adminIn line with the pronouncements made on the 2015 National Budget, the government has amended the Indigenisation Act to include the role that is to be played by line ministries.
In his budget presentation, Finance Minister Patrick Chinamasa said that the period necessary for compliance with the law will be a matter for negotiation between the would-be investor and the relevant line ministry responsible for that particular subsector.
According to the gazetted amendments, business shall submit indigenisation implementation plans for approval by the line minister who in turn shall carry out an indigenisation and empowerment assessment rating of every business.
When the assessment has been made, the line minister shall at the written request of the business, issue a certificate of compliance to the business no later than 14 working days. The line minister will then transmit a copy to the National Indigenisation and Economic Empowerment Board for inclusion in the register.
The government believes that the inclusion of the line ministries would take into account the circumstances prevailing in the sector.
Any revisions to the implementation plan will be submitted to the line minister, who shall, no later than three months after the revised plan has been made available, either approve the plan or reject it.
New investment projects will however be first processed through the Zimbabwe Investment Authority while the 51/49 requirement still stands. —Online
Online Reporter