Zimbabwe gazettes new regulations on the use of forex- here is how they affect you


-7

You can be fined for pricing above official exchange rate

You will be fined if you sell goods at an exchange rate above the official exchange rate. It is illegal to put a “premium” on your Zimdollar prices in order to encourage people to pay in US dollars. It is also illegal to give customers a discount for paying in US dollars.

There’s a fixed penalty of Z$50 000 or an amount equivalent to the value of the foreign currency charged for the goods or services in question, whichever is the higher amount.

There’s a fine for issuing a Zimdollar receipt for goods paid for in forex

If someone pays for goods or services in forex, and you give them a receipt in Zimdollars, or record that the sale was in Zimdollars, you will pay a Z$50 000 fine, or an amount equivalent to the value of the forex charged for the goods or services in question (whichever is the greater amount).

You have a chance to appeal

For all these offences, the offender has 48 hours in which to lodge an appeal, by showing that the fine was a mistake. After that, if not reversed, the fine kicks in.

The 90-day penalty

For every day that the penalty is not paid, the offender can be fined 5% of the outstanding fixed penalty for a period of 90 days.

According to the rules, no such penalty will be issued more than 24 months from the date when the default or alleged default occurred.

What if you don’t pay up in the 90 days?

There’s a heavier fine, or possible jail time.

According to the regulations: “Upon the expiry of the ninety-day period within which any civil penalty order of any category must be paid or complied with, the defaulter shall be guilty of an offence and liable to a fine not exceeding level six or to imprisonment for a period not exceeding one year or to both (in the case of a corporate defaulter, every one of its officers is liable to the penalty of imprisonment, and to the fine if the corporate defaulter fails to pay it).”- NewZWire

Ed: Here is the list of all the companies that have received foreign currency through the auction system.

Large companies

Small enteprises

(854 VIEWS)

Don't be shellfish... Please SHARETweet about this on Twitter
Twitter
Share on Facebook
Facebook
Share on LinkedIn
Linkedin
Email this to someone
email
Print this page
Print

Like it? Share with your friends!

-7
Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

0 Comments

Your email address will not be published. Required fields are marked *