Important Deadlines for this week :
- VAT Return will be due next week Tuesday the 25th of May 2021 for Category C clients (April 2021 transactions). Kindly send through your sales & expense schedules earlier.
- ITF 12C and ITF12C2 returns will be due on 30 June 2021(Small Corporates) ,31 July 2021(Medium Corporates) & 31 August 2021 (Large Corporates). Kindly review your accounts and sign the income tax assessment return for us to upload on the ZIMRA portal before due date.
ZIMRA Hot News:
Notice 38 of 2021 is critical for very business ,one single unhappy customer can trigger your ZIMRA tax audit. Please invoice in the transaction currency and pay taxes in the correct currency.
The public is being urged and reminded of the following !!!!!!
1) Where a sale is made in foreign currency, the invoices, till slips, or receipts recording
that sale transaction must be issued in foreign currency.
2) Where a sale is made in both local currency (ZWL) and foreign currency, the invoices,
till slips, or receipts must reflect the correct respective currency details.
3) To always request or be issued with a receipt/invoice in the currency of trade as used
in the transaction.
4) Report any such business that do not comply with issuance of invoices, till slips or
receipts showing the correct currency of trade. Please report to the nearest ZIMRA
Office or ZIMRA HOTLINES 08004422/08004423 or through the email address:
Non-FiscalisationReport@zimra.co.zw
Money & Banking news:
Did you know that your bankers affect the way you do business. Your company’s controls on bank and cash resonate the service & products that your bank offers;
- Always choose a bank that leverages your business operations, gives you credit and has reasonable transaction costs.
Interesting banking products trending in the market;
- CBZ is offering a Touch & Transact 24/7 without data banking application. This can go a long way saving your internet costs(Access and type of phone). We think it’s an interesting product.
- NMB bank opened a Virtual Branch that allows customers to conduct cash transactions on their phones and simply walk into the branch to either drop or pick cash;
- NMB bank also launched Instant NMBLite account opening via short code *241#.
- Stanbic bank is offering a Non- Contact transacting card. You simply tap and pay for purchases. This could go a long way saving clients from Covid-19 contractions.
Potential Reasons Why you are not being allotted forex at the RBZ Auction Rate ;
- Your bid was not eligible in terms of the Priority List.
- Your company was red flagged for overdue CD1s.
- Your company was red flagged for overdue Bills of Entry (BOEs).
- There was sufficient balances in your FCA accounts.
- Your bidding rate was an outlier.
- Your paper work was not in order.
- The RBZ auction weighted exchange rate results for Tuesday 11 May 2021 was 84.6140. We await for 18 May 2021 results tomorrow.
Markets and Stocks for the week ending 12 May 2021.
- The Rand hit a 16 month high and was trading at USD1:ZAR13.97710 . This could potentially affect your rand invoice imports as they will become expensive. Rand invoiced exports will be favorable.
- Gold was trading at USD1,833.65 per ounce.
- Platinum was trading at USD1,228.00 per ounce.
- The monetary policy committee meeting held on 30 April 2021 noted inflation figures at March(240.1%) & April 2021 (194%). A 55% inflation rate is targeted by the close of July 2021.
- RBZ approved a ZWL500 million facility for term finance for Micro, Small & Medium Enterprises to be accessed from banks & micro finance institutions @30% per annum. Time to have your books of accounts updated and business plans in place. Inflation rate at 194% and Interest rate at 30%. This credit is affordable.
Other News:
GMB warning on Side Marketing
- The GMB advises farmers that selling of maize and soya beans is restricted to GMB and registered contractors. Any engagements with other players are prohibited.
- Maize and Soya beans are controlled products.
- An individual is only allowed to ferry 5 bags of maize or 3 bags of soya beans for personal use.
GMB reminds farmers of the following Producer Prices being paid for their crops ;
| CROPS | PRICES(ZWL ) / 1,000kgs |
| Maize | 32 000 |
| Sorghum | 38 000 |
| Rapoko | 38 000 |
| Millet | 38 000 |
| Soya Beans | 48 000 |
| Pre-planting price for wheat for 2021/2022 planting season | |
| Premium grade | 52 534.61 |
| Standard grade | 43 778.84 |
Agriculture Marketing Authority (AMA )says that there is still room for investors that want to invest in industrial hemp . There is an opportunity here for pharmaceutical ,food ,entertainment & tobacco clients to break this global market projected at USD 36 Billion by 2026.
Get your NSSA Clearance Certificate. The NSSA clearance certificate covers the following advantages ;
- Covers employees in the event of work related injury ,sickness or death.
- Enables you to bid for tenders ,expression of interest ,and enlistment as a preferred supplier.
- When you enlist the services of a contractor with a NSSA clearance certificate, you are covered from incurring liability when the contractor’s employee is injured. Enlisting a non-registered contractor transfers the risk to your business.
- Give us feedback on info@shaphat.com
Bulletin compiled By;
Holderness CA(Z),RPAZ,CAWM
Shaphat Consulting (Private) Limited
Call us on 0718 080 008 or 0713 767 356 or 0775 344 587
Visit us on www.shaphat.com
