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The Tourism Business Council of Zimbabwe said that they are not involved in the externalisation of foreign currency and urged the Reserve Bank of Zimbabwe (RBZ) to understand how they operate.
The RBZ recently granted a moratorium to all operators, who have unregistered tourism agreements and unapproved offshore accounts to regularise the agreements and offshore foreign currency accounts with the central bank before the end of this month.
The Hospitality Association of Zimbabwe (HAZ) said the regularisation of unapproved offshore accounts and unregistered agreements will control tourism leakages and pave the way for accurate reporting on the tourism satellite account.
However, Tourism Business Council of Zimbabwe president Wengayi Nhau told <a href="https://www.newsday.co.zw/thestandard/business/article/200015846/tourism-operators-react-to-rbz">The Standard</a> that they are not involved in externalisation. Nhau:
<blockquote>
For argument’s sake, we have a client in Europe or the United States who wants to go on holiday.
Then on the other end, we have a destination management company (DMC) that is, in most cases, based either in that particular destination within the country or they operate remotely.
And then you have what we call a travel agent and a tour operator.
The DMC is more like the supply chain manager. It consolidates all services, manage everything on the ground.
The tour operator provides a service of taking people for the tours.
The travel agent does packaging in conjunction with the tour operator and the DMC.
The travel agent is back in the source market; in this case, it’s in Europe or the United States.
The travel agent then contacts the local ground handler, which is the DMC in the case of Zimbabwe and asks for services which include accommodation, tours, and safari activities, and they are given a quotation based on the rates that we have got locally.
</blockquote>
Nhau further explained that when the travel agents in Europe or the United States check all the costs; they put their own mark-up which the local operators have no control over.
He added that if there is an intermediary between the overseas client and the regional client, they also put their mark-up. Said Nhau:
<blockquote>
I might be dealing with the South African operator, who would be dealing with the Canadian operator or American operator.
I give a quotation to the South African operator who put his mark up and give it to the overseas operator who also put their mark up.
What they transmit and remit to Zimbabwe is only what I’ve invoiced and we have no control over all other things.
So, the bone of contention that has been happening is that with the RBZ and Zimbabwe Revenue Authority in some cases they’ve attempted to also factor in the difference between what the agents have collected and what I have charged.
We have what we call special tour operators rates. These are contract rates.
When I book accommodation as an agent in Zimbabwe I get it at less 20%, 15% or 10% depending on what negotiations we have done and when I pass on to this operator, I also give him maybe less 10% or 5% whichever. He puts his mark-up.
So, what then the authorities are thinking is that the difference between what we have quoted here and what the client has paid, they take that as externalisation.
Since these are contracts and as you know we are dealing remotely, people feel secure and safe to pay after the service. In the case of agents and operators, they prefer to pay one invoice.
</blockquote>
He said where the money is paid into the Zimbabwean account, they also collect payments on behalf of other downstream operators who are outside Zimbabwe’s jurisdiction.
He said when they receive this bulk payment into the country, they should then be able to forward the payment and keep it as a deposit until the time the payment is due we transmit it. Said Nhau:
<blockquote>
Our exchange control regulations are very inconsistent to the extent that people no longer feel secure holding the money for a longer period here because even if we have an account that allows you to hold payments in foreign currency, they have up to 90 days that you must have used that money.
But in a lot of cases, we hold deposits for 6, 12, 18, 24 months or beyond.
As we speak, we are running activities and services for payments that were deposited prior to COVID-19 that were interrupted by the pandemic, but where there is that extended control requirement that we must liquidate payment, we become handicapped.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

We Are Not Involved In Externalisation - Tourism Operators

Zimbabwe Revenue Authority (Zimra) chairperson Willia Bonyongwe has responded to claims by companies that the shutdown of the tax regulator’s clearance system is the reason why most companies were wrongly listed as externalisers.
The shutdown saw Zimra spending the whole of January processing tax returns and acquittals manually as well as giving out CDI forms.Said Bonyongwe:
<blockquote>They can’t really blame Zimra for that. I think the Zimra system was down for just a month and that is a list which is 90 days. It took 90 days to compile that list but if you are going to be in export, you have to make sure that the moment the money or the goods come in, you must acquit them and you need to have a person who does that very diligently, otherwise you are going to run into problems. It’s a back office function but a very important function</blockquote>
More: <a href="http://www.dailynews.co.zw/articles/2018/04/01/business-pressures-govt-on-externalisation">Daily News</a>

