Business seeks FX retention review

THE Confederation of Zimbabwe Industries (CZI) has urged government to revise exporters’ foreign currency retention downwards, warning that current levels threaten business viability.

In January, the Reserve Bank of Zimbabwe (RBZ) increased the portion paid out in local currency at the official exchange rate to 40 percent from 30 percent.
“The plea to the Finance ministry is to revise downwards the central bank’s foreign currency retention level,” CZI’s tax sub-committee chairman, David Masaya said last week during an annual Tax Review webinar hosted by The Financial Gazett