Econet says it has paid nearly $1bn taxes in five years

Zimbabwe’s largest mobile operator, Econet says it has paid nearly $1 billion in taxes since 2009 and was the leading taxpaying company in the country.

“Econet has contributed more than any company in the country in terms of taxes. We have paid $900 million in taxes since 2009. We are the best tax payer. We have to pay tax because this is where the government gets its revenue,” chief executive Douglas Mboweni told a conference of auditors in Victoria Falls yesterday.

Mboweni said Econet’s financial wellbeing enabled it to pay, at one go, the $137.5 million licence renewal fees demanded by government.

“Our 15-year licence expired last year and we felt we could not be deterred to continue doing business because of the fees demanded. This is our home and we paid in full the $137.5 million last year to get a 20-year licence despite it being very expensive compared to South Africa at $10 million,” he said.

Econet has 65 percent of the mobile market according to latest figures from the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ).- The Source

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