Shaphat Business Development Weekly Client Bulletin Week Beginning 24 May 2021


Important Deadlines for this week :

  • VAT Return will be due tomorrow which is Tuesday the 25th of May 2021.
  • 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.
  • Kindly prepare and  send through your payroll changes for May 2021 payroll.
  • Kindly prepare to send through your month end schedules  for us to build your management accounts.(Bank statements, Invoices, Ledgers & Trial Balances).

ZIMRA Hot News:

Notice 40 of 2021 is important for your business if you imported a vehicle that is 10 years & above and  paid for it on or before the 2nd of April 2021.

  • Individuals with vehicles purchased and paid for on or before the aforementioned date can have their vehicles  exempted from submission of the import license from the Ministry of Industry and Commerce upon following provisions of notice 40 of 2021.

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:

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;

  • Try to download a weekly bank statement from your internet banking platform or put our email up for email statements  ( ) for us to update your management accounts frequently and give you timely information.
  • Always choose a bank that leverages your business operations, gives you credit and has reasonable transaction costs.
  • Always choose a stable bank  because when they go under your business cash flow will be trapped.
  • Always remember that not all your transactions attract 2% IMMT Tax .We can only help you to save money  if we perform your bank reconciliations timely.

Interesting banking products trending in the market;

  • CBZ is offering a Touch & Transact 24/7 banking application without data. This can go a long way saving your internet access costs (Connectivity and type of phone). We think it’s an interesting product.
  • Stanbic has also introduced a similar product as the aforementioned but currently available to Econet subscribers only.
  • 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 your purchases. This could go a long way saving clients from Covid-19 contractions. This product makes more sense after the Indian Variant of Covid-19 surfaced in Zimbabwe recently.

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. The manufacturing sector topped most of the forex historic allocations according to the RBZ list of beneficiaries. This could be because the monetary policy committee wishes to stimulate production that will generate exports and jobs simultaneously.
  • Your company was red flagged for overdue CD1s. This applies if you are an exporter.
  • Your company was red flagged for overdue Bills of Entry (BOEs).This applies if you are an importer.
  • There was sufficient balances in your FCA accounts. The RBZ,NSSA and ZIMRA intelligence units have a software that can  fish out all bank accounts associated to a company besides the statements that you submit.
  • Your bidding rate was an outlier.
  • Your paper work was not in order.
  • The RBZ auction weighted exchange rate results for Tuesday 18 May 2021 was 84.6494 .We await for 25 May 2021 results tomorrow.

Markets and Stocks for the week ending 19 May 2021.

  • The Rand was trading at USD1:ZAR14.05090 . This could potentially affect your imports invoiced in Rands as they will become cheaper. The Rand softened against the dollar compared to our previous bulletin.
  • Gold was trading at USD1,857.94 per ounce.
  • Platinum was trading  at USD1,199.00 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 ;

CROPSPRICES(ZWL ) / 1,000kgs
Maize32 000
Sorghum38 000
Rapoko38 000
Millet38 000
Soya Beans48 000
Pre-planting price for wheat for 2021/2022 planting season 
Premium grade52 534.61
Standard grade43 778.84

There is an anticipated Dairibord /Dendairy merger that may tilt the milk and milk products space.

Agribank rebranded to Agricultural Finance Company Holdings .

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.

NSSA is introducing an e-services portal that will go a long way in automating all the processes. We just hope it wont behave like the ZIMRA e-services portal. We will give you more information in the following bulletin.

Get registered for ZIMDEF and improve your compliance and help the nation develop its manpower base.

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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

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