samuel undenge 22.02.11.jpgGovernment is expected to act on foreign investors that are defying a directive to register with the Zimbabwe Investment Authority (ZIA) in order to facilitate transparency in operations.

 

The arrangement is being made after government last year issued a directive to all foreign investors operating within the country to register with the ZIA.

This followed the realisation that several external firms were prejudicing the state of millions of dollars in potential revenue through evading investment approval procedures.

However, information at hand shows that less than 50 foreign investors have complied with the directive, a move that has resulted in Government consulting stakeholders on measures to take with a view of ensuring that all external firms register with the investment authority.

Deputy Minister of Economic Planning and Investment Promotion, Dr.  Samuel Undenge said foreign firms or investors who have not yet registered are likely to face stiff penalties.

“We are urging all those firms that have not yet registered to do so, otherwise  we are going to come up with punitive measures,” said Dr. Undenge.

The registration of foreign investors within the country is expected to assist government in monitoring operations as well as ensuring that there is compliance in the payment of taxes from several income generating projects.

Government earlier this year transformed the Zimbabwe Investment Authority into a one stop shop in a move aimed at boosting efficiency in terms of investment approval and registration systems.