Chronicle EditorMunyaradzi Musiiwa Midlands Correspondent
The National Indigenisation and Economic Empowerment Board (NIEEB) has embarked on a nationwide verification exercise, inspecting business premises to find out the status of companies with regards to compliance to operate in reserved sectors. Some of the factors they look for towards verifying compliance include verification that companies are banking money, tax compliance, shareholding status and other statutory documents that facilitate business operation from institutions such as National Social Security Authority (NSSA), Zimbabwe Revenue Authority (ZIMRA), as well as city councils.
Confederation of Zimbabwe Industries (CZI) confirmed that NIEED was inspecting companies and monitoring their compliance in terms of Statutory Instrument 66 of 2013. The exercise comes at a time when the country is facing acute shortages of foreign currency which has been blamed on money laundering and externalisation of US dollars by foreign owned countries and the informal sector.
“NIEEB has confirmed that there is a verification exercise underway around the country. They are moving around business premises to find out the status of companies with regards to compliance to operate in reserved sectors. Some of the factors they look for towards verifying compliance include verification that one is banking money; tax compliance; shareholding status and other statutory documents that facilitate business operation from institutions such as NSSA, ZIMRA and City Council,” said CZI in a statement.
According to a statement from NIEEB, any one or company operating in the reserved sector should have compliance documents.
Online Reporter