Youth Employment Tax Incentive can be found in section Section 13A of the Finance Act (Chapter 23:04) and rewards taxpayers who employ youths (below 30 years) in their companies. So before we go any further, a tax credit is basically a deduction on the amount you will pay in taxes if you meet the […]
2022 income tax brackets, presumptive tax and other adjustments
Act No.7 of 2021, Finance Act has revealed what the income tax structure in Zimbabwe will look like in 2022 “The Schedule (“Credits and Rates of Income Tax”) to Chapter I of the Finance Act [Chapter 23:04] is amended— (a) with effect from the year of assessment beginning on the 1st January, 2022, in Part […]
5 New Year’s resolutions for the Zim govt
It’s the first Monday of 2022 and we saw quite a bit from the government and its agencies in 2021. I am sure we can all recall SI 127 of 2021 that was the latest attempt at price control even though most Zimbabwean businesses don’t have access to the Forex Auction. SI 89 banned the […]
Startups with climate adaptation solutions, check out this accelerator
Village Capital, under the Adaptation SME Accelerator Project (ASAP), an initiative supported by the Lightsmith Group, in partnership with the Inter-American Development Bank, the Global Environment Facility, and Conservation International, is looking to accelerate 16 SMEs and startups in Africa and Asia that are scaling market-based and contextualized solutions to critical climate adaptation and resilience challenges. […]
Internet penetration, active mobile subscriptions & more from the POTRAZ Q3 2021 Report
The Postal and Telecommunications regulatory Authority of Zimbabwe (POTRAZ), today released the sector performance report for Q3 2021. Here are the highlights from the report: Active fixed telephone lines declined by 0.4% to reach 244,316 in the third quarter of 2021 from 245,322 recorded in the second quarter of 2021; the fixed tele-density declined by […]
Giving Econet & others tax breaks is one way mobile data quality can improve
The Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) recently released its sector performance report for Q3 2021 and yet again data is king in the country with usage continuing on the up because of the pandemic. However in saying that, the quality of data has been iffy for a very long time because there […]
Econet, NetOne, Telecel operating costs growing faster than revenues
The Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) released the sector performance report for the third quarter of 2021. One of the areas of concern is that of money, money, money. Mobile operator revenues up In the 3 months from July through September, the combined revenue for the three mobile operators grew by 15.8%. […]
FINSEC launches a private funding platform for businesses of any size
The Financial Securities Exchange Limited (FINSEC) has launched a private funding marketplace called FINSEC Private Markets. The platform comes in the wake of FINSEC’s other funding offering called the Growth Enterprise Market (GEM) Portal which was introduced back in 2020. The GEM portal was designed to help small to medium enterprises find financial backing as […]
Local hosting service partners with SME Association of Zimbabwe’s business directory
Pnrhost is a local web hosting service that was founded in 2015 and set out to help businesses and improve their online presence. The company offers Web, email hosting, website development, domain registration and SSL Certificates. Pnrhost has announced that it has partnered with the Small and Medium Enterprise Association of Zimbabwe (SMEAZ) to offer […]
Cassava Technologies is rumoured to be in merger talks with a US firm
Econet Group is rumoured to be in merger talks with a US-based FinTech Acquisition Corp V for its technology division Cassava. According to a report by Bloomberg, the deal would seek to value Cassava Technologies at around US$4 Billion or more. Fintech Acquisition Corp V is a blank check company formed for the purpose of effecting a […]
Cassava announces joint venture with UK cyber security firm to expand security operations & Microsoft cloud security expertise in Africa
ITC Secure (ITC), a leading advisory-led cyber security services company and a Microsoft Gold cyber security partner, and Cassava Technologies have announced today that they have entered into a Joint Venture (JV) to build and launch an extensive portfolio of cyber security services, powered by Microsoft Azure cloud technologies in Africa. “Digital transformation in Africa […]
Cassava Technologies signs deal with Japanese firm to further Africa Data Centres
Cassava Technologies has today announced that it has entered into a memorandum of understanding (MOU) with Mitsui & Co., Ltd (Mitsui), one of Japan’s largest global conglomerates. Cassava Technologies and Mitsui share the common vision of facilitating digital transformation across Africa. The partnership will bring together the technology, expertise and networks of both organizations to […]
Meta’s (Facebook) 2021 investments and activities in Africa
Meta (previously known as Facebook) has released its ‘2021 Africa Year in Review’, an infographic capturing some of the company’s significant investments and initiatives in sub-Saharan Africa this yea, focused on driving innovation, connecting communities, helping businesses to grow and supporting the tech and creator ecosystem. The infographic highlights key Meta successes and milestones across […]
This startup opened Virtual Reality arcades in Zimbabwe
