The Zimbabwe Revenue Authority (ZIMRA) is targeting a 3.2% growth in revenue for 2016 despite economic challenges, with the target expected to be met through ZIMRA's automation program which will increase transparency in revenue collection. The automation program is being expedited to help meet the revenue target and contribute to economic growth. ZIMRA commissioner Gershem Pasi said that while the 2015 target was not fully met due to the economy underperforming expectations, performance was still considered not too bad.

1. By Funny Hudzerema
HARARE - The Zimbabwe Rev-
enue Authority (ZIMRA) is tar-
geting a 3, 2 percent growth in
revenue during the 2016 period
despite challenges of the econ-
omy and non-complaince by tax-
payers.
The target is anticipated to be
met through ZIMRA’s automation
programme which is expected to
increase transparency in the col-
lection of revenue.
ZIMRA commissioner-general
Gershem Pasi said ZIMRA is
going to expedite the automation
programme to meet its revenue
target to contribute towards eco-
nomic growth.
“For 2016 the year has just bing-
ing the target is more or less the
same as last year because really
we are anticipating the same
because the Minister of Finance
anticipated a stand still position
in terms of economic growth.
“We don’t want to look the tar-
get in isolation we look at the
target in terms economy was
been doing and we revised that
when we started the year 2015
we anticipated growth in domes-
tic product of about 3,2 percent
by year end but it was 1,5 per-
cent which means that the target
was set on a higher economic
performance level than the
actual outturn,” he said.
He said this during the celebra-
tions of the International Cus-
toms Day, targeting to increase
awareness on the advantages of
paying tax.
“For 2015 if we were an operat-
ing company we would say we
have met the target because it
is within the 10 percent range on
a net basis.
“When we say net basis it means
we takeaway refunds with other
issues we were about 8 percent
below target at gross we were
slightly over the target,” he said.
He added that net basis explain
issues of refunds of the VAT
refunds, income tax refunds and
so on and we have some refunds
which were occasioned by some
charges during the midterm fis-
cus.
“So when we took these things
in that light we say the perfor-
mance was not too bad,” he said.
In her remarks during the same
event ZIMRA board chairman Mrs
Willia Bonyongwe said Zimra is
targeting to complete its auto-
mation programme at all the
border posts to improve trans-
parency in the collection of rev-
enue.
“We are targeting to complete
the automation of our border
posts by end 2016 since most of
the base work has been done,’
she said.
This year’s international cus-
tom day was running under
the theme “Digital Progressive
Engagement,” focusing on digi-
talization border posts and clear-
ance agency at border posts.●
News Update as @ 1530 hours, Tuesday 26 January 2016
Feedback: bh24admin@zimpapers.co.zwEmail: bh24feedback@zimpapers.co.zw
Zimra targets 3,2pc revenue growth in 2016

2. BH24
Fly Harare
to Johannesburg
FROM DAILYFLIGHTS
*Exclusiveof $50governmenttax.Onewayperperson.
Fullterms&conditionsapply.Visitfastjet.comfordetails.
2

3. BH24 Reporter
HARARE – The now defunct
financial services institution
Interfin Bank is set to dispose
its assets to settle a $126,52
million debt owed to creditors
after the bank collapsed.
Deposit Protection Corporation
(DPC) public relations man-
ager Mr Allen Musadziruma
said they were now at an
advanced stage on collating
all properties which belong to
the bank.
“The total value of claims
which were proved in the
three meetings held for Inter-
fin Bank creditors’ amount to
$126,52 million, and creditors
will be paid from proceeds
realised from asset disposals
and loan recoveries.
"As reported in our second
meeting of Interfin creditors,
the estimated liquidation div-
idend to concurrent creditors
is $0,13 per dollar,” he said.
The depositor watchdog insti-
tution last year confirmed that
it had carried out a foren-
sic investigation on Interfin’s
failure which showed that the
financial institution had col-
lapsed largely as a result of
high levels of non-performing
insider loans.
Interfin was placed under judi-
cial management early 2014
after it failed to secure $50
million in fresh capital wihin a
three-year curatorship.
Meaanwhile, the DPC has
said payments to other failed
banks, namely, Afrasia, Allied
Bank, Interfin Bank, Genesis
Investment Bank, Royal Bank
and Trust Bank depositors are
in progress.
“The cover level is currently
set at $500 per depositor
per bank.”What this means is
that all clients of the closed
bank with balances below
$500 will be reimbursed in full
the amount that was in their
account at the time of bank
closure provided they submit
a duly completed claim form,”
said Mr Musadziruma.
He added that the balance
above the cover level of $500
is still paid through the liq-
uidation process on a pro-
rata basis. As provided for in
the law and the public policy
objectives, DPC is designed as
a risk minimiser.
Besides compensating depos-
itors in the event of a bank
failure, DPC also actively par-
ticipates in the resolution of
failing or failed member insti-
tutions, curatorship and liqui-
dation of closed banks.●
3 news
Disposal of Interfin assets draws nearer
BH24 Reporter
HARARE – Pretoria Portland
Cement says it has taken a knock
on its cement sales in Zimbabwe
due to the completion of major
infrastructure projects in the coun-
try.
PPC board chairman Mr Bheki
Sibiya in a trading update for the
quarter October to December 2015
said:
“The conclusion of major infra-
structure projects in Zimbabwe has
led to double digit declines in local
sales and cement exports have also
reduced significantly on the back of
exchange rate effects,” he said.
He however added that the group's
expansion plans in the region,
including Zimbabwe were "in line
with expectations".
“PPC´s expansion remains well on
track and we are pleased to advise
that construction at our sites in the
Democratic Republic of the Congo
(DRC), Zimbabwe and Ethiopia is in
line with expectations.”.●
Major infrastructure com-
pletion hits PPC Zim sales

