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The use of Zimbabwe Gold (ZiG) for domestic transactions has increased to 39 per cent since its introduction in April 2024, according to a senior government official.
Speaking at the Zimbabwe Economic Society and Friedrich-Ebert Stiftung (ZES/FES) mid-term budget breakfast meeting in Harare on August 21, Finance, Economic Development, and Investment Promotion Permanent Secretary George Guvamatanga said that ZiG now represents 39 per cent of domestic transactions, up from 30 per cent in April.
He added that the remaining 61 per cent of transactions continue to be conducted in foreign currency, primarily US dollars.
Guvamatanga also highlighted that most of the local currency is being used for electronic transactions rather than physical notes and coins. He said (via <a href="https://www.herald.co.zw/zig-registers-gradual-growth-in-transactions/">The Herald</a>):
<blockquote>
To say that the ZiG is not circulating is not correct, the ZiG has been accepted in the market but it is only circulating in electronic form.
When we introduced the ZiG, the portion of transactions was 80-20 per cent and now we are at 61-39 per cent so there has been a very marked increase in the use and acceptance of ZiG, we are seeing more transactions in ZiG.
From a Government revenue perspective, it is the same. There is also movement from this 80-20 percent and now we are at 61-39 percent.
The ZiG is stable, but we just need to make sure that the smaller physical notes and coins circulate to where it is required.
</blockquote>
At the beginning of the year and throughout much of last year, the USD accounted for approximately 80 per cent of local transactions due to the rapid depreciation of the Zimbabwe Dollar.
The introduction of the ZiG has provided some stability; however, the persistent shortage of foreign currency continues to be a significant challenge for Zimbabwe’s economy.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Zimbabwe Gold (ZiG) is being used more for local transactions, making up 39% of all transactions. This is up from 30% in April. Most transactions are still in US dollars. ZiG is mainly used electronically rather than in physical money. The introduction of ZiG has helped stabilize the economy, but there is still a lack of foreign currency in Zimbabwe. The government is working on making sure smaller ZiG notes and coins are available. Overall, ZiG is being accepted more in the market, showing a positive trend in the country's financial situation.

ZiG Usage Now Accounts For 39% Of Domestic Transactions - Guvamatanga

South African-based ZANU PF supporter Kudzai Mutisi has called on President Emmerson Mnangagwa to dismiss Minister of Finance, Economic Development and Investment Promotion Mthuli Ncube, along with the Ministry’s permanent secretary George Guvamatanga and Reserve Bank of Zimbabwe (RBZ) Governor John Mushavayanhu, for allegedly undermining the new ZiG currency.
Launched in April 2024, the ZiG was presented by the government as a “structured currency” backed by 2.5 tonnes of gold and other minerals, including diamonds. However, the value of the ZiG has steadily declined on the parallel market due to ongoing foreign currency shortages.
In a post on X, Mutisi accused the Treasury and Central Bank leaders of being “the biggest saboteurs of ZiG,” labelling them as “lazy and indecisive.” Said Mutisi:
<blockquote>
The biggest saboteurs of ZiG are at the RBZ and Ministry of Finance, very lazy and indecisive folks… 5 months after introducing ZiG, they have done NOTHING to make it the preferred currency.
They FAILED to do the basics, it’s not enough to say it’s “gold backed”, in fact, that’s UNNECESSARY. Simple things could give ZiG a huge boost:
1. Avail larger denominations: Folks like Persistence Gwanyanya make ridiculous arguments that larger denominations create inflation YET the ZWL collapsed without them, yet there are US$100 notes circulating in Zim… Without enough ZiG cash, the US$ fills that lacuna and that’s foolishly promoting US$ use. Avail ENOUGH CASH!
2. Mthuli Ncube, in his lack of wisdom, continues to tax electronic transactions. Since there is no enough ZiG cash in circulation, people escape these punitive taxes by using US$ cash. The IMTT tax should be removed and RBZ should slash bank charges. That will be an effective way of promoting the ZiG.
3. There are still lots of USD ONLY transactions, and there is no desire to gradually reduce them… 5 months after the introduction of ZiG, there has been a gradual increase in USD-only transactions.
4. Guvamatanga and Ncube aren’t keen on demanding taxes in ZiG…. Companies have no reason to accept ZiG or look for ZiG since Treasury is more interested in collecting USD taxes…
</blockquote>
Mutisi urged Mnangagwa to appoint competent individuals at the RBZ and the Ministry of Finance, stating, “… you can’t have PhD holders who fail to do basic things, those are toxic people undermining the country for their own personal interests.”
He contended that Ncube, Guvamatanga, and Mushayavanhu are aware of the necessary steps to promote the use of ZiG but are unwilling to act if it threatens their interests.

A ZANU PF supporter wants President Mnangagwa to fire three top officials for not supporting the ZiG currency backed by gold. The supporter thinks they are lazy and indecisive. He says they are not doing enough to make ZiG the main currency. He wants larger ZiG notes, no taxes on electronic transactions, and companies to pay taxes in ZiG. He believes the officials know how to make ZiG work but choose not to. The supporter wants Mnangagwa to replace them with competent people who care about the country.

ZANU PF Activist Urges Mnangagwa To Fire Mthuli, Mushayavanhu And Guvamatanga For Undermining ZiG

The chairperson of Parliament’s Public Accounts Committee (PAC), Chalton Hwende, said that they will summon the Permanent Secretary in the Ministry of Finance, Economic Development and Investment Promotion, George Guvamatanga, over his criticism of the Auditor-General’s report.
The 2023 report presented to Parliament by Auditor-General Rhea Kujinga exposed how the government had paid substantial sums of money for a range of items, including 97 vehicles and medical and ICT equipment, but the suppliers had failed to deliver these goods to various government ministries and departments.
In response, Guvamatanga criticised the Office of the Auditor General (OAG), saying the findings were misleading and suggesting that the report should have clarified that the government was taking action on the matter.
However, speaking in an interview with <a href="https://www.newsday.co.zw/thestandard/news/article/200030201/guvamatanga-faces-censure-over-outburst">The Standard</a>, Hwende characterised Guvamatanga’s comments as an attempt to “intimidate and undermine the Auditor General.” Said Hwende:
<blockquote>
The attack on the OAG’s report by the permanent secretary is rather unfortunate and as a public accounts committee, we view it as an attempt to intimidate and interfere with the constitutional responsibility bestowed on the Office of the Auditor General.
We will soon be summoning him to Parliament so that he can appear before the committee. Parliament through our committee is seized with the 2023 Office of the Auditor General’s report and we must be allowed to perform our oversight role and ensure that public resources are properly accounted for.
</blockquote>
Transparency International Zimbabwe executive director Tafadzwa Chikumbu said:
<blockquote>
The secretary of Finance should respect the role of the auditor general as established by Section 310 of the constitution of Zimbabwe and the Audit Office Act [Chapter 22:18] which mandates the Office of the Auditor General to provide oversight and ensure accountability within the three arms of government, state-owned enterprises and local authorities.
As Transparency International, we value the role of supreme audit institutions in identifying corruption risks in the public sector.
Instead, the permanent secretary should work closely with the OAGs office to ensure that financial management systems are in place and being adhered to.
His utterances are quite concerning and worrying in view of the damning findings of the 2023 reports…
I concur that the public accounts commit to summon the secretary in there as Parliament to protect the constitution and safeguard public resources for the common good.
</blockquote>
Speaking during a familiarisation tour of the Finance Ministry by the Budget and Finance Parliamentary Committee on Monday last week, Guvamatanga said the Auditor General’s office “misdirected itself” in its report. He said:
<blockquote>
l can safely say that the auditor general misdirected themselves because, within the three pillars of control, those are regarded as issues known to management so l am not saying they should not have highlighted them but they should have mentioned them and say, government has discovered that there were undelivered vehicles.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Parliament is angry with a man named George for criticizing a report about the government wasting money. The report said the government paid for things like cars and equipment, but never got them. George said the report was wrong and the government was fixing the problem. But Parliament thinks George is trying to stop the report from showing the truth. They want him to explain himself in front of them. Another group called Transparency International also thinks George should respect the report and help make sure money is spent correctly. Everyone is arguing about who is right.

