adminTHE Confederation of Zimbabwe Industries (CZI) is calling for removal of the 10 percent VAT withholding tax levied on both manufacturers and distributors arguing it threatens the two sectors’ viability. With effect from 1 July 2017, the Zimbabwe Revenue Authority (Zimra) appointed a number of VAT withholding tax agents in the manufacturing and retail sectors to withhold 10 percent of turnover — which implies 67 percent of VAT from companies they trade with. The turnover withheld by the agents would be remitted to Zimra.
INDUSTRIALS
The Industrial Index soared by a further 2.97 points (1,26 percent) to close the week at 238.00 points on the back of improved trading activity. Insurance giant Old Mutual was up by $0,1575 to close at $4,2700, Delta added $0,0152 to close at $1,4259 and Econet rose $0,0115 to settle at $0,5000. Axia traded $0,0101 higher at $0,1701 while Dairibord improved by $0,0100 to close at $0,1200.
Two counters traded in red; ZB Financial Holdings dropped $0,0100 to trade at $0,1850 and Star Africa Corporation shed $0,0001 to trade at $0,0130.
The industrial index rose by a hefty 15.92 points (7,17 percent) compared to week ending 25 August 2017.
MININGS
The Mining index went up by 0.58 points (0,79 percent) to close at 74.05 points after RioZim increased by $0,0025 to settle at $0,6525 and Bindura added $0,0005 to close at $0,0250. Falgold and Hwange remained unchanged at previous trading levels at $0,0120 and $0,0260 respectively.
Week on week the mining index added 3.88 points (5,53 percent).
Online Reporter