Zimbabwe: Brokers, Zimra Tax Feud Heightens Investor Flight

Harare — THE 15 percent value added tax (VAT) demanded by the tax authorities on transferable securities traded on the Zimbabwe Stock Exchange (ZSE) has aggravated investor flight due to heightened uncertainty.

A senior analyst with a local stockbroking firm said the tax, which effectively extended the catalogue of charges on shares to 12 percent, had depressed activity in a market already hamstrung by an inexorable economic slowdown, chasing foreign investors from the bourse.

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