Through the Reserve Bank of Zimbabwe, the government is in the process of establishing a collateral registry for moveable assets, with a view to expand the range of assets that qualify as collateral security, the Minister of Information, Publicity and Broadcasting Services, Senator Monica Mutsvangwa has announced.
The lack of movable collateral security by mainstream lenders has remained a huge obstacle for many prospective business people.
Senator Mutsvangwa said the movable assets to be used as collateral will include, but not limited to agricultural and industrial equipment, inventory and raw materials, vehicles, household items, agricultural products (livestock, poultry, crops), among others.
She further mentioned that plans on implementation of an Electronic Single Window system are at an advanced stage. Under this initiative, payment of fees, charges, levies for services offered by agencies shall be done through the electronic platform.
“Trade facilitation is a crucial element in enhancing ease of movement of commercial cargo and travellers. The reforms involve automation, which will enhance efficiency of tax administration,” she said .
Furthermore, she said that the government is also creating a conducive environment for SMEs through a Simplified Tax Regime.
SMEs have the potential of becoming an anchor to growth and development of the economy, through their contribution to employment creation, poverty alleviation, economic empowerment and participation of previously disadvantaged groups, such as women and the youth.
Meanwhile, the period over which farmers will receive the 30% incentive for delivering maize to the Grain Marketing Board (GMB) has been extended from 31st July 2020 to the 31st August 2020. Farmers are urged to liaise with their nearest GMB depots and Agricultural Extension Officers for assistance in the transportation of their produce.
Also, Senator Mutsvangwa mentioned that the Ministry of Mines and Mining Development is finalising amendments to the Mines and Minerals Act to bring the legislation in line with internationally competitive, modern, friendly and supportive law. The amended Act will help enhance investor confidence.
The ministry is also implementing the Mining Computerised Information Management (cadastre) System (MCIMS) to speed up registration of mining title and minimising disputes through correctly positioning mining titles.
Moreso, to improve the business environment, the Ministry of Local Government and Public Works has made the following reforms;
The construction Permit is now obtainable within 136 days as opposed to the earlier 208 days; the duration of local authorities response to application for construction has been reduced from 35 to 14 days; introduction of a One Stop Shop, plan and approval sessions shall be held twice a week; the number of inspections of stages during construction were reduced from 7 to 4 days thereby reducing the overall time and cost of construction.