A Norcross, Ga., tax return preparer was indicted in Atlanta on Thursday for allegedly claiming fraudulent telephone excise tax refunds. Onessimus Govereh, 27, prepared and filed 20 income tax returns for 2006 that claimed false credits based on the "Telephone Excise Tax Refund" (TETR). The TETR is a one-time credit available on 2006 income tax returns designed to refund previously-collected...
ZIMBABWE'S wheat situation is expected to further deteriorate this year despite government's efforts to spruce up production through extending load-shedding for domestic workers. Sources who sit in government's National Economic Committee, chaired by VP Joyce Mujuru, said the country's wheat situation is expected to further deteriorate by half this year as farmers are inadequately prepared...
Zimbabwe's inflation rate this week peaked at 3, 714% and economists said that was indicative of a monetary collapse, which is just a step away from total economic collapse. The country's inflation which has been highest in the world for a long time now escalated from just over 600 % beginning of 2005.Reporting on the new rate, the Central Statistical Office (CSO) said the inflation was fueled...
Zimbabwe's cost of living doubled in a single month in April as annual inflation surged to 3,713.9 percent, a further sign of economic turmoil in a country where four in five people are jobless.The Central Statistical Office (CSO) said on Thursday prices jumped by 100.7 percent last month after a 50.5 percent rise in March, when annual inflation had been 2,200.2 percent.Raging inflation is...
Zimbabwe's central bank on Tuesday cancelled the foreign currency dealership licence of a local bank saying it had illegally moved $4.8 million abroad. NMB Bank Limited is one of the financial houses that remained after several locally-owned banks were closed in 2004 when the Reserve Bank of Zimbabwe (RBZ) launched a crackdown on errant institutions.RBZ Governor Gideon Gono said with effect from...
Zimbabwe's state power utility on Thursday said that daily electricity outages were likely to increase but dismissed reports of blanket 20-hour power cuts. Power outages occur daily, affecting homes and industry, but confusion over increased cuts arose over reports on an official announcement on Tuesday that priority for uninterrupted power supplies was being given to farmers using electrically-driven...
THE recent move by government to limit electricity supply to fours daily will finally bury the tottering manufacturing sector, industry captains have warned. Refusing to be named, the industry representatives said it was ridiculous to expect the country to operate on just fours hours' supply of electricity. In attempts to boost winter wheat production, the government introduce 20-hour...
RESERVE Bank of Zimbabwe (RBZ) governor's recently unveiled incentives for tobacco farmers failed to draw enthusiam as shown by the subdued take-off to this year's tobacco selling season.Statistics provided by the Tobacco Industry and Marketing Board (TIMB) on Friday showed that this year's sale of flue-cured tobacco started on a low note with an 11,8percent decline in sales being recorded...
Zimbabwe's largest mobile phone operator Econet Wireless has signed a $15 million deal with China's ZTE Corporation <0763.HK> and Sweden's Ericsson to expand its network, the company said on Thursday. Ericsson and ZTE will supply equipment to help Econet raise its subscribers to 1.2 million by the end of 2007.Econet spokesman Dakarayi Matanga said the contracts were worth $15 million.Econet...
ZIMBABWE'S vigorous tourism marketing programme has only but seen the tourism sector wasting a lot of the much needed foreign currency while remaining largely barren due to government failure to improve the country's accessibility,an official with Zimbabwe Tourism Authority has revealed.Addressing participants at the International Business Conference at the Zimbabwe International Trade Fair...