Parliament Set To Summon Guvamatanga For "Undermining" Auditor General

President Emmerson Mnangagwa fired Ministry of Finance, Economic Development, and Investment Promotion permanent secretary George Guvamatanga last week but then changed his mind, reported <a href="https://www.zimlive.com/mnangagwa-sacks-finance-secretary-guvamatanga-then-changes-mind/">ZimLive</a>.
Mnangagwa reportedly reversed Guvamatanga’s sacking after the top bureaucrat apologised and entreaties by the Chief Secretary to the President and Cabinet, Martin Rushwaya.
Guvatamanga (53), in the job since 2018, was informed on June 21 that Mnangagwa had terminated his services.
He was accused of undermining the country’s new currency, ZiG, as well as complaints that he was only releasing funds to ministries headed by his friends.
Mnangagwa was reportedly angered by the Treasury’s failure to publish statutory instruments that would put into effect declarations by the new Reserve Bank governor John Mushayavanhu that companies would be mandated, from this month, to pay 50 per cent of their quarterly taxes in Zimbabwe Gold (ZiG) and the other half in foreign currency. ZimLive was told:
<blockquote>
What compounded matters is that Mushayavanhu and Guvamatanga don’t like each other too much, and the governor felt he was being undermined.
Mnangagwa decided Guvamatanga had to go and Rushwaya had been instructed to make the announcement.
</blockquote>
Guvamatanga reportedly asked for an audience with the president where “he went on his knees”. Said the source:
<blockquote>
He went on his knees, literally. The chief secretary also pleaded with the president to reverse his decision, saying that Guvamatanga was a young man and he would learn from the incident.
Rushwaya also told Mnangagwa that there had been other changes at the environment ministry and the Public Service Commission, and firing Guvamatanga would destabilise the government.
</blockquote>
Mnangagwa’s spokesperson, George Charamba denied Mnangagwa had fired Guvamatanga. Said Charamba:
<blockquote>
False, very false! Secretary Guvamatanga remains ensconced in his appointment until the appointing authority decides otherwise.
To my mind, the appointing authority has not and, anyway, is unlikely to at such a critical time when we are about to host SADC, are in the middle of an El-induced drought from which we must recover, have just launched a new currency requiring fiscal support, and have made overtures to old and new blocs internationally. Highly unlikely, in my view.
</blockquote>
Guvamatanga is accused of accepting bribes from Wicknell Chivayo to authorize payments exceeding US$100 million to Ren-Form CC, a South African company that supplied election materials to the Zimbabwe Electoral Commission (ZEC) at inflated prices.
Chivayo has denied making the payments after distancing himself from WhatsApp messages sent to former business partners Mike Chimombe and Moses Mpofu.
In the messages, Chivayo appeared to implicate several government officials—including Rushwaya, Guvamatanga, Central Intelligence Organisation boss Isaac Moyo, and ZEC chairperson Justice Priscilla Chigumba—in corrupt activities related to the payments.
Meanwhile, Rosemary Tsitsi Choruma was removed as Public Service Commission secretary, allegedly for “disrespect” after she referred to Mnangagwa as “Mr President” instead of “Your Excellency”.
Choruma was appointed as a commissioner in the Zimbabwe Land Commission and was replaced by Sibusisiwe Nyoni-Zembe.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mnangagwa Fired Top Bureaucrat George Guvamatanga, Then Changed His Mind | Report

Finance, Economic Development, and Investment Promotion permanent secretary, George Guvamatanga, said that all Government ministries, departments and agencies will soon be forced to accept ZiG payments.
ZiG, short for Zimbabwe Gold, has been the official currency of Zimbabwe since April 8, 2024. The new currency is backed by 2,522 kilograms of gold and approximately US$100 million in foreign currency reserves held by the central bank.
The new currency has been met with scepticism by most Zimbabweans, who harbour a deep-seated mistrust of the Reserve Bank of Zimbabwe (RBZ). This scepticism dates back to 2008 when the RBZ printed Z$10 trillion notes during a period of hyperinflation.
Furthermore, certain government departments, including the Civil Registry Department, responsible for issuing passports, refused to accept the predecessor of ZiG, which was the Zimbabwe dollar. This refusal has eroded confidence in the local currency.
Speaking during a 2024 Monetary Policy Statement breakfast meeting in Harare on Tuesday, Guvamatanga also said the country has not de-dollarised as the multi-currency regime was still in place. He said:
<blockquote>
The multi-currency regime was an agreed position between Government and industry and that is why industry is also using the US dollar as we speak today.
So, in that journey, there will be a point where fuel will be fully sold in ZiG and all duties will be payable in ZiG.
There shall be a point where all Government ministries, departments and agencies are forced to accept the currency. We are going to be forcing them very soon.
We have not de-dollarised, and we are still in a multi-currency system. It is a journey.
</blockquote>
Yesterday, the RBZ said motorists won’t be immediately able to buy diesel and petrol using the new currency.
In a document addressing some of the questions about ZiG, the central bank also said ZiG is not yet recognised internationally and cannot be used to make international payments as it has not yet achieved convertibility.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Government Departments Will Soon Be Compelled To Accept ZiG Payments - Guvamatanga

The Permanent Secretary of Finance, Economic Development, and Investment Promotion, George Guvamatanga, has appealed to banks in Zimbabwe to reduce charges and fees to attract the unbanked population into the formal banking system. Guvamatanga highlighted the issue of low deposits in savings accounts, with the majority of deposits being transitory. The government has been advocating for lower banking fees to encourage the estimated US$2.5 billion circulating outside formal channels to be deposited in banks.
Speaking during a post-budget briefing last Wednesday, Guvamatanga encouraged the banks to initiate moves that attract people to keep their money in banks. <a href="https://www.newsday.co.zw/business/article/200020801/govt-pleads-with-banks-to-lower-charges">NewsDay</a> quotes him as saying:
<blockquote>
Now let me come to an interesting issue of confidence in the banking sector. There is a need for work on government’s part, which we are trying. On the government’s part, what we have realised on the issue of stability, the issue lies in confidence. That is why stability is the overarching issue here.
The issue is on (bank) charges. Banks please. Someone commented that we no longer have banks in this country. When I put money into your account, you pay me later. You make a cash withdrawal, you withdraw $100 000, the bank takes its 2% or 3% commission and sometimes there is no limit. When you walk away from the bank, you walk away with $97 000. So, the question is, are we encouraging the depositors to bank their money?
</blockquote>
Guvamatanga also accused banks of focusing on non-core business activities instead of lending. Guvamatanga pointed out that most banks generate around 60% to 70% of their income from non-funded sources, which is significantly higher than the norm internationally.
He specifically criticized the charges imposed on Visa and Mastercard debit cards used for foreign transactions, referring to them as “robbery.” Guvamatanga called for banks to address these issues before the end of the festive season and urged them to revise their charges to encourage people to deposit their money in banks.
In response to the high bank charges, the Bankers Association of Zimbabwe mentioned various costs that banks face, including operational and capital costs from service providers, license fees, software maintenance costs, and currency repatriation costs. The association also noted that while traditional current/demand accounts incur bank charges, there are other products such as savings accounts that do not incur charges.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Government Appeals To Banks To Reduce Charges And Fees

Traditional chiefs, headmen, and their messengers are set to receive bonuses this year, as the government has confirmed plans to award bonuses to all civil servants and pensioners. Normally, government workers receive their bonuses in November and December. However, this year, the bonuses will be based on performance and will be staggered over two months, <a href="https://www.zimlive.com/government-announces-bonus-payments-for-civil-servants-traditional-leaders/">ZimLive</a> reported citing a letter from the treasury to the Public Service Commission (PSC).
In addition to civil servants, traditional chiefs, headmen, village heads, and their messengers will also receive the 13th cheque from the government’s funds. In a letter addressed to PSC secretary Rosemary Tsitsi Choruma, the secretary for finance, George Guvamatanga, said:
<blockquote>
I write with reference to the above subject. As you are aware, government has traditionally awarded a performance reward to public service employees in the form of a thirteenth cheque (bonus) at the end of each year.
In line with the established edition and in recognition of the efforts of public service workers, government has approved a bonus award for public service employees and traditional leaders.
The approved bonus award, which is payable in the respective currencies for the public service is as follows; 100 percent bonus on pensionable emoluments in line with the Civil Service Key Scale (Basic salary, in service allowance and Administration allowance) payable in local currency, from grade B to E; and a flat US$300 from grade B to E payable in hard currency.
</blockquote>
According to Guvamatanga, a chief will receive US$300, as well as an additional amount in local currency, while their messengers will receive US$100. Pensioners will also receive their annual bonus. To manage cash flow, the bonus will be paid in two equal instalments in November and December 2023 across all sectors. The payments should be made alongside the monthly salaries in each sector. Civil servants who receive their salaries in local currency will also receive a monthly allowance of US$300.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Treasury Announces Bonuses For Chiefs, Headmen, Messengers, Civil Servants

The Harare City Council is blaming building owners for the influx of tuckshops in the central business district (CBD). The local government authority says business owners are illegally renting their buildings out to foreigners.
Street vendors and tuckshop traders are thriving, posing a threat to traditional supermarkets. The retail space is now dominated by foreigners, including Indians, Chinese, Pakistanis, Nigerians, Malawians, and Tanzanians.
The HCC small to medium enterprises committee chairperson <a href="https://www.pindula.co.zw/Denford_Ngadziore/">Denford Ngadziore</a> said the city fathers have an SME policy which has not been followed. He told <a href="https://www.newsday.co.zw/local-news/article/200017849/inside-supermarkets-tuckshops-war">NewsDay</a>:
<blockquote>
We know that most tuckshops are operated by foreigners which is against the law. Council has no power to come between business partners but building owners are renting out their buildings to foreigners who in turn convert them to retail shops.
</blockquote>
The influx of tuckshops has led to lower prices and increased competition, benefiting consumers. Tuckshops can offer lower prices due to lower overhead costs, sourcing products directly from wholesalers, and flexible pricing. However, big supermarket operators complain of unfair competition, citing tax evasion and informal trading practices.
Finance Secretary <a href="https://www.pindula.co.zw/George_Guvamatanga/">George Guvamatanga</a> questioned the validity of big retailers’ complaints about being unable to compete with tuckshops. He pointed out that tuckshops pay higher rentals, operate with cash purchases, and lack access to cheaper foreign currency, suggesting other factors may be affecting formal retailers.
Renowned economist <a href="https://www.pindula.co.zw/Gift_Mugano/">Gift Mugano</a> responded to Guvamatanga’s remarks and acknowledged that supermarkets have legitimate concerns. He attributed the high prices of goods in supermarkets to the exchange rate disparities between formal and parallel markets. Mugano said:
<blockquote>
Your ministry liberalised the imports for about 11 products. These commodities are coming through duty free and VAT-free. Tuckshops are importing these commodities, whilst our supermarkets procure the very same commodities locally — a position that is economically and morally sound aimed at fostering job creation and local content.
</blockquote>
Mugano also highlighted the compliance burdens faced by formal businesses, including taxes, levies, rentals, and salary payments. He emphasised that exchange rate fluctuations and inflation have negatively impacted formal businesses’ capital and cash flows. While the informal sector can sell in US dollars, formal businesses must comply with the law, which Mugano believes is appropriate.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Harare City Council Accuses Building Owners Of Illegally Renting Tuckshops To Foreigners