4. BH244

5. By Munesu Nyakudya
HARARE - Tobacco growers that
registered for the 2015/2016
season have declined by 20
percent compared to the previ-
ous season, latest figures from
the Tobacco Industry Marketing
Board (TIMB) show.
At least 70 412 farmers have
registered to date compared to
88 536 registered growers dur-
ing the same period.
At the same time, new tobacco
growers who have registered for
the current season are 45 per-
cent below prior season.
According to TIMB, 9 025 new
growers have so far registered
for the 2015/2016 season com-
pared to 16 516 new tobacco
farmers that had registered dur-
ing the same period last season
In terms of provinces, 859 of
the new farmers that registered
were from Manicaland province,
3 714 Mashonaland Central, 768
Mashonaland East, 3 552 Mash-
onaland West, 29 Masvingo, 2
Matebeleland and 101 from Mid-
lands.
The total number of new com-
munal farmers who have regis-
tered were 5 126, while 3 292
were A1, 346 A2 and 261 are
small scale farmers.
Meanwhile, TIMB public relations
and communications manager Mr
Isheunesu Moyo said the country
has so far exported 152 million
kilogrammes of tobacco from the
198 million kg that was produced
last year.
"When tobacco buyers or mer-
chants buy the leaf from the
grower or farmers, they do not
immediately export it. They
sometimes hold on to it and sell
at the opportune time.
"In 2014 we produced 216,6
million and 135,5 million was
exported. In 2015 we produced
198,9 million and 152 million has
so far been exported. The buy-
ers have been able to buy all the
tobacco we produce in Zimba-
bwe," he said.●
5 news
Registered tobacco growers down 20pc
02 03
ADD TO CART
Save big on selected
Products of your choice
PAYMENT
You can purchase
whenever, wherever
using:
DELIVERY
Spend $30 or more
on your purchases
and get free
delivery
01 Hello Convenience
www.hammerandtongues.com
BIG CONVENIENCE+
BIG SAVINGS+
BIG OPPORTUNITIES
= BIG HAPPINESS
SHOP ONLINE!!

