Import duties and related taxes range as high as 110 percent.
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Investors within the mining sector exporting 50 percent of output will have reduced corporation tax of 20 percent and receive import duty exemption on imported capital goods while losses are carried forward indefinitely for mining operations. The United States does have a Trade and Investment Framework Agreement (TIFA) with the Common Market for Eastern and Southern Africa (COMESA), of which Zimbabwe is a member. Zimbabwe’s stock market currently has 56 publicly-listed companies, but just 12 of them account for about 75 percent of total market capitalization, which stood at USD 5.7 billion on March 25, 2019. The FRMP, previously known as the Zimbabwe Stock Exchange Monitoring Panel (ZSEMP), is an advisory body of accounting experts, comprising preparers, auditors and users of financial statements. Zimbabwe does not appear to subscribe to the Organization for Economic Cooperation and Development (OECD) guidelines on corporate governance of SOEs.
In September 1996, the government opened the stock and money markets to limited foreign portfolio investment. Financial information. Therefore, it remains difficult to access dollars at the official exchange rate, and an unstable black market for U.S. dollars persists. Nevertheless, investors remain cautious. Zimbabwe does not have a fully online registration process. The country’s labor laws make it very difficult for employers to adjust employment in response to an economic downturn except in the Special Economic Zones (SEZs) where labor laws do not apply. As noted above, in 2007, the government introduced the Indigenization and Economic Empowerment Act requires that “indigenous Zimbabweans” (black Zimbabweans) own at least 51 percent of all enterprises valued over USD 500,000, but now amended to apply only to the diamonds and platinum sectors. The few foreign investors (for example, from China, Russia, and Iran) in reserved strategic industries have either purchased existing companies or have supplied equipment and spares on credit. The government has introduced import taxes arbitrarily to support certain inefficient producers who lobby for protection against more competitive imports. A list of the SOEs appears here. In the last year, the government has stated its commitment to ensuring that laws, regulations and policies pertaining to investment are enacted after proper notice and consultation and are available publicly in a prompt and transparent manner. As a result, SOEs have performed poorly in recent years. ZIA’s website is http://www.investzim.com/.
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