An economist has accused Finance and Economic Investment Ministry’s Permanent Secretary George Guvamatanga of promoting the cannibalisation of formal businesses after he dismissed claims by owners of formal retailers that informal shops (tuckshops) are killing their businesses.
The economic commentator, Tinashe Murapata, said the retail and wholesale sector is the largest contributor to tax through VAT and the electronic transfer tax. He said:
<blockquote>
The perm sec, in his apoplectic misfiring, was invariably accusing himself and Treasury of mismanaging the economy.
Worse, instead of protecting the guys who believed in his policies to the letter, he threw them under the bus.
The retail and wholesale sector is the largest contributor to tax through VAT and 2% electronic transfer tax.
They act as legal agents to the Treasury. Yet, today, there are clandestine operations that avoid paying VAT at all.
What then does it say about the Treasury promoting the cannibalisation of formal businesses? Businesses that on cue have followed what the President wants?
The banking sector has been reduced to a miserable US$1.2bn lending activity. 25% of its GNU highs. US$2bn deposits outside the banking sector.
The truth is that the Perm Sec is diverting attention. Government of Zimbabwe’s policy prescriptions told the patient to jump off a bridge. Unfortunately, the patient followed instructions.
</blockquote>
Guvamatanga made the controversial comments at the Zimbabwe Economic Development Conference (ZEDCON) in Victoria Falls.
Last week, one of the country’s biggest retail chains, OK Zimbabwe, said “tuckshops” are killing large-scale retailers as they are forced to price their products using the official exchange rate which makes the goods very expensive in US dollars.
But Guvamatanga contended that big retailers should come up with innovative measures and adapt to economic dynamics. He said:
<blockquote>
How do you complain about a tuck shop that pays five times more per square meter rent, does not have access to credit, and buys all the goods in cash right, because they do not have any access to credit?
Possibly they do not have better systems than what you have. And they do not have access to the cheaper foreign currency, they have to go to the parallel market.
You then come and say that you’re not able to compete because you have been taken out of business by informal tuck shops.
If I were on the board, I would fire you because you will be useless management. I would fire you.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Govt Promoting The Cannibalisation Of Formal Businesses - Economist

Finance and Economic Investment Ministry’s Secretary George Guvamatanga said that formal retailers should be innovative and respond to economic dynamics rather than “moan” about tuckshops that are taking away customers, <a href="https://www.newzimbabwe.com/treasury-perm-sec-guvamatanga-rubbishes-retailers-complaints-over-tuckshops-influx/">reported NewZimbabwe.com</a>.
This comes after one of the country’s biggest retail chains, OK Zimbabwe, last week said large-scale retailers in the country are struggling to remain viable due to competition from “tuck shops”.
But Speaking at the Zimbabwe Economic Development Conference (ZEDCON) currently underway in Victoria Falls, Guvamatanga said large-scale retailers have an advantage over tuckshops because they have access to cheaper foreign currency. He said:
<blockquote>
Let me come back to another very controversial issue about these tuck shops versus formal retail.
There was a retailer who went out last week complaining about the influx of tuckshops.
But how do you complain about a tuckshop which is paying five times more per square meter rent?
It does not have access to credit so buys all the goods for cash. Possibly they do not have a better system than what you have.
They do not have access to the cheaper foreign currency that is available in the market, they have to go to source for it from the parallel market.
</blockquote>
Guvamatanga said that big retailers who complain that they are not able to compete with tuckshops should fire their managers because they “will be useless management.”
He said in South Africa, the Spaza market has a size of almost US$10 billion but that has not made big players like Shoprite, and Pick n Pay complain. Said Guvamatanga:
<blockquote>
As new economies re-emerge things change but the challenge is that you are dealing with management who only knows one thing. They are used to exchange rate hikes and adjusting prices every Monday.
That’s what they are used to. So we have lots of Finance Directors and Managing Directors running these companies today who are just accustomed to exchange rate hikes and price adjustments.
I have always told my colleagues that if by chance you walk into most Treasuries today and you ask these guys whether they know what a stop loss is all about.
They will tell you that they don’t know about that. All they know is that the exchange rate will go up and you sit and reprice every day.
</blockquote>
A player in the retail sector told NewZimbabwe.com said that Guvamatanga made “generalised comparisons” and ignored the harmful impacts of the informal sector on the economy. Said the businessman:
<blockquote>
Guvamatanga needs to take full responsibility as a government official and desist from making such highly generalised comparisons that ignore how catastrophic the informal sector has been to this economy.
Comparing the local setup to South Africa is quite remote because we don’t share the same economic similarities.
</blockquote>
The Confederation of Zimbabwe Retailers (CZR) says unlike the informal sector, its members are forced to pay multiple licenses like the butchery, bottle store, bakery over and above industry-pegged salaries.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Guvamatanga Scoffs At Big Retailers’ Complaints Over Influx Of Tuckshops

George Guvamatanga, the Secretary for Finance and Economic Development, has sent a formal letter to the Zimbabwe Revenue Authority (ZIMRA) informing them about the review of Pay as You Earn (PAYE) and personal income tax tables. The letter, addressed to ZIMRA’s Commissioner General, Regina Chinamasa, states the following:
<blockquote>
<h3>RE: REVIEW OF PAY AS YOU EARN/ PERSONAL INCOME TAX TABLES</h3>
I am writing to discuss the matter mentioned above.
As you are aware, the local currency Pay as You Earn (PAYE) tax table, which includes a tax-free threshold of ZW$91,666 per month and a highest marginal tax rate of 40% on incomes exceeding ZW$1,000,000 per month, was last reviewed on 1 January 2023. However, recent macroeconomic changes have led to salary adjustments, resulting in many employees falling into higher tax brackets. Consequently, some salaries and wages are subject to higher tax rates.
To provide relief to taxpayers and stimulate demand for goods and services, Treasury has approved a review of the local currency tax tables, effective from 1 August 2023. The tax-free threshold has been increased from ZW$91,666 per month to ZW$500,000 per month, and the highest marginal tax rate of 40% now applies to incomes above ZW$15,000,000 per month.
</blockquote>
<h3>See the detailed monthly tax below:</h3>
Current Monthly Local Currency Tax Band (CMLCTB): 0 to 91,666
<ul style="list-style-type: circle;">
<li>
Approved Monthly Local Currency Tax Bands: 0 to 500,000
</li>
<li>
Tax Rate (%): 0
</li>
</ul>
Current Monthly Local Currency Tax Band (CMLCTB): 91,667 to 320,000:
<ul style="list-style-type: circle;">
<li>Approved Monthly Local Currency Tax Bands: 0 to 500,000</li>
<li>Tax Rate (%): 20</li>
</ul>
Current Monthly Local Currency Tax Band (CMLCTB): 320,001 to 548,000:
<ul>
<li style="list-style-type: none;">
<ul>
<li>Approved Monthly Local Currency Tax Bands: 0 to 500,000</li>
<li>Tax Rate (%): 25</li>
</ul>
</li>
</ul>
Current Monthly Local Currency Tax Band (CMLCTB): 548,001 to 776,000:
<ul>
<li style="list-style-type: none;">
<ul>
<li>Approved Monthly Local Currency Tax Bands: 0 to 500,000</li>
<li>Tax Rate (%): 30</li>
</ul>
</li>
</ul>
Current Monthly Local Currency Tax Band (CMLCTB): 776,001 to 1,000,000:
<ul>
<li style="list-style-type: none;">
<ul>
<li>Approved Monthly Local Currency Tax Bands: 0 to 500,000</li>
<li>Tax Rate (%): 35</li>
</ul>
</li>
</ul>
Current Monthly Local Currency Tax Band (CMLCTB): 1,000,001 and above:
<ul>
<li style="list-style-type: none;">
<ul>
<li>Approved Monthly Local Currency Tax Bands: 0 to 500,000</li>
<li>Tax Rate (%): 40</li>
</ul>
</li>
</ul>
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Treasury Reviews PAYE And Personal Income Tax

The Zimbabwean government has accused local businesses of driving inflation through unjustified price increases.
Speaking in a recent interview with ZBC News, Finance and Economic Development Secretary George Guvamatanga said Zimbabwe has been experiencing “greedflation”, rather than inflation over the past several months.
He accused the business sector of greediness, which has resulted in rising inflation. Said Guvamatanga:
<blockquote>
What we witnessed over the course of the past two months was not inflation as we know it in economic terms, but rather “greedflation” which is really fuelled by greediness from the corporate sector where their forward-pricing practices resulted in the fast escalation of prices in the shops without any justification.
So Government had to intervene to take the necessary measures to ensure that there is stability in the market.
But of concern too though, is that we still continue to see some sections of the corporate sector, be it the manufacturing sector, as well as the retail sector who are still pricing their goods using prices that are not in line with the current exchange rate.
<div class="wp-video" style="width: 468px;">
<video class="wp-video-shortcode" controls="controls" height="270" id="video-260367-1" preload="metadata" width="468"><source src="https://t792ae.c2.acecdn.net/wp-content/uploads/2023/07/Greedflation.mp4?_=1" type="video/mp4"/><a href="https://news.pindula.co.zw/wp-content/uploads/2023/07/Greedflation.mp4">https://news.pindula.co.zw/wp-content/uploads/2023/07/Greedflation.mp4</a></video></div>
</blockquote>
Zimbabwe’s annual inflation rose to 176% in June from 87% a month earlier after the government partially liberalised the exchange rate.
The Zimbabwe dollar, which has been in free-fall in May and June, has been regaining ground against the US dollar on the official forex auction over the past few weeks.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe Is Experiencing "Greedflation", Not Inflation, Says Govt Official

The Finance Ministry Secretary, George Guvamatanga, has blocked a move by the Harare City Council (HCC) to start billing its clients in US dollars. The council had recently announced that it would begin charging its services in foreign currency from July 1, 2023, to preserve value for money and hedge against inflation. The council said:
<blockquote>
The need to preserve value against rate losses has necessitated this move. City of Harare thanks its valued residents for the support in funding service delivery through payment of rates and other services.
</blockquote>
However, Guvamatanga has described the proposal as unlawful, stating that it violates Statutory Instrument (SI) 142 of 2019. The SI prohibits the use of foreign currency for domestic transactions, except if provided for by the law or if exempted in terms of the Exchange Control Regulations. He further explained that any person with free funds may elect to pay for goods and services chargeable in Zimbabwe dollars, in foreign currency using their free funds at the ruling rate on the date of payment. Guvamatanga has ordered the HCC to withdraw its notice and comply with relevant laws. He said:
<blockquote>
Under this, in March 2020, the government published SI 85 of 2020 which, in section 2(2) provides that any person with free funds may elect to pay for goods and services chargeable in Zimbabwe dollars, in foreign currency using his or her free funds at the ruling rate on the date of payment.
The payment, in foreign currency by any person paying for goods and services should be at his/her option unless otherwise exempted and cannot be compelled to pay in foreign currency.
The charging and billing in US dollar by the City of Harare or any local authority is unlawful and contravenes the above-cited laws. As the city council falls under your purview, may you ensure that the City of Harare withdraws its notice and all local authorities comply with relevant laws. Be guided accordingly.
</blockquote>
The Zimbabwe dollar has seen a major decline in recent months due to inflation, foreign currency shortages, and a lack of trust in the government’s economic policies. This has negatively impacted the population’s purchasing power and access to essential goods and services. Some businesses have refused to accept the local currency due to its volatility. The government has attempted to stabilize the economy and currency, but with limited success thus far.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Finance Ministry Has Blocked Harare City Council From Billing In US Dollars

The Treasury has instructed government ministries and agencies to immediately cease charging their services exclusively in foreign currency.
In a memo to the heads of government departments and agencies, Secretary for Finance and Economic Development, Mr. <a href="https://www.pindula.co.zw/George_Guvamatanga/">George Guvamatanga</a>, stated that this practice is contrary to the government’s current policy and was contributing to the depreciation of the local currency. He said in a memo sent on Friday:
<blockquote>
Instances where Government ministries, departments and agencies show preference for the US$ when charging for services to the general public should stop forthwith as it is contrary to the current Government policy position,” 
This general rule applies to all public institutions, except where explicit authority has been granted to charge exclusively in foreign currency.
</blockquote>
The Minister of Finance and Economic Development, Prof <a href="https://www.pindula.co.zw/Mthuli_Ncube/">Mthuli Ncube</a>, has already outlined measures to arrest the further deterioration of the business environment and stabilize the exchange rate, including the reaffirmation of the use of the local currency as legal tender.
The Zimbabwe dollar has lost significant value against the US dollar in recent months, leading some businesses and government departments to only accept foreign currency for their services. Those accepting the local currency have raised their prices astronomically, making them unaffordable for many. The government blames economic saboteurs and the business community for the price hikes.
<h2><a href="https://www.pindula.co.zw/">More Pindula News </a></h2>

Treasury Forbids Govt Departments From Charging Exclusively In Foreign Currency

The Government on Friday suspended import duty and import value-added tax (VAT) on 10 basic grocery items: maize meal, rice, milk, flour, salt, cooking oil, petroleum jelly, toothpaste, bath soap and washing powder.
The suspension of the import duty and import VAT shall be valid for six months from 12 May 2023.
The Permanent Secretary for Finance and Economic Development George Guvamatanga has since directed Zimbabwe Revenue Authority (ZIMRA) Commissioner General Regina Chinamasa, to “urgently draft the necessary legal instrument and implement the duty suspension with effect from 12 May 2023”. Wrote Guvamatanga:
<blockquote>
Furthermore, the Ministry of Industry and Commerce is expected to complement the measure through the inclusion of the above goods on the Open General Import Licence.
</blockquote>
The move is in line with the measures announced by Finance and Economic Development Minister Mthuli Ncube on Thursday.
Among other things, Ncube said retailers and wholesalers can now keep all the foreign currency they collect from customers.
The announcement came after shops hiked prices of basic food items in response to the rapid weakening of the Zimbabwe dollar against other currencies.
The removal of import duty on products can result in lower prices for consumers and improved access to goods.
However, removing import duty may also have some negative effects such as loss of government revenue, adverse effects on domestic industries, and dependency on foreign producers.
Meanwhile, in a statement on released on Friday, Buy Zimbabwe chairperson Munyaradzi Hwengwere said the Government’s decision to scrap import duty on basic grocery items will leave the local manufacturing industry vulnerable to cheap imports.
Buy Zimbabwe called for an emergency meeting with wholesalers and retailers to map a way forward.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

List Of Duty-free Grocery Items Released

The Ministry of Finance and Economic Development has given companies who were paid but didn’t deliver their goods or services a deadline of 7 days to do so.
Finance Secretary, <a href="https://wiki.pindula.co.zw/George_Guvamatanga">George Guvamatanga</a> said if they don’t deliver, they will face legal action and their personal property may be taken away. These companies are sometimes called “air suppliers” because they deliver nothing.
Guvamatanga was speaking in Harare on Monday 24 April 2023 at the launch of the International Public Sector Accounting Standards (IPSAS) and the Zimbabwe Financial Reporting Manual presided over by Finance Minister <a href="https://wiki.pindula.co.zw/Mthuli_Ncube">Mthuli Ncube</a>.
He said the public procurement system has been invaded by tenderpreneurs who collude with some corrupt officials within the government to process payment often running into hundreds of thousands of US dollars in the full knowledge the culprits have no capacity to supply what they promise. <a href="https://www.zimlive.com/treasury-gives-7-day-ultimatum-to-air-suppliers-threatens-property-seizures/">ZimLive</a> cites Guvamatanga as saying:
<blockquote>
We also realised another disturbing trend in the public procurement system which is what is called in the streets as air supply…where actually orders and invoices are generated, and payments are made but nothing is delivered. They would have supplied air.
So, we are actually further strengthening our public procurement system.
We have got several cases currently under investigation of air supply and the culprits will be dealt with across the whole of the system, whether it is from government to the suppliers.
They will be dealt with, with the sternest measures that they deserve but we have further engaged the process working closely with PRAZ (Procurement Regulatory Authority of Zimbabwe) to ensure that our processes and systems actually work much, much better.
This is a very strong warning to all those who have been involved in this air supply; that your time has come to an end and the systems that we have put in place will make sure that you are all plucked out wherever you are hiding.
I guess for those who are smart enough, maybe in the next seven days, I might advise you maybe to find the goods that you were supposed to deliver and deliver them because we are coming after you.
</blockquote>
Guvamatanga said the measures will involve the seizure of cars and homes from government officials found to have colluded with the tenderpreneurs if they do not have savings in their bank accounts.
He could not readily state how much the government has been conned by the dealers.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Government Gives 7 Days To Companies That Didn't Deliver Paid Goods

A senior government official said that businesses should not use the parallel market exchange rate as a reference for pricing in the economy as it constitutes only a small fraction of cumulative trade volumes.
The Zimbabwe dollar is currently trading above $1 000 per US$1 on the parallel market, while the official rate is US$1:$779.
Businesses have been accused of indexing prices to the parallel market which, in turn, has fuelled runaway inflation.
Ministry of Finance and Economic Development Permanent Secretary George Guvamatanga said that the parallel market accounted for less than 10 percent of foreign currency traded in the economy last year. He said:
<blockquote>
I have indicated that the percentage of the black market (to total forex traded) is less than 10 percent.
If you look at the inflows that came in the Reserve Bank (of Zimbabwe) reports, of US$12 billion traded, maybe only US$1 billion was traded on the parallel market.
All the other funds are traded through FCAs, auction, and willing-buyer, willing-seller systems.
So, why are we keen to use parallel exchange rate marginal pricing, even if someone comes to you with the argument that they are not getting forex from the auction?
You know what? We want to give so much credit to this parallel market, but when you actually look at it, this parallel market only accounts for about 10 percent of the total foreign currency traded in the economy. The bulk of it comes from the auction, interbank and FCAs.
It (parallel market) then becomes the anchor (of pricing), which is a theorem of marginal pricing because even if you take the 10 percent and do weighted price, the rate is still probably around $840:US$1.
</blockquote>
Guvamatanga said foreign currency inflows have been rising and under normal circumstances, this should keep the forex rate stable. | <a href="https://www.sundaymail.co.zw/indexing-prices-to-black-market-improper">The Sunday Mail</a>

