malvernmugadzikwa
Business Writer
The Zimbabwean Government has introduced a rebate on capital equipment imported by approved contractors for the construction of new cities in line with the Government’s development agenda.
The rebate excludes motor vehicles, fuel, cement, consumables, and other materials available in Zimbabwe at competitive prices and comparable quality, according to the Statutory Instrument 170 of 2024 published last week.
Section 141 of the Customs and Excise (General) Regulations deals with the rebate of duty on goods for incorporation in the construction of approved projects.
The rebate is granted on goods imported into Zimbabwe, which shall form a permanent part of an approved project, but excludes such goods obtained locally.
If the goods imported under this section are not used in the construction of the approved project, the duty rebated shall become due and payable in full.
The capital equipment and materials included door frames covered in the latest regulations include plywood, bitumen, sewer pipes, ceiling boards, glass, reinforcing steel, ceramic tiles, water tanks, LPG gas storage tanks, aluminum doors and windows, and solar water heaters.
According to the regulations, the approved contractor should be approved by the secretary for Finance, Economic Development and Investment Promotion.
Any person wishing to be granted the rebate in terms of the regulations shall make an application to the Zimbabwe Revenue Authority (ZIMRA) commissioner, giving details of the goods to be imported on which a rebate is sought and the purpose for which the goods are to be used.
The development of a new city in Harare is a significant project that aligns with the Government’s ambitious urban development plans.
Zimbabwe, like many African countries, is experiencing rapid urbanisation and Harare, as the capital city, is facing increasing pressure on infrastructure, housing, and services. The development of a new city aims to alleviate these pressures and create a more sustainable and modern urban center.
The new city project is expected to stimulate economic growth by attracting investments, creating jobs, and fostering innovation. It could become a hub for businesses, technology, and research.
The development of a new city can provide residents with better living conditions, including modern infrastructure.
The Government has already initiated the land servicing process in Mt Hampden, the designated location for the country’s upcoming commercial and administrative capital. With land allocation on the horizon, the development of the new city is rapidly gaining traction.
This significant development follows the Government’s repossession of 47 farms, totaling approximately 15 500 hectares, across the Mashonaland West and Mashonaland Central provinces.
The reclaimed land is intended to accommodate over 1,5 million residents.
Preparatory work for the new city is already underway, with the identification of sites for railway and bus termini.
Furthermore, final plans for the expansion of Charles Prince Airport are underway.
The concept for the new city, approved by Cabinet in December 2018, seeks to alleviate the congestion in the current capital, Harare, by establishing a modern, technologically advanced city centered around the new Parliament building.
The anticipated opening of this landmark structure is expected to serve as a catalyst for the city’s growth and development.
One of the signature projects of the Harare new city development is CyberCity.
Already, over 50 percent of the villas in Zone one of the first phase at ZimCyber City have already been sold.
According to the selling agent, 22 units have been sold so far, with 20 remaining.
The impressive uptake is considered “reasonable” by real estate analysts, given the high price point of these luxury properties.
Construction on the initial phase, a US$500 million mixed-use development, began in Mt Hampden last year.
The ambitious project aims to establish Zimbabwe’s first “smart city,” revolutionising the country’s economic and social landscape.
Luxury villas within Cyber City opened for sale In February this year, with prices ranging from US$520 000 to US$1,15 million.
The initial phase includes 50 of the planned 600 luxury villas.
Led by Mulk Holdings International, Cyber City offers a range of high-end properties, including five-bedroom townhouses.
These luxurious villas provide the ultimate in comfort and convenience, making them attractive investments for those seeking an exceptional lifestyle.
Bongani Ndlovu