We Are Not To Blame: Zimra Responds To Companies On Looters List

In an interview with Daily News, Home Affairs Minister Obert Mpofu spoke on accusations by critics that he had exdternalised foreign currency outside of Zimbabwe.
This comes after Government released a list of companies and individuals who externalised funds and did not heed President Emmerson Mnangagwa’s call to return the funds. Mpofu said he is not on the list because he does not own a foreign account nor has he brought anything from outside the country. Said Mpofu:
<blockquote>I and my family nor my business have never (sic) maintained a foreign account or acquired any immovable asset outside the country. Please go through the list of the looters and you will never see anything associated with me or my family in it to the great disappointment of prophets of doom.</blockquote>
More: <a href="https://www.dailynews.co.zw/articles/2018/03/23/obert-mpofu-opens-up-on-his-wealth">Daily News</a>

Obert Mpofu Speaks On Externalisation Accusations

MDC-T secretary for finance and economic affairs Tapiwa Mashakada said the list of externalisers released by President Emmerson Mnangagwa did not represent the “real illicit flows by definition”.
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Mashakada said the list only comprised companies which had not acquitted export forms to the Reserve Bank of Zimbabwe (RBZ). He said Mnangagwa is protecting the real externalisers who are part of Zanu-PF. He also said the list by Mnangagwa exposes the RBZ. Said Mashakada:
<blockquote>By publishing a list dominated by companies, government is simply posturing and actually camouflaging and protecting real culprits who are the big wigs in Zanu PF. Where was the Reserve Bank when exporters were not acquitting their export declaration forms? The fact that these companies are known means that the externalisation was known and, therefore, not illicit.</blockquote>
More: <a href="http://newzimbabwe.com/news-47191-Govt+protecting+Zanu+PF+looters+MDC-T/news.aspx">NewZimbabwe.com</a>

Mnangagwa Protecting Real Looters Says MDC-T

Earlier on today, President Emmerson Mnangagwa released the list of alleged looters who ignored his call to return all externalised funds. Here is the president’s statement. You can download the PDF version of the file below.
 
<blockquote>
<h2>STATEMENT BY THE PRESIDENT ON THE STATUS OF THE AMNESTY IN RESPECT OF EXTERNALISED FOREIGN CURRENCY AND ASSETS</h2>
</blockquote>
<blockquote>Further to the update on the Amnestry of foreign currency and assets that I issued on 28th of February, 2018, I would like to start to state the following progress on the response to the Amnesty on the declaration and repatriation of externalised funds.
Entities and individuals listed in the three categories of illicit financial flows as at the 16th, March 2018, ignored and/or neglected the Amnesty by failing to account for the funds indicated as having been kept outside the country in respect of unrepatriated export proceeds, payments for imports not received in Zimbabwe and, funds transferred to foreign banks in cash or under spurious circumstances.
Thus, despite concerted efforts by Authorities and banks to request these entities or individuals failed, ignored or neglected to respond to the Amnesty. It Is against this background that the Authorities have no other recourse to cause these entities and individuals to respond, other than to publicise the names of the entities and individuals so that the concerned parties take heed of the importance of good corporate governance and the legal obligations of citizenry and, where necessary to ensure that those responsible for such illicit financial flows are brought to justice.</blockquote>
<blockquote> 
<hr/>
<h3>Also Read:  <a href="https://news.pindula.co.zw/2018/01/02/rbz-defines-illegally-expatriated-foreign-exchange-assets-covered-3-month-amnesty/" rel="noopener" target="_blank">RBZ Defines “Illegally Expatriated Foreign Exchange And Assets” Covered Under 3-Month Amnesty</a></h3>
<hr/>
The Reserve Bank of Zimbabwe is ready to process transactions where the concerned parties can show proof of declaration and/or repatriation of funds without prejudice given that the burden of proof lies with the concerned parties. This ss despite the fact that ample time was granted under the Amnesty period to account and repatriate all externalized funds.</blockquote>
<h3><a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2018/03/Full-List-Of-externalised-funds.pdf">Full List Of -Externalised-Funds PDF</a></h3>
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Download (PDF): Looters List Released By President Emmerson Mnangagwa,