Funsense is a local startup that specialises in virtual reality experiences. The company has two branches, one in Harare (Shop 47 4th Floor Equity House), and in Bulawayo (Haddon & Sly 2nd Floor, Cnr Fife Street & 8th Ave) where it takes anyone through a number of Virtual Reality experiences from first-person shooting games to […]
Zim founded car maker is making the shift to electric vehicles in 2022
Mureza Auto, a South African-based Zimbabwean-founded car maker has announced that it will be making the plunge to electric vehicles starting from 2022. We are happy to announce our plans to go full electric in 2022. This will start with our T1 (T-One) Concept which will ride on the AEV01 modular platform developed in partnership […]
Getting a sub-par experience on Econet? They are not to blame, mostly
Back in September I wrote about the terrible experience I had on Econet and NetOne’s networks in Kadoma. I worried about smaller towns being left behind but in the comments section of the article, even Hararians made it clear they were facing similar problems. We were not crazy, Econet admits we have been getting sub-par […]
Econet: profits up 5259% as data traffic up 56%, voice up 29% in stellar half year ending Aug 2021
Econet Wireless released their financial results for the six months ended 31 August 2021. It appears the biggest mobile network operator in the country is doing quite well. Revenues are up, leading to profits, as last year’s losses are put firmly in the rear view mirror. Revenues up 95% to ZWL$29.6 billion As lockdowns were […]
Access Forex launches remittance USSD for Zimbos in SA amid lockdown fears
Local remittance service, Access Forex has announced that it has launched a USSD for Zimbabweans living in South Africa to be able to send money over the Christmas period. The move was motivated by the Omicron variant of the Coronavirus Pandemic which many fear could see the return of harsher lockdown measures. “Using *134*3042#, it is […]
ZBC suffers power outage disrupting radio & television programming
The Zimbabwe Broadcasting Corporation (ZBC) has, in a tweet, notified the nation that it has suffered a power outage at its Pockets Hill Broadcasting Centre. The Tweet from the ZBC on the power ZESA outage reads as follows: The Zimbabwe Broadcasting Corporation would like to inform all valued stakeholders that its Pockets Hill Broadcasting Centre […]
Former ZOL Zim CEO takes over Liquid’s Tanzanian ISP
Liquid Intelligent Technologies, a subsidiary of Cassava Technologies, announced today the appointment of Denny Marandure to the post of Chief Executive Officer for Raha Limited, Tanzania. Liquid acquired Raha Limited in 2016 and at the time made the pan-African provider the biggest shareholder in the entity, further expanding its reach in Africa. Marandure joined Liquid […]
ZIMRA is coming for businesses lying about forex earnings
The Zimbabwe Revenue Authority (ZIMRA) has said that it has set a deadline for the 31st of December 2021 for all companies to voluntarily declare their forex incomings. After that date, the authority says that there will be stiff penalties for absconders. ZIMRA statement on forex declarations is as follows Falsification of Forex Declarations The […]
Stanbic partners with 2 Chinese firms to boost access for its import clients
Stanbic Bank Zimbabwe has announced a partnership with Industrial Commerce Bank of China (ICBC) and Chinese trade agent Zhejiang International Trading Supply Chain Co. Ltd which the bank says will open doors for Zimbabwean businesses to import quality goods from China. The Partnership which is called “Africa China Import Solution” will see Stanbic Bank provide […]
US$30 million lost to Ponzi schemes this year, here’s how you can spot these scammers
Tough times are indeed a rich ground for scammers… Reportedly 10,000 Zimbabweans lost an estimated US$30 million to Ponzi Schemes this year. “At least 10,000 complainants reportedly lost over US$30 million between them. We have handled some 892 such cases involving thousands of complainants. The scammers quickly disappear after swindling the unsuspecting investors. Millions of […]
IFC partners with Liquid Intelligent Technologies to improve Africa’s digital infrastructure
The IFC (International Finance Corporation) has partnered with Liquid Intelligent Technologies to expand data centre capacity and the rollout of fiber-optic cable on the continent. The partnership with Liquid Intelligent Technologies, Africa’s leading independent fiber and digital services provider, strives to increase digital connectivity and inclusion in Africa and to support the region’s growing digital […]
2022 Tax Clearance Certificates will be automatically issued to compliant clients
The Zimbabwe Revenue Authority (ZIMRA) has announced that Tax Clearance (ITF 263) Certificates will be auto-generated for compliant customers. This move looks to try to beat out the usual rush that happens every year which results in ZIMRA’s systems being overwhelmed. The full statement by ZIMRA on the auto-generation of tax clearance certificates is as […]
PAYE and 2% Tax payments due on the 10th of November
The Zimbabwe Revenue Authority (ZIMRA) put out a notice reminding businesses that Pay As You Earn (PAYE), Presumptive Tax and the 2% or Intermediate Money Transfer Tax (IMTT) for the month of October are due on the 10th of November 2021. ZIMRA’s statement reads as follows: The Zimbabwe Revenue Authority (ZIMRA) hereby reminds all its […]