Indexing Prices To Black Market Rate Unjustified, Says Guvamatanga

The government has said it has banned civil servants from giving themselves Christmas hampers and vouchers to cut unnecessary spending and ensure that State funds are allocated where they are needed.
The Permanent Secretary in the Ministry of Finance and Economic Development George Guvamatanga on Monday told a post-Budget seminar in Harare that the government was trying to curb profligacy. He said:
<blockquote>
There was a practice that those of us working at (ministry) headquarters would give ourselves Christmas hampers and vouchers.
As part of the public expenditure reforms, we have this year said no to hampers and vouchers.
These are far-reaching reforms we have adopted to ensure that resources are allocated where they are needed without questions.
We are also tightening our expenditure on Government travel, especially on the criteria where people can travel.
</blockquote>
Guvamatanga cited an example of officials from an agency under his ministry who wanted to travel to Belgium and spend days in Europe for a two-hour meeting that could be attended via Zoom. He said:
<blockquote>
They wanted to travel business class on Emirates and go to Belgium three days before the meeting and return three days after.
They wanted to collect allowances for the hotel costs and others for attending the meeting.
So you will realise that this is not only about Government contractors and suppliers but is a cross-cutting measure.
</blockquote>
However, the move by the Treasury to deny civil servants Christmas hampers may be viewed as hypocritical after the government extended a US$40 000 loan facility to all Members of Parliament (MPs) across the political divide and US$500 000 and US$350 000 for ministers and their deputies respectively.
The loan facility <a href="https://news.pindula.co.zw/2022/12/01/mnangagwa-bribing-mps-to-avert-bhora-musango-says-chamisa/">has been described by Citizens Coalition for Change (CCC) president, Nelson Chamisa,</a> as an attempt by President Emmerson Mnangagwa to bribe legislators to avoid losing in the 2023 elections.

Govt Withdraws Christmas Hampers For Civil Servants

The Zimbabwe Federation of Entrepreneurs (ZFE) wants the Ministry of Finance and Economic Development to address several challenges facing its members, including the suspension of payments to government contractors.
In a letter dated 24 November 2022, addressed to Finance Secretary George Guvamatanga, ZFE president Bright Mupfapairi said there is a need for “amicable” engagement between Treasury and the business sector. Reads the letter:
<blockquote>
Our members wish to know and are addressed on the government’s position regarding the re-valuation of invoices after the contract has been performed.
They also need clarity on the delays in the payment of re-valued invoices considering that our members would have suffered a loss of income as all payments are in local currency.
Clarity is also sort on the due diligence process by government as we believe there has been a procurement process whereby there are tenders with terms and conditions to be followed hence currently we have noted that there is a drastic shift affecting our members.
Our members also want assurance that since the year will be ending soon will all outstanding payments going to be made as there are various commitments made, also they are concerned about the cost of business and money.
</blockquote>
In August this year, the government suspended payments to its contractors as part of efforts to rescue the depreciating Zimbabwe dollar which was being ravaged by hyperinflation.
Guvamatanga directed government ministries, departments and agencies to suspend the payments.
Treasury accused contractors of submitting invoices of cash for goods and services using parallel market rates.

Govt Contractors Seek Clarity On Re-evaluation Of Invoices

The Parliament of Zimbabwe was put on the spotlight recently when a computer tender was awarded to a company that was supplying the gadets at USD9 264.48 each, a price <a href="https://zero.pindula.co.zw/treasury-cancels-tender-authorised-by-parliament-directs-that-suppliers-be-blacklisted/">viewed by Treasury as very high</a>. 
While <a href="https://news.pindula.co.zw/2022/09/26/chokuda-cancels-us9k-laptop-tender-says-its-not-morally-justifiable-to-buy-at-tendered-price/">the tenders were cancelled, suppliers blacklisted</a>, talk on the deal has not yet subsided. 
It has emerged that some companies, Lacheln for instance, submitted bids for the Laptop tender at Parliament for as low as $213 655 but Parliament opted for Blinart which had tendered for $1.6 million. Pindula News presents below a list of companies that submitted bids and the prices they were charging:
<blockquote>
<table>
<tbody>
<tr>
<td title="Character Accurarcy=99.79">Bidder</td>
<td title="Character Accurarcy=95.66">Amount $</td>
</tr>
<tr>
<td title="Character Accurarcy=99.79">LAPTOP</td>
<td title="Character Accurarcy=99.74">DESKTOP</td>
</tr>
<tr>
<td title="Character Accurarcy=99.86">Omni Africa</td>
<td title="Character Accurarcy=97.45">$1 991 117.79(USD)</td>
<td title="Character Accurarcy=88.13">$ 697 381.75(USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.72">Kemek Technologies</td>
<td title="Character Accurarcy=97.59">$998 071 .60(USD)</td>
<td title="Character Accurarcy=74.33">$ 191 424 90(USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.83">AT Telecoms</td>
<td title="Character Accurarcy=99.36">$ 673 172.06 (USD)</td>
<td title="Character Accurarcy=99.92">N/A</td>
</tr>
<tr>
<td title="Character Accurarcy=99.87">Century Technology</td>
<td title="Character Accurarcy=98.31">$ 1 043 903.99(USD)</td>
<td title="Character Accurarcy=72.95">$317039.35(USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.95">Happy year Tech</td>
<td title="Character Accurarcy=97.98">$ 991 217.34 (USD)</td>
<td title="Character Accurarcy=99.87">N/A</td>
</tr>
<tr>
<td title="Character Accurarcy=99.8">Axis Solutions</td>
<td title="Character Accurarcy=96.55">$ 363 762 50 (USD)</td>
<td title="Character Accurarcy=94.75">$ 982 008.98 (USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=96.02">Lacheln</td>
<td title="Character Accurarcy=99.63">$213 655(USD)</td>
<td title="Character Accurarcy=91.62">$87 295 (USD</td>
</tr>
<tr>
<td title="Character Accurarcy=99.5">TrickMut Computers</td>
<td title="Character Accurarcy=99.25">$583 245. 28(USD)</td>
<td title="Character Accurarcy=97.43">$ 234 054.09 (USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.94">Global Horizon</td>
<td title="Character Accurarcy=86.96">$ 664 1320.00 (USD)</td>
<td title="Character Accurarcy=96.61">$ 171 825.00(USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.95">Ashert</td>
<td title="Character Accurarcy=98.92">$ 448 480.01 (USD)</td>
<td title="Character Accurarcy=98.65">$ 109 659. 90 (USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.91">Frologate Technology</td>
<td title="Character Accurarcy=97.75">$ 593 822. 50 (USD)</td>
<td title="Character Accurarcy=85.1">$ 306 032 .18 (USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.56">Mid-End Computers (Pvt) Ltd</td>
<td title="Character Accurarcy=96.3">$1 635587.85 (USD)</td>
<td title="Character Accurarcy=97.13">$ 243 052.59 (USD)</td>
</tr>
</tbody>
</table>
<div>
<table>
<tbody>
<tr>
<td title="Character Accurarcy=99.81">Stem Magnetics</td>
<td title="Character Accurarcy=75.72">$242451. 00(USD)</td>
<td title="Character Accurarcy=98.23">$ 150 008. 85(USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.8">Compulink Systems</td>
<td title="Character Accurarcy=99.27">$1,138 578.88 (USD)</td>
<td title="Character Accurarcy=98.93">$ 485 118.90(USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.73">Teezik Technologies</td>
<td title="Character Accurarcy=99.57">$1 056 597.57 (USD)</td>
<td title="Character Accurarcy=98">$ 328 640.00 (USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.7">Tafron Technologies</td>
<td title="Character Accurarcy=98.74">$ 1 363 508.55 (USD)</td>
<td title="Character Accurarcy=97.74">$ 286 627.60(USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.78">Avantis Technologies</td>
<td title="Character Accurarcy=90.02">$ 530 391. 64 (USD)</td>
<td title="Character Accurarcy=99.21">$167 796.00(USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.86">Top Tech Computers</td>
<td title="Character Accurarcy=98.9">$ 179 043 668.95 (ZWL)</td>
<td title="Character Accurarcy=96.53">$508 97 216. 24 (ZWL)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.94">Light House Digital</td>
<td title="Character Accurarcy=84.1">$ 416757.00 (USD)</td>
<td title="Character Accurarcy=98.74">$ 207 691.00 (USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.89">Kintex Investments</td>
<td title="Character Accurarcy=99.82">$796 524.58 (USD)</td>
<td title="Character Accurarcy=92.62">$ 325 29.47 (USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.75">Zacks Electronics</td>
<td title="Character Accurarcy=99.77">$467 100 (USD)</td>
<td title="Character Accurarcy=99.03">$ 165 900(USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.73">Metro Sol</td>
<td title="Character Accurarcy=94.65">$ 952 685.05 (USD)</td>
<td title="Character Accurarcy=99.31">$ 237 46.94(USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.62">Palsten Investments</td>
<td title="Character Accurarcy=99.38">$ 1 944 698. 19 (USD)</td>
<td title="Character Accurarcy=99.67">$588 550.00 (USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.92">Tafano Investments</td>
<td title="Character Accurarcy=99.7">$432 500 (USD)</td>
<td title="Character Accurarcy=99.28">$ 221 200 (USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.66">Wilhart Enterprises</td>
<td title="Character Accurarcy=98.79">$ 326 840 250(ZWL)</td>
<td title="Character Accurarcy=99.67">$113 068 750 (ZWL)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.88">Ovacoda Business</td>
<td title="Character Accurarcy=99.31">$ 682 485(USD)</td>
<td title="Character Accurarcy=99.71">$209 350 (USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.94">Airhead Investment</td>
<td title="Character Accurarcy=96.87">$ 462 818.25(USD)</td>
<td title="Character Accurarcy=99.2">$138 467.25(USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.84">Blinart investments P/L</td>
<td title="Character Accurarcy=93.58">$ 1 602 755.77(USD</td>
<td title="Character Accurarcy=89.64">$333 348.40(USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=94.01">Elite Collection (Pvt) Ltd</td>
<td title="Character Accurarcy=92.2">$ 150 495.00 (USD)</td>
<td title="Character Accurarcy=94.83">$ 482 151.00(USD)</td>
</tr>
</tbody>
</table>
</div>
</blockquote>
Mid-End Computers and Hardware (P/L) had offered to supply 79 Desktops at US$243 052.36 payable at interbank rate.
<a href="https://zero.pindula.co.zw/">Pindula News</a>

