Harare (New Ziana) – Zimbabwe and Switzerland have signed a Memorandum of Agreement for the avoidance of double taxation with respect to taxes on income and capital gains, a cabinet minister has said.
Briefing the media post Cabinet meeting on Tuesday, Information, Publicity and Broadcasting Services Minister, Dr Jenfan Muswere said Cabinet had approved the agreement between the two countries presented by the chairperson of the Cabinet Committee on Legislation, Ziyambi Ziyambi, who is also the Minister of Justice, Legal and Parliamentary Affairs.
“The public is informed that the agreement will create a favourable environment for investment in Zimbabwe and the Swiss Confederation through cooperation in tax administration. It will provide protection to taxpayers against double taxation of the same income in the two-tax jurisdiction,” he said.
Meanwhile, he said Cabinet had during the same meeting agreed to ratify the Africa Finance Corporation (AFC), a continental financial body.
“Ratification of the agreement will help Zimbabwe foster economic growth and industrial development to enhance productivity and economic growth. The Africa Finance Corporation offers services and solutions aimed at supporting the growth and development of worldclass infrastructure providing end-to-end support on transactions,” he said.
“Benefits of membership to the AFC include higher investment allocation; better pricing or financial terms, relatively longer tenures on loans and private sector development.”
New Ziana