6. BH246

7. HARARE - Dams in Zimbabwe are
on average 51 percent full, and
the water is not enough to last the
country until the next season, a
cabinet Minister said on Monday.
Since the beginning of the rain sea-
son last October, Zimbabwe has
received mostly below normal rain-
fall. Water levels across the country
are generally low and continue on a
sharp decline due to the erratic rains
received as a result of the global El
Nino effect.
Environment, Water and Climate
Minister Oppah Muchinguri-Kashiri
told the media existing dam water
levels were an unfortunate situa-
tion as most of them did not have
enough water to last the country till
the next rainy season. “This paints
a bleak picture as some towns and
cities will have to resort to strict
water management strategies.
“All in all, the country’s dams are
on average 51 percent full at a time
when we usually have dams spill-
ing. These are chilling effects of the
climate phenomenon which has not
only affected Zimbabwe, but the
whole SADC region,” she said.
Minister Muchinguri-Kashiri said
most of the dams were drying up,
for example in Manicaland Osborne
dam stands at 33 percent, Chesa
and Mazowe dams in Mashonal-
and Central are 33 percent and 31
percent full respectively. She said
ground water levels especially in cit-
ies such as Harare were also under
threat as the water table contin-
ued to recede because people had
resorted to use of ground water as
an alternative to municipal supply.
“Our water sources are drying up
in all the seven catchments namely
Runde, Save, Manyame, Mazowe,
Sanyati, Gwayi and Mzingwane due
to rainfall patterns over the past 5
years,” she said. Minister Muchin-
guri-Kashiri urged all citizens to use
water sparingly.
“Citizens of Zimbabwe, this address
is a clarion call for all of us to be
highly responsible and adopt
measures that will ensure that
we go through the drought period
together,” she said.-New Ziana●
7 news
Zim dams 51 percent full; call for water
preservation
HARARE - Zimbabwe Stock
Exchange listed horticul-
tural firm Ariston today
released a cautionary fur-
ther to the cautionary
announcement published
on 05 January 2016, saying
it is "negotiating a transac-
tion"
The transaction involves
a proposal received by
the board from the major
shareholder of the com-
pany, Origin Global Hold-
ings.
"The transaction involves
a proposal received by
the Board from the major
shareholder of the com-
pany, Origin Global Hold-
ings which is undergoing
the normal Zimbabwe Stock
Exchange listing require-
ments and other regulatory
requirements, and share-
holders will be provided
with more details in due
course," said Ariston.
Earlier indications by
sources privy to the pro-
posed deal pointed to Ori-
gin Global seeking to con-
vert loans they extended
to the company into equity
as part of balance sheet
restructuring.
Such a restructuring
would naturally result in
the majority shareholder
boosting its equity in the
horticultural firm Origin
Global Holdings currently
holds a 67,64 percent stake
in Ariston.●
Ariston negotiating a transaction

8. BH248

9. HARARE - The mainstream
industrial index shifted
gears to lose 0.42 to settle
at 102.75 after yesterday's
blip gain.
Selected heavyweights were
responsible for the knock
as giant insurer Old Mutual
plunged $0,1082 to close
at $1,7000, while conglom-
erate Innscor decreased by
$0,5000 to $0,2000
Giant retailer OK Zimbabwe
lost $0,0025 to trade at
$0,0375 and giant telecoms
Econet retreated by a mar-
ginal $0,0004 to $0,1978.
Willdale inched down by
$0,0001 to close at $0,0019.
On the upside CFI rose
by $0,0034 to trade at
$0,0606, while SeedCo
gained $0,0011 to $0,8250
and Padenga added $0,0002
to settle at $0,0700.
The mining index was
steady at 19.53 as Bindura,
Falgold, Hwange and RioZim
all maintained previous
price levels at $0,0100,
$0,0050, $0,0300 and
$0,1040 respectively
- BH24 Reporter ●
ZSE9
Bourse turns southwards
Peace of mind is good
www.sc.com/zw
Registered Commercial Bank
A member of the Deposit Protection Corporation
underwritten by
Standard Chartered Bank keeps you covered in more
areas than one with our array of Bancassurance products.
To get the optimum home, motor, life, funeral or business
cover, get in touch with us today.

10. BH2410

11. Movers CHANGE Today Price USc SHAKERS Change TODAY Price USc
CFI 5.94 6.06 OK Zim -6.25 3.75
Padenga 0.28 7.00 Old Mutual -5.98 170.00
SeedCo 0.13 82.50 Willdale -5.00 0.19
Innscor -2.43 20.00
Econet -0.20 19.78
Index Previous Today Move Change
Industrial 103.17 102.72 -0.42 points -0.41%
Mining 19.53 19.53 +0.00 points +0.00%
11 zse tables
ZSE
Indices
Stock Exchange

12. 12 DIARY OF EVENTS
The black arrow indicate level of load shedding across the country.
POWER GENERATION STATS
Gen Station
26 January 2016
Energy
(Megawatts)
Hwange 441 MW
Kariba 285 MW
Harare 30 MW
Munyati 30 MW
Bulawayo 19 MW
Imports 0 - 250 MW
Total 1278 MW
—28 January 2016 – Chamber of Mines Zimbabwe State of the Mining Industry Report 2015 launch; Venue: Rainbow Towers; Time:
0730hrs -1300hrs
—10 February 2016 - Nampak Zimbabwe Annual General Meeting: Venue 68 Birmingham Road, Southerton, Harare: Time 12:00
—18 February 2016 - 70th Annual General Meeting of the members of CAFCA ; Place: Boardroom at the company’s registered office
at 54 Lytton Road, Workington, Harare; Time: 12:00 hours
—23 February 2015 - 38th Annual General Meeting of the members of Powerspeed Electrical Limited; Place: Powerspeed Board-
room, Gate 1, Powerspeed Complex, Corner Cripps Road and Kelvin Road North, Graniteside, Harare; Time: 1100 hours
THE BH24 DIARY