List Of Companies That Submitted Bids For Laptops Tender Awarded To Blinart At US$9K Each

Finance Minister Professor Mthuli Ncube has said some government suppliers have been inflating prices of their commodities due to the use of parallel market rates with some selling a 2kg pack of chicken at US$30.
He said the government was proceeding with screening and blacklisting such companies but was facing resistance from some government officials and suppliers, reported <a href="https://newzwire.live/us30-chickens-and-us10000-laptops-mthuli-says-facing-resistance-in-campaign-against-inflated-govt-contracts/">newZWire</a>. He is quoted as saying:
<blockquote>
We have seen supply contracts clearly determined by forward parallel exchange rates, some as high as 2000 to the Zimdollar.
A 2kg pack of chicken was claimed to be worth US$30 when market prices is a maximum US$6 for the same. We have seen a bag of cement being priced at an equivalent of USD18 per bag on some construction projects. 
As expected there’s been resistance from various quarters, including accounting officers and suppliers
</blockquote>
Ncube says the government has not stopped all payments to contractors, only suspending inflated contracts. Over the past six weeks, the government has paid out a total of Z$184 billion to contractors.
Finance Treasury, George Guvamatanga, says some suppliers that had already charged at inflated prices, using what they had predicted to be the future exchange rate, have since offered “credit notes” to the government to make up for the difference. 
This is happening when <a href="https://news.pindula.co.zw/2022/09/19/us9k-per-laptop-tender-in-a-normal-economy-usd4590-46-shouldve-been-the-final-price/">a US$9 000/Laptop tender that was awarded to Blinart Investments</a> in August torched a storm on social media over the weekend. Ncube says that was just one of several payments that his office has had to reject under measures he announced in August. 
Some suppliers have been invoicing the government using higher exchange rates because they expect the Zimbabwe dollar to continue weakening. This has seen the government overpaying in Zimdollars for goods and services. 
<a href="https://zero.pindula.co.zw/">Pindula News</a>

Finance Minister Says Govt Suppliers Selling A 2kg Pack Of Chicken At US$30

Last week social media was awash with news that the Ministry of Finance and Economic Development had <a href="https://news.pindula.co.zw/2022/09/17/treasury-cancels-tender-authorised-by-parliament-directs-that-suppliers-be-blacklisted/">cancelled two tenders to supply laptops and desktops</a> arguing that the suppliers had overpriced the commodities.
Blinart Investments which had been awarded the tender to supply laptops was selling each laptop at USD9 264.48  and the government would have paid US$1 602 755.77 for 173 laptops.
The other company, Mid-End Computers and Hardware (P/L), demanded US$243 052.36 for 79 desktops as each was priced at USD3 076.61.
Members of the public criticised Parliament for awarding the tender saying this was grand corruption.
In response, Mr Kennedy Chokuda, the Clerk of Parliament, issued a statement claiming that he had cancelled the tender on Friday 9th August 2022. 
Yet, in a different letter dated 29 August 2022, Chokuda notified other companies that had applied for tender that Blinart Investments and Mid-End Computers and Hardware had won the tenders.
Pindula News presents below some of the comments on the tender.
<h2>Elias Mambo (Zimbabwean journalist and the founder of Zim Morning Post):</h2>
<blockquote>
So the lowest bidder had charged close to $500 000 for 173 laptops, based on the specifics which parliament wants. I hear there is a presser tomorrow (Monday 19 September 2022) GGuvamatanga (Finance Secretary) let Parly come clean..what really happened?
The lowest bidder said based on the specs wanted.. the cost of the laptop is around $1200 and then add 20% profit and shipping.. total cost of a laptop is estimated to be $2700… The lowest bidder raised a red flag on the $9000 laptop cost.. the rest is history… As I promised we will get to the bottom of it…
</blockquote>
<h2>Hopewell Chin’ono (award-winning journalist):</h2>
<blockquote>
Magnificent Honda, one owner, lady driven, full service history! US$9,400 or swap with a laptop!
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/Fc6kRa2WAAAU3Bs?format=jpg&amp;name=900x900"/>
</blockquote>
<h2>Paul Mazonde @isheGutu:</h2>
<blockquote>
Usually, govt specifications on laptops include the cost of the laptop, cost of Microsoft office with licence, cost of Windows with licence, Antivirus.
</blockquote>
<h2>Daddy B @DaddyB71584593:</h2>
<blockquote>
I still don’t agree… Why buy a 20 000 rand laptop for what… A normal 5000 rand laptop is enough… I terabyte hard drive 8 gig ram… For heaven’s sake they are not buying servers it’s a laptop why loot money like that? And where are they going to buy them from? Why not SA?
</blockquote>
<h2>Tawanda Donal Hatugari @DonalTawanda:</h2>
<blockquote>
My humble opinion is that there was serious colluding among the bidders and obviously with someone inside the Parliament’s procurement unit. A serious affront to procurement ethics. And where is PRAZ when all this is happening?
</blockquote>
<h2>Pindula News presents a Twitter thread by Michael Rushizha @mrushizha who believes that Blinart Investments’ price was justified:</h2>
<blockquote>
It is important to understand that this is not just any laptop. This is a high-end laptop with a touch-screen, some fancy software and accessories. These laptops don’t come cheap. We need to breakdown the requirement into smaller components for everyone’s comprehension. 
According to pages 16 and 17 of the tender document, Parliament of Zimbabwe ordered 173x 13.3 or 14-inch laptop consisting of the following: 1x Microsoft Office 2019 Professional 1x Sophos Antivirus 1x HP Wireless Mouses 1x HP Laptop Stands 1x HP Laptop Carry Cases.
Now we need to cost to each item. For the 13.3 or 14-inch laptop, I’m going to use a ‘cheaper’ HP EliteBook 840 G8 for this example. This baby costs a cool USD 2,259.00 with a storage of 512 GB. We need the storage to be 1.0 TB, so we add USD 80.00 to get USD 2,339.00.
Next, we need to factor in the cost of Microsoft Office Professional. The current version is 2021 and it goes for USD 439.99 bringing our running total to USD 2,778.99.
We also need a Sophos Antivirus license, which is actually an annual subscription. This license costs USD 28.00 per user, or per laptop. This brings our running total to USD 2,806.99.
Next is the Wireless Mouses going for USD 16.99 each. This brings our running total to USD 2,823.98
The HP laptop stands are next for USD 49.95 each. This brings our running total to USD 2,869.93.
Last but not least, are the HP laptop carry cases going for USD 36.99 each. This brings our running total to USD 2,906.92
Now the business dynamics. These computers are not manufactured in Zimbabwe or Africa. The prices are from HP, so I’m going to use a 3% shipping fee to one of the South Africa distributors which suppliers in Zimbabwe deal with, bringing our running cost per laptop to USD 2,994.13.
Next we need to add another 3% shipping fees from South Africa to Harare, Zimbabwe. This brings our running cost per laptop to USD 3,083.95.
Our laptops are now in Zimbabwe, and fortunately, laptops don’t pay custom duties, but they pay VAT of 14.5% and this adds a further USD 447.17 to our laptop bringing the running cost per laptop to USD 3,531.12
After the taxman’s lion share, the retailer adds a mark-up for their trouble ranging between 20% – 30% depending on the risk. For this example, we will go high-end and apply a 30% mark-up to come to USD 4,590.46.
In a normal economy, USD 4,590.46 should have been the final price for each of these laptops. Sadly, Zimbabwe’s economy is anything but normal. This is where it all start to become interesting.
You see, @ReserveBankZIM 
and local banks haven’t been issuing foreign currency to non-priority sectors for some time now. This led to people using alternative means to acquire this resource. At the time this tender close, parallel market rates were at a record USD 1: ZWL 800.
Page 10 of the tender states that, bids should be priced in ZW$ and foreign currency equivalent at the prevailing market rate. And that payment will be done in ZW$ converted at the ruling rate on the agreed delivery timelines as stated in the contract.
To cater for loses presented by the disparity between the ZW$ parallel market rate and US$ interbank rate, for which payment was going to be made at the date of payment, one needs to multiply the final US$ value of the laptops with the parallel rate of 800 to get the ZW$ value and divide by the interbank rate of July 15th 2022, which was 396.8940 In the end, the final ZW$ value of each laptop will be ZWL 3,672,368.00 and the US$ value will be USD 9,252.77 which is very close to the much disputed USD 9,264.48 you see today.
Whether we like it or not, Blinart may NOT be the villain here. I would like to think that @ParliamentZim 
did their adjudication processes and found everything above board. It’s possible that they may have been bidders with lower prices, but got disqualified for non-compliancy.
Tenders of such value usually go through the Special Oversight Committee (SPOC) to which every bidder MUST pay a SPOC Administration Fee of typically ZWL 15,000.00, in which in this case, no such payment was asked of the bidders, and I don’t think it went through SPOC.
In conclusion, the noise made since yesterday was caused by government officials that are not actually in touch with the realities of the country that claim to serve.
@ParliamentZim made a mistake of reacting by cancelling the tender which it professed had gone through internal processes and SPOC. They should have defended their internal adjudication processes and shed light on how the decision was reached with the backing of the SPOC.
</blockquote>
<h2><a href="https://news.pindula.co.zw/">Pindula News</a></h2>

