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Zimbabwe $1.25bn plan sees cannabis as biggest cash crop

Zimbabwe $1.25bn plan sees cannabis as biggest cash crop

Economy, Tax
Zimbabwe sees export earnings from cannabis outstripping those of tobacco by almost three times after last year legalising the cultivation of the plant for medicinal use. The government has issued 44 licenses since September when it announced rules for growing cannabis, and sales are forecast to reach $1.25 billion in 2021, Treasury spokesman Clive Mphambela said by phone Monday. Thirty producers “are ready and some were doing test production,” Mphambela said. He declined to comment on stocks of cannabis available for export. Tobacco is the southern African nation’s biggest agricultural export and earned $444 million from the 2020 marketing season that closed in August, according to the Tobacco Industry and Marketing Board. John Robertson, an independent economist based in Harare, said the projections were ambitious. “It’s a massive over-estimate and…
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Business Weekly hosts webinar on SMEs taxation

Event, Tax
Business Weekly, will today host a discussion on the impact of taxation on the informal sector. The discussion centres on the question: Does taxing the informal sector impede or support economic growth? The discussion comes as Government plans to introduce new taxes targeted at micro and small enterprises as well as informal operators. In his 2021 Budget presentation, Finance and Economic Development Minister Mthuli Ncube proposed to introduce a presumptive tax of an equivalent of US$30 per unit per month on businesses that operate from designated business premises where the landlords are either local authorities or private property owners such as the Gulf Complex and Kwame Mall, among others. Hairdressers, restaurants, bottle store operators will also pay presumptive tax ranging between $2 500 and $10 000 respectively. Landlords will be…
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