LATEST: Zhuwao warns foreign companies

LATEST: Zhuwao warns foreign companies | The Herald March 23, 2016

Innocent Ruwende Senior Reporter

GOVERNMENT has given foreign owned companies up to the end of this month to comply with the country’s indigenisation laws or have their licences revoked.

This comes after foreign owned companies spurned Government’s offer to contribute 10 percent of their annual earnings to the empowerment levy.

Addressing a press conference in Harare today, Youth, Indigenisation and Economic Empowerment Minister Patrick Zhuwao said Cabinet on Tuesday unanimously passed a resolution directing that from April 1 this year all line ministries proceed to issue orders to cancel licences of non-compliant businesses within their respective sectors of the economy.

“It is March 23, 2016, three months into 2016 and businesses have continued to disregard Zimbabwe’s indigenization laws as if daring our President and his Government to do something about their contemptuous behaviour.”

Details to follow…

COMMENTS

WORDPRESS: 4
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    C Frizell 6 years ago

    I hope they have the guts to tell The Mafia to F-Off

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    Its fitting that april 1st should be the date as it is april fools day.

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    mandevu 6 years ago

    What a brilliantly ridiculous strategy – just as the country is collapsing and in need of foreign investment. One day someone will be able to make some senses of all this craziness but right now it seems absurd

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    Once again, these policies are only concocted because Zanu PF has destroyed every other taxable income stream in the economy. I look forward to the day Mugabe has to inform the armed forces that they will no longer be paid. Hopefully they will string him up by his ball.