US$9K Per Laptop Tender: "In A Normal Economy, USD4,590.46 Should've Been The Final Price"

The Clerk of Parliament of Zimbabwe, Mr <a href="https://www.pindula.co.zw/Kennedy_Chokuda">Kennedy Chokuda</a>, has said he cancelled the controversial laptop tender in August.
He said this was regardless of compliance with all procurement requirements in choosing the two companies that eventually won <a href="https://zero.pindula.co.zw/treasury-cancels-tender-authorised-by-parliament-directs-that-suppliers-be-blacklisted/">tender to supply laptops and desktops.</a> 
<a href="https://zero.pindula.co.zw/parliament-says-the-blacklisted-companies-had-better-prices-compared-to-competitors/">In a statement</a> seen by Pindula News, Chokuda said the two companies, Blinart Investments P/L ANCE and Mid-End Computers and Hardware (P/L) had the lowest prices compared to their competitors. Reads his statement issued on 17 September 2022:
<blockquote>
However, while all the procurement processes had been adhered to and cognizant of the need to exercise prudence and probity in all procurement processes, our due diligence processes indicated that the prices quoted were highly inflated. It is at this particular point that on Friday 9th August 2022. I, as the Accounting Officer, directed the Parliament’s Director Procurement Unit, in the presence of the Director Audit, to initiate cancellation of the tender and to proceed with retendering as the quoted prices were not justified. It is in this regard, that no contract has been signed with any of the two suppliers, and no payment processes have been activated in respect of the two suppliers.
</blockquote>
Confusion: 
In a different letter dated 29 August 2022, Chokuda notified other companies that had applied for tender that Blinart Investments and Mid-End Computers and Hardware had won the tenders. Reads the letter seen by Pindula News:
<blockquote>
<h2>RE: NOTIFICATION OF AWARD — SUPPLY AND DELIVERY OF 173 LAPTOPS AND 79 ALL-IN-ONE DESKTOPS: TENDER NUMBER: POZ/DOM/013/2022</h2>
I take this chance to appreciate your efforts for the Supply and Delivery of 173 Laptops and 79 All m One Desktops. The Evaluation Committee was impressed by your documentation and how you presented your bid…
The award for the Supply and Delivery of 173 Laptops and 79 All in One Desktops was awarded to the following bidders whose bid was more responsive to the proposal requirements.
</blockquote>
He then stated that Blinart Investments had won the tenders to supply laptops at USD9 264.48 each while Mid-End Computers and Hardware had won the tender to supply desktops at USD3 076.61 each.
His statement issued on Saturday 17 September came after the Ministry of Finance and Economic Development had directed the cancellation of the tender and blacklisting of the concerned suppliers from any future Government procurement process. 
Treasury cited exorbitantly inflated prices. Finance Secretary <a href="https://www.pindula.co.zw/George_Guvamatanga">George Guvamatanga</a> said:
<blockquote>
It has come to Treasury’s attention that Parliament of Zimbabwe had awarded a tender for the supply and delivery of laptops and desktops to the following companies as follows:
<table>
<tbody>
<tr>
<td title="Character Accurarcy=99.83">BIDDER</td>
<td title="Character Accurarcy=99.53">DESCRIPTION</td>
<td title="Character Accurarcy=99.81">TOTAL PRICE (USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=95.12">Blinart Investments P/L ANCE</td>
<td title="Character Accurarcy=99.32">173 Laptops</td>
<td title="Character Accurarcy=98.69">1 602 755.77</td>
</tr>
<tr>
<td title="Character Accurarcy=90.7">Mid-End Computers and Hardware (P/L)</td>
<td title="Character Accurarcy=99.7">79 Desktops</td>
<td title="Character Accurarcy=99.78">243 052.36</td>
</tr>
</tbody>
</table>
Treasury notes with concern that these suppliers are charging USD9 264.48 and USD3 076.61 for a laptop and desktop, respectively. These USD dollar prices have been exorbitantly inflated way beyond those that are prevailing in the market and hence, are not acceptable.
</blockquote>
It is not clear why Treasury would cancel a tender that was cancelled in August.
<h2><a href="https://zero.pindula.co.zw/">Pindula News</a></h2>

Chokuda Says He Cancelled The Laptop Tenders In August

The Ministry of Finance and Economic Development has cancelled a laptop tender that the Parliament had awarded to two companies citing exorbitantly inflated prices. In a letter seen by Pindula News, Finance secretary,<a href="https://www.pindula.co.zw/George_Guvamatanga"> George Guvamatanga</a> said the suppliers must be blacklisted. We present below the letter addressed to Clerk of Parliament Kennedy Chokuda:
<blockquote>
<h2>RE: TENDER AWARD FOR THE SUPPLY AND DELIVERY OF LAPTOPS AND DESKTOPS</h2>
Reference is made to the above subject matter.
It has come to Treasury’s attention that Parliament of Zimbabwe had awarded a tender for the supply and delivery of laptops and desktops to the following companies as follows:
<table>
<tbody>
<tr>
<td title="Character Accurarcy=99.83">BIDDER</td>
<td title="Character Accurarcy=99.53">DESCRIPTION</td>
<td title="Character Accurarcy=99.81">TOTAL PRICE (USD)</td>
</tr>
<tr>
<td title="Character Accurarcy=95.12">Blinart Investments P/L ANCE</td>
<td title="Character Accurarcy=99.32">173 Laptops</td>
<td title="Character Accurarcy=98.69">1 602 755.77</td>
</tr>
<tr>
<td title="Character Accurarcy=90.7">Mid-End Computers and Hardware (P/L)</td>
<td title="Character Accurarcy=99.7">79 Desktops</td>
<td title="Character Accurarcy=99.78">243 052.36</td>
</tr>
</tbody>
</table>
Treasury notes with concern that these suppliers are charging USD9 264.48 and USD3 076.61 for a laptop and desktop, respectively. These USD dollar prices have been exorbitantly inflated way beyond those that are prevailing in the market and hence, are not acceptable.
Notwithstanding the high prices, this tender award is in complete disregard of the Treasury minute dated 3 August 2022, directing line Ministries to ensure value for money for Government and hence, to rationalise all procurement processes with a view to operating within the confines of the willing buyer willing seller foreign exchange rate.
In this regard and to ensure value for money for Government, in line with the Public Finance Management Act [Chapter 22:19] which empowers Treasury to manage and control public resources, Treasury directs that this tender be cancelled and the concerned suppliers be blacklisted from any future Government procurement process. 
</blockquote>
<h2>Pindula News</h2>

Treasury Cancels Tender Authorised By Parliament, Directs That Suppliers Be Blacklisted

Secretary for Finance and Economic Development, George Guvamatanga, has scoffed at claims that measures implemented by the Government to stabilise exchange rate volatility and inflation are having a negative impact on the economy.
Speaking in an interview with State media on Thursday, Guvatamatanga also said it is not true that the exchange rate has stabilised and inflation has come down because the Government had stopped paying for goods and services supplied.
He said the government has not stopped making all payments, but only those invoices and contracts priced at the parallel market rate, or overpriced. Said Guvamatanga:
<blockquote>
There is a big misrepresentation that is going on in the market that the Government stopped making payments, that is not correct, because if we had stopped the Government would not have been operational by now, if we were not paying anyone right now all our operations would have grounded to a halt.
What we have said is that we are not paying invoices and contracts priced at parallel market rate, or overpriced.
Obviously, there are those who are adamant and some who have adjusted, some are adjusting voluntarily without approaching them that we now want to change prices.
</blockquote>
Guvamatanga insisted that the government had to stop the payments as the was “overheating”. He said:
<blockquote>
The economy was overheating; everyone was overtrading and the majority of people who were reporting increased business activity were foreign currency trading; the demand was artificial. It was artificial demand because everyone wanted to get rid of Zim dollars.
So there is a readjustment that is required, even the Treasury has to readjust such that even our revenue, we must review them down.
I do agree demand has gone down, but people must know that some of the aggregate demand was artificial.
</blockquote>
Gumamatanga said there is a need for the private sector to go back to basics and do away with overpricing goods. He said:
<blockquote>
It’s not a Government (only) thing. P ‘n Pay needs to do it, OK (Zimbabwe) needs to do it, Spar (Zimbabwe) needs to do it, everyone needs to adjust.
Everyone needs to adjust and say the days of pricing things at 1,4, 1,5 (times the actual price are gone).
</blockquote>
| <a href="https://www.businessweekly.co.zw/economy-was-overheating-we-had-to-act-guvamatanga/">Business Weekly</a>

