On Friday, the Zimbabwean government gazetted new amendments to the Indigenisation and Economic Empowerment Act that saw changes. Amendments to Zimbabwe’s controversial Indigenisation and Economic Empowerment Act, Chapter (the “Act”), were gazetted on The Zimbabwe government has officially amended the Indigenization and Economic Empowerment Act to limit its application to designated.
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Amendments to Zimbabwe’s indigenisation laws to open economy to foreign investment
The amendments, contained in the Finance Act, which was published in a March 14 Government Gazette Extraordinary, also extend ownership of businesses in the 12 reserved sectors to “citizens of Zimbabwe” as opposed to “indigenous citizens.
Non-citizens who commenced business before Jan. The new fund will be housed within the designated ministry and staffed entirely by members of the civil service.
It replaces the former National Indigenization and Economic Empowerment Board, which functioned as an autonomous body outside the civil service framework. In addition, the continued operation of businesses by non-citizens in designated areas will be subject to them opening and maintaining bank accounts in accordance with the law. Veritas Zimbabwe, an organization that provides information on the work of the Parliament of Zimbabwe and laws of the country, applauded the amendments.
The organization noted that any person is now free to invest in, form, operate and acquire ownership or control of any other business outside the reserved ones. The 12 reserved sectors are: Veritas said a new section empwerment the amended act is designed to ensure that in the course of time at least 51 percent of any designated extractive business is owned through an appropriate designated entity.
Ownership can be with or without the participation of a community share-ownership scheme or employee share-ownership scheme or trust. The minister responsible for the act is empowered to give written permission to a business to comply with the act over a period specified by the minister,” Veritas explained. Non-citizens wishing to open businesses in a reserved sector after Jan. The amendments also provide for the continuation of certain tax incentives enjoyed before March 14,and give an opportunity for businesses to revise indigenization implementation plans already approved under the law on indigenization.
Veritas said it is not clear to what extent the Indigenization and Economic Empowerment General Regulations of remained in force.
The responsible minister should clarify this by amending or repealing the regulations empoweremnt notices as soon as possible,” Veritas said.
It is also not clear which minister will be responsible for the act since no current minister zkmbabwe the word “indigenization” in his or her title. Veritas urged President Emmerson Mnangagwa to clarify the position as soon as possible by assigning the act to one of his ministers.
Indigenisation Act Amendments Now Law
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