13. CAPE TOWN - South Africa's
rand weakened in early trade
on Tuesday as an oil price
plunge swung global markets
away from riskier assets.
Stocks were also weaker in
early trade, with the broader
All-share index down 0,81
percent and the blue-chip
Top-40 slipped 1,06 percent.
The rand was changing hands
at 16,6100 to the dollar
by 0652 GMT, 0,45 percent
weaker than its 16,5400 Mon-
day close in New York.
A renewed bout of negative
sentiment concerning emerg-
ing markets ensured that the
rand' s recovery came to a
halt on Monday, filtering into
early Tuesday trade as crude
oil dropped below $30 a bar-
rel.
"Considering this morning’s
softness in commodity prices
and fall in Asian equity mar-
kets, commodity-based cur-
rencies, including the rand,
are likely to remain under
pressure today," said Barclays
Africa currency strategist
Mike Keenan in a note.
In fixed income, government
bonds tracked the rand lower
as investors waited for clear
signs of both the US Federal
Reserve monetary trajectory
as well as the South African
Reserve Bank's (SARB).
The yield on paper due in
2026 ticked up 5 basis points
to 9,658 percent.
Investors will be cautious
ahead of the SARB's mone-
tary policy committee meet-
ing beginning on Tuesday to
determine its rate decision
and an update on the bank's
inflation and growth outlook
on Thursday.
- Reuters●
regioNAL News13
Rand weakens as global market sell-off resumes

14. Growing concerns over China
and the oil rout triggered a
second day of losses for Euro-
pean equities.
Energy and commodity pro-
ducers led declines in the
Stoxx Europe 600 Index,
which fell 1,6 percent at
8:07 a.m. in London. Money
is flowing out of China, trig-
gering a slump in its shares,
and oil plunged below $30 a
barrel again.
The biggest two-day rally
since 2011 was short lived
as Italian banks and com-
modity producers resumed a
selloff. After ending last week
higher as European Central
Bank President Mario Draghi
signaled additional stimulus,
stocks fell again on Monday.
The correlation between oil
and global shares has been
rising, and the two asset
classes are now the most cor-
related since 2013.
Siemens AG climbed 3,9 per-
cent after raising its annual
profit forecast. Royal Philips
NV advanced 4,2 percent after
reporting that fourth-quarter
profit rose more than esti-
mated on growth in medical
equipment.
EasyJet Plc fell 3,1 percent
after posting revenue that
missed estimates. Deutsche
Post AG 3,3 percent after
Credit Suisse Group AG cut
its recommendation on the
stock to the equivalent of a
sell from a buy.
- Bloomberg●
internatioNAL News14
Europe stocks decline for second day on China concern, oil rout