The Govt Has Not Stopped Making Payments - Guvamatanga

The government has announced the introduction of a new Statutory Instrument that will compel debtors to repay in the currency they would have borrowed, for instance, those who borrow USD will repay in USD.
The announcement was made by Finance and Economic Development Secretary, <a href="https://www.pindula.co.zw/George_Guvamatanga">George Guvamatanga</a> at a press conference held in Harare this Monday. 
He said the Statutory Instrument will be issued today (27 June 2022). 
He said the legislation is introduced after financial institutions including banks have been complaining that people are borrowing USD and would repay in Zimbabwe dollars.
This would put them at a disadvantage considering that the local currency is shedding value against the United States dollar and other currencies.
<h2>More: <a class="external text" href="https://zero.pindula.co.zw/download/" rel="nofollow">Pindula News </a>is best enjoyed <a href="https://zero.pindula.co.zw/download/?utm_source=PindulaArticles&amp;utm_campaign=DownloadLink">via the App. Download it here</a></h2>

JUST IN: If You Borrow USD, Repay In USD - New Statutory Instrument

The Secretary for Finance and Economic Development, George Guvamatanga, has confirmed the payment of a US$100 monthly cushioning allowance to civil servants with effect from 1 March. State pensioners will receive US$50. In a statement, seen by Pindula News, Guvamatanga said the cushioning allowance is non-taxable. He said in a letter to Ambassador Wutawunashe, Secretary to the Public Service Commission:
<blockquote>
<h2>RE: REQUEST FOR TREASURY CONCURRENCE FOR THE IMPLEMENTATION OF THE CUSHIONING ALLOWANCE OF US$100 AND US$50 TO MEMBERS OF THE PUBLIC SERVICE AND GOVERNMENT PENSIONERS WITH EFFECT FROM 1 MARCH 2022</h2>
Your minute B/C/33/202 dated 1 March 2022 refers.
Treasury notes your proposal that the US$100 and US$50 to Civil Servants and Government Pensioners, respectively, be treated as a Cushioning Allowance which is non-taxable and will be indicated on the salary key scale as a foot note.
Furthermore, Treasury also notes that the US$100 will be payable to all Civil Servants from Grades A3 to F including Government funded domestic workers, Aides to visually impaired, student teachers and casual workers.
It is also further noted that the Cushioning Allowance will also benefit members of Independent Commissions, Parliament of Zimbabwe, Auditor General, Zimbabwe National Statistics Agency as well as Grant Aided Institutions.
Accordingly, Treasury concurs to the implementation of the Cushioning Allowance of US$100 to the Civil Service, Security Forces, Independent Commissions, Parliament of Zimbabwe, Auditor General, Zimbabwe National Statistics Agency and Grant Aided Institutions and US$50 to Government Pensioners with effect from 1 March 2022. 
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/FNy4MytXMAECSl_?format=jpg&amp;name=4096x4096"/>
</blockquote>
This is happening at the backdrop of soaring prices of commodities in shops owing to an increase in fuel prices recently.
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

Finance Secretary Confirms Payment Of US$100 Monthly Cushioning Allowance To Civil Servants

The permanent secretary in the Ministry of Finance and Economic Development <a href="https://www.pindula.co.zw/George_Guvamatanga">George Guvamatanga</a> has defended his lavish birthday party, saying he worked for his wealth over many years and cannot now pretend to be poor.
Guvamatanga has been criticised after video clips emerged on Friday of him showing off his fortune and pledging to multiply by five the money that had been agreed for <a href="https://www.pindula.co.zw/Louis_Mhlanga">Louis Mhlanga</a>, the South African based artiste to perform at the party.
The top civil servant reminded his adversaries that he spent 30 years with Barclays Bank Zimbabwe where he was the managing director for many years.
In a no holds barred phone interview with The Standard from Victoria Falls on Saturday, Guvamatanga also claimed that he has a thriving cattle herd being reared over swathes of prime land at his farm, which he said generates not less than US$1.2 million a year. He said:
<blockquote>
First of all, let me put things into context. The issue of saying the artistes were paid more is not correct. The clip was quoted out of context.
I was saying to Louis Mhlanga, one of Zimbabwe’s most decorated musicians that if I had the money, I would have paid five times more than we agreed. It was a tribute to Louis Mhlanga.
You know that I cannot take foreign currency from the Reserve Bank of Zimbabwe and spend it like this.
I worked for a big international bank for 30 years and I was paid in offshore accounts. There are millions in that account.
Others avoid paying taxes when they are paid through offshore accounts, but Barclays was strict.
And if you ask ZIMRA (Zimbabwe Revenue Authority) they will tell you that I was one of the biggest taxpayers during my stint at Barclays Bank.
I paid between US$2 million and US$3 million in taxes, the records are there. Now, if I paid US$3 million, ndakasara nemarii? (How much remained in my account?). My package at Barclays, including my bonus, was US$3 million.
It is all above board, I have a known offshore account, and have interests across most sectors of the economy, from insurance to agriculture to distribution and others.
I will need to take you to my farm, I have 1 200 cattle. My business interest and wealth are known and everything has been declared.
I cannot pretend to be poor. Most of my cattle fetch not less than US$2 500 (each), and I sell 500 cattle per annum. So why can’t I celebrate life?
… I am so surprised that people are judging me with the three years that I have been a civil servant, instead of the 30 years that I worked for Barclays.
</blockquote>
He said before settling for Mhlanga, he had first hired superstar, Mukudzei (Jah Prayzah) Mukombe as the main act at the decorated event.
But Guvamatanga said a few hitches led him to drop Jah. South Africa’s pop stars Mafikizolo and Makhadzi played along Mhlanga at the bash.
<h4>More: <a href="https://www.thestandard.co.zw/2021/10/10/bigwig-defends-lavish-party/">The Standard</a></h4>

Guvamatanga Defends Lavish Party, Says “I Cannot Pretend To Be Poor"

The permanent secretary in the Ministry of Finance and Economic Development <a href="https://www.pindula.co.zw/George_Guvamatanga">George Guvamatanga</a> will travel to the United Kingdom on a private jet to watch his favourite English Premier League team, Arsenal courtesy of business tycoon Kuda Tagwirei, reported Zim Morning Post.
Guvamatanga received the present at a birthday bash held in Harare on Wednesday night.
He also received US$50 000 spending money for sight visits and other luxuries in the UK, the publication further reported.
Presenting the gift at the bash, Tagwirei said he had decided to charter a flight for Guvamatanga and his wife for time-efficiency and quicker check-ins with the purse of US$50 000 covering the impulse expenses of the travel.
The total package of the present is well over US$100 000.
Tagwirei, who is under UK sanctions, is accused of profiting significantly from the misappropriation of property at the expense of wider macroeconomic stability in Zimbabwe
On Wednesday night, the former Barclays Zimbabwe CEO (Guvamatanga), flew in popular South African artists, <a href="https://www.pindula.co.zw/Makhadzi">Makhadz</a>i and Mafikizolo, with Makhadzi to perform at his birthday party.
A report in South Africa’s Movemag magazine at the end of 2014 claimed that Mafikizolo costs nothing less than R80 000 per gig minus flights and other out-of-country essentials. Guvamatanga promised to multiply the figure fivefold. He said:
<blockquote>
Whatever was on that bill, because I don’t want to disclose I am multiplying what was on that bill by five.
Tomorrow morning, you give me your bank details, by the time you get to South Africa, that amount by five will be in your account, my brother.
</blockquote>
Guvamatanga however, is not without controversy. In April 2020 he approved a controversial US$2 million COVID-19 emergency supplies to a company known as Drax International.
The heavily inflated COVID-19 medical equipment deal did not go tender.
In his defence, he argued that the government did not lose any money as a result of the contract.
<h4>More: <a href="https://www.zimmorningpost.com/tagwirei-hands-guvamatanga-private-jet-arsenal-present-us50000-spending-money/">Zim Morning Post</a></h4>

Kuda Tagwirei Hands Guvamatanga Private-jet, US$50 000 For UK Holiday

Finance Ministry secretary George Guvamatanga says the government is committed to reviewing excessive taxation thresholds charged on current retrenchment packages in a development aimed at protecting affected workers’ earnings.
The pledge comes ahead of the 2022 National Budget statement and was issued in response to a letter from the Zimbabwe Banks and Allied Workers Union (ZIBAWU) bringing informing the Treasury that employees receiving their retrenchment packages in US dollars are paying more tax than those earning the local currency. ZIBAWU said:
<blockquote>
Further and acknowledging the current bank rate which is pegged at US$1 against $85 if the Zimbabwe dollar tax-exempt amount is converted to US dollar, the amounts will be equivalent to the greater of US$588.23 or one-third of the retrenchment package, up to a maximum of US$2 823.53 is exempt,. 

Given the above, it is clear that the current tax-exempt amount for employees earning in the Zimbabwe dollar is low compared to their counterparts earning US$.
</blockquote>
The union said the employees are already suffering from the current salary erosion due to the austerity measures and wage compression. 

ZIBAWU further urged the Treasury to cushion them by offering some tax relief for a certain period as a social benefit for loss of employment adding that another option would be to increase significantly the amount from tax so as to reduce the taxable burden.
Guvamatanga agreed to consider the matter in the 2022 National budget adding that a review of the tax-free threshold on retrenchment payouts will provide relief to retrenches.
More: <a href="https://www.newzimbabwe.com/govt-to-review-high-retrenchment-taxes/">NewZimbabwe</a>

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