Chronicle Editor
Judith Phiri, Business Reporter
INDUSTRY and business regulatory bodies have called on players to ensure they comply with regulatory requirements and abide by the law for the smooth flow of their operations and the development of the economy.
Regulatory requirements are rules that businesses must follow and they are invoked by designated regulators and compliance officers.
Businesses must comply with all relevant regulatory requirements in order to operate legally.
In an interview, Zimbabwe National Chamber of Commerce (ZNCC) Matabeleland region vice-president Mr Mackenzie Dongo said it is very important for businesses to adhere to regulatory requirements and laws.
“This allows your business to grow and contribute to the economic growth of the country as the owner will be viewed as a good corporate citizen and it allows your brand to grow associated with trust,” he said.
“It is also good to pay taxes as they help a lot to take care of social services. While, being able to pay for licenses and other regulatory levies and fees it forms a level playfield for different sectors and ensure disruptions are dealt with.”
He, however, said in order to contribute to the ease of doing of business, it was important to re-look at the duplication of roles by regulatory authorities which comes with costs to business.
Mr Dongo said there was also a need to re-evaluate the ratios of formal business to informal business.
“At times regulatory authorities tend to pass the burden to the formally registered organisations at the expense of the informally registered. There is a need to ensure sanity prevails as some formal organisations, who have everything in order and are operating legally, feel that the informal sector is exerting undue competition on them,” he said.
Confederation of Zimbabwe Industries (CZI) Matabeleland Chapter vice-president Mr Joseph Gunda said it was important for organisations to follow regulatory requirements as it curbs leakages in some sectors.
“It is good for our country and it protects its integrity and image as well. Companies must also ensure that they regulate their operations and that Environmental Impact Assessment (EIA) fees are paid. This assists the institutions such as the Environmental Management Agency (EMA) to be able to function with our support,” he said.
“In some sectors, there are issues to do with hazardous chemicals and businesses or operations that make use of them ought to adhere to the laws of the country for the protection of the environment.”
He said industry players and businesses have to understand that regulations, laws and registrations among others are put up for a purpose that has to be fulfilled by their cooperation.
Mr Gunda said these were also critical for the progression of the country, while also ensuring it aligns itself with the international laws and regulations to which it is a signatory to.
“If we do not follow them, we lag behind. Industry is moving and we have to ensure we maximise our potential with the fourth industrial revolution as we partake in the current era of connectivity, advanced analytics, automation and advanced-manufacturing technology that has been transforming global business for years,” he said.
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