The company belonging to the controversial local business person, Wicknell Chivayo, has been named in a looter’s list released today by Mnangagwa’s government.
The government today released a list of companies and individuals who externalised funds. 
Intratek is listed under the Illicit Financial Flows category which has companies that externalised funds through payment of goods not received in Zimbabwe.
<a href="https://news.pindula.co.zw/2018/03/13/wicknell-chivayo-faces-arrest/">Wicknell Chivayo already faces arrest</a> for issues surrounding how he was awarded the tender to build 100MW solar power plant in Gwanda is imminent.
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Wicknell Chivayo's Company, Intratek, Named In Looters List

In a statement, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya instructed banks not to question people returning externalised funds and assets for the next three months.
This comes after President Emmerson Mnangagwa gave individuals and companies a three-month period to return all externalised funds and asserts. Said Mangudya:
<blockquote>Pursuant to the amnesty in respect of illegally expatriated foreign exchange and assets (gold, precious stones, currency, securities) granted in terms of the Presidential Powers Temporary Measures (Amendment of Exchange Control Act Regulations, SI 145 of 2017) the Reserve Bank of Zimbabwe wishes to advise of the administrative arrangements that will apply for repatriation of the expatriated foreign exchange and assets during amnesty.
The administrative arrangement will also apply to legitimately expatriated foreign exchange and assets. Illegally expatriated foreign exchange and assets should be declared to the bank or affected person’s bankers on a no questions asked basis
An application for amnesty should be filled with the bank or through the affected person’s bankers and such application will be treated with confidentiality.</blockquote>
More: <a href="http://www.herald.co.zw/dont-quiz-people-returning-externalised-funds-rbz/">Herald</a>

"No Questions Will Be Asked": RBZ Assures People Who Want To Return Externalised Funds

The Zimbabwe Revenue Authority (Zimra) has said that it is looking at bringing back all the money which was externalised outside the country as this is one of the major causes of the liquidity crunch. Presenting the revenue performance report for the first half of 2017, Zimra chairperson, Willia Bonyongwe said:
<blockquote>The RBZ has aptly laid the blame squarely on the high indiscipline of Zimbabweans caused by greed and selfishness. It is on record that Zimbabweans have externalised billions of dollars, ranging from the relatively small bank deposits in neighbouring countries, to millions stashed in tax havens globally.
We have to bring back what is due to Zimbabwe. Last quarter we raised alarm on the upward trend in inflation, which threatens to derail economic revival and export growth.
Unfortunately, nobody took notice and the annual rate of inflation rose to 0,75% as at May 2017, the highest it has been in more than three-and-a-half years (Zimstat) — a rapid increase from -0,65% in January.</blockquote>
More; <a href="https://www.newsday.co.zw/2017/07/17/zimra-bemoans-liquidity-crunch/">NewsDay</a>

Zimra looking to trace and bring back all money which was externalised

Former Minister of Finance Tendai Biti has accused the ruling Zanu-PF party of creating the myth of externalisation to hide their illicit cash flows which caused the country’s cash shortages. In an interview with Violet Gonda, Tendai Biti said:
<blockquote>So, what has caused the shortage is not that people are taking out money. Remember, when you are taking out money, you are taking your money; you are not taking another person’s money, which is a myth that ZANU PF has.
Separate the issue of illicit financial flows. Illicit financial flows never get into the system and the private sector is the number one perpetrator of illicit financial flows. So, if you take platinum, for instance, when tonnes and tonnes of platinum metal is shipped out of Zimbabwe, there are about 10 derivatives, including palladium, for instance, that is not fully accounted for to Zimbabwe.
So, there is what is called transfer pricing, there is what is called thin capitalisation and these are the things that are hurting Zimbabwe. This is what is known as illicit financial flows. On the African continent, almost yearly, more than a trillion dollars is leaving the African continent, and, in fact, ironically, more money is leaving the African continent through illicit financial flows, than money that is coming to Africa in the form of Aid. So, this is a different debate to the narrow question of liberalising or not the capital account.</blockquote>
More: <a href="http://www.newzimbabwe.com/NEWS-37563-Interview+Mugabe+takes+US$4m+for+every+foreign+trip/NEWS.aspx">Read the full interview here</a>

Externalisation is a myth created by Zanu-PF to explain cash shortages

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