Finance Act, 2018 (No. 1 of 2018) – including Major Amendments to Indigenisation and Economic Empowerment Act

IMPORTANT NOTE

NUMEROUS TEXTUAL ERRORS IN THIS ACT WERE CORRECTED BY THE LAW REVISOR
IN HIS STATUTE LAW COMPILATION AND REVISION (CORRECTION OF FINANCE ACT, 2018 (NO. 1 OF 2018)
PUBLISHED IN STATUTORY INSTRUMENT 188/2018 OF 21 SEPTEMBER 2018

 

his Act was gazetted and came into operation on Wednesday 14th March 2018 in a Government Gazette Extraordinary.

The Act contains not only taxation measures giving effect to proposals in the National Budget for 2018 but also, at pages 19 to 30, the important reforms of the Indigenisation and Economic Empowerment Act promised by the Government.

Effect of reforms of Indigenisation and Economic Empowerment Act

With effect from 14th March 2018 the Indigenisation and Economic Empowerment ACT WILL NOT apply to any business in the national economy, EXCEPT FOR—

  1. any company, entity or business involved in the extraction of DIAMONDS OR PLATINUM
  2. any business in the RESERVED SECTOR OF THE ECONOMY – the sector comprising those kinds of businesses reserved for citizens of Zimbabwe (the twelve kinds of reserved businesses are listed in a new First Schedule).

In addition,  the autonomous former National Indigenisation and Economic Empowerment Board (NIEEB) is replaced with a Unit within the Ministry responsible for the Act to be called the National Indigenisation and Economic Empowerment Unit.

 

Tags: 

Download File 🔗: