Chronicle Editor
Oliver Kazunga, Senior Business Reporter
THE Zimbabwe Revenue Authority (Zimra) has with immediate effect taken over the payment of fees and commissions by mining exporters from the Minerals Marketing Corporation of Zimbabwe.
The development is aimed at improving the ease of doing business by exporters in the mining sector, the Reserve Bank of Zimbabwe (RBZ) said in a public announcement.
This follows requests from exporters in the mining sector on the need to continuously improve the ease of doing business arising from bottlenecks around the payment of fees and commissions.
“The bank has received numerous requests from mining exporters on the need to continuously improve the ease of doing business arising from complications around payment of fees and commissions to the Minerals Marketing Corporation of Zimbabwe (MMCZ),” said the RBZ.
“To make payment of statutory deductions easy for exporters of minerals, with immediate effect, all commissions and royalties that are due will no longer be deducted by MMCZ. All applicable taxes shall now be paid to Zimra in the normal manner.”
This means that exporters of minerals can export their minerals and receive their export proceeds from their customers without any deductions by MMCZ but the prevailing 60 percent retention threshold on all export proceeds remains applicable.
-@okazunga
Online Reporter