The government has introduced additional requirements for business operators in Zimbabwe who are seeking new, or to renew their shop licenses.
These stricter regulations were announced by the Minister of Publicity, Information, and Broadcasting Services, Jenfan Muswere, during a post-Cabinet media briefing.
New Shop Licenses Requirements For Businesses In Zimbabwe
As part of the new licensing regulations, businesses will be required to open a bank account and install a point-of-sale machine. This move aims to increase the use of plastic money, with the government taking steps to address the issue of some supermarkets and food outlets using parallel market exchange rates when trading in the Zimbabwe Gold (ZiG) currency.
Muswere stated
“Cabinet noted that some retailers and manufacturers have been reportedly using the unofficial exchange rate in their operations.”
He said to encourage the adoption of plastic money, the Reserve Bank of Zimbabwe will enhance the mandatory licensing requirements under the Shop and Shop Licensing Act to include the need for a bank account and PoS machine.
Muswere added that the government would deploy inspectors to prevent practices that undermine price stability and the availability of basic commodities.
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Combatting Counterfeit Goods
Another significant concern highlighted by Muswere is the increase in smuggled and counterfeit goods that unfairly compete with local products because they evade taxation and import duties.
“The government of Zimbabwe, going forward, will increase border patrols, increase the number of inspectors and implement a whole-of-government approach to deal with the menace at border posts,” he said.
The government will also impose penalties to squash unjust price hikes, manipulation of the ZiG currency, smuggling, and other unfair trade practices. Depending on the severity of the violation, fines will range from a minimum of US$200 to a maximum of US$5,000 or the equivalent in ZiG.
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