15. By Tom Jackson
According to the African Devel-
opment Bank (AfDB), as far back
as 2011 there were already 313
million people – or 34 per cent of
the continent’s total population –
that could be referred to as middle
class.
Yet at the same time, other par-
ties see it differently. According
to Standard Bank, only 15 mil-
lion households in the 11 largest
Sub-Saharan African economies
fall into the bracket. Consultancy
firm EIU Canback agrees there
has been growth, but not as much
as many think, suggesting that
the African middle class rose to
6,2 per cent of the continent’s
population in 2014, up from 4,4
per cent in 2004.
The disparities in estimates arise
from differences in defining what
exactly “middle class” is. The
AfDB defines it as people spend-
ing between $2 and $20 per day,
and has a separate category for
“stable middle class” – which it
said stood at 123 million people
in 2011.
Income, wealth, and consump-
tion can all be used to establish
class. Yet despite the disparities in
exactly how big it is, all observers
– including the AfDB and Standard
Bank – remain convinced Africa’s
consumer market is burgeoning,
and bringing with it increased
opportunities for businesses on
the continent. Investor George
Soros says the growth of the con-
tinent’s middle class is one of the
only economic bright spots across
the world currently.
The size of the opportunity has not
been lost on international com-
panies. Accommodation booking
platform Airbnb, which rents out
rooms or whole properties online,
is scaling up its operations in the
region, having already seen size-
able growth.
It has more than doubled listings
and seen user numbers increase
by 145 per cent over the last
year. Airbnb is following a path
already mapped out by taxi-hail-
ing giant Uber, which has rapidly
established an African presence in
eight cities – Cape Town, Durban,
Johannesburg, Pretoria, Nairobi,
Cairo, Casablanca and Lagos.
Samantha Allenberg, communica-
tions associate for Africa at Uber,
says the company believes there
is great potential given the growth
of the continent’s middle class.
“We are changing the way people
think about getting around, we
are changing the way people con-
nect with the people in their cities.
In Africa we have partnered with a
significant number of drivers and
provided them with the tools to
build their own small businesses.
We have enabled thousands of
work opportunities across Africa
and believe we can enable thou-
sands more in the coming years,”
she said.
This international interest in Africa
is only set to increase as the mid-
dle class – however we define it –
continues to grow. The AfDB says
there will be 1,1 billion middle
class Africans by 2060, while the
McKinsey Global Institute thinks
African consumer spending will hit
$1,4 trillion by as soon as 2020.
Angel investor Eric Osiakwan
said this continuing growth offers
international companies a market
that was previously very small,
and where before they would have
had to scale much faster.
“The middle class has an
15 analysis15 analysis
Africa's rising middle class – and why it matters

16. 16 analysis16 analysis
unquenchable taste for technol-
ogy innovation but we have seen
this now at the bottom of the pyr-
amid markets especially, because
in their case it is providing a live-
lihood,” he said. “So as technol-
ogy lifts people out of poverty into
the middle class we would see an
expansion that pulls in a level of
momentum that would generate a
tipping point effect somewhere in
the 21st century.”
What the middle class really
wants
It is not just large international
companies that are set to benefit
from the growth of the continent’s
middle class. Arielle Sandor is
chief executive officer of Kenyan
jobs platform Duma Works, and
says it has opened up new oppor-
tunities for smaller, more local
businesses too.
“The growth of the middle class
signifies that more people will
have enough money to begin
building personal businesses,” she
said.
“When they do this, Duma Works
wants to be there for them when
they need to find talent to support
this growing business.”
Youth – and media consump-
tion – are key to this segment.
Young Africans – in many African
countries more than half the pop-
ulation is under the age of 25 –
are increasingly online. Internet
penetration on the continent has
increased by 6,839 per cent in the
last 15 years, with Frost & Sulli-
van saying mobile penetration in
the region will increase to 79 per
cent by 2020.
But what do these consumers
want? Sandor says middle class
consumers typically have higher
standards for services they are
using.
“This is because they have
increased exposure to many
options, rather than relying on the
most broadcasted company that
holds a monopoly in a given sec-
tor,” she said.
Johann Jenson, CEO of accom-
modation marketplace SleepOut.
com, agrees with Sandor that
customer service has become
especially key as the middle class
grows and competition for its
attention increases.
“Modern African consumers are
still not as demanding as what
you might find in other economies
such as the US or Europe, but
there is a noticeable trend towards
higher service levels given the
multiple channels consumers now
have to voice their discontent or
satisfaction,” he said. For Osiak-
wan, the middle class is looking
for appropriate technology to save
them time on “mundane stuff”,
something services like Uber, Air-
bnb and SleepOut can certainly
claim to do.
In an African business climate
where many companies have tra-
ditionally relied on newspapers or
billboards to advertise to poten-
tial customers, does the rise of
a younger, more affluent middle
class change things? The answer
is almost certainly yes, but the
change is slow, and as yet ineffi-
cient and ineffective.
While the vast majority of mid-
dle class consumers operate in
the digital space, many African
marketers are still using mass
approaches in offline media. Yet
change is being driven by both
multinationals and smaller, young
businesses targeting the middle
class. Osiakwan, indeed, says the
growth of the middle class seg-
ment will “turn marketing com-
pletely on its head”, with tech-
niques such as mobile marketing
taking centre stage
“I think with a bigger middle
class, we will see digital market-
ing through means like Facebook,
Twitter, and LinkedIn, for exam-
ple,” Sandor said.
“These consumers are online
more, so this is natural. I also
think that it will force all market-
ers to up their game and be really
unique – especially when they are
appealing to millennials in the
middle class.”
Aisha Pandor, CEO of South Afri-
can on-demand domestic clean-
ing startup SweepSouth, says,
however, that there are two parts
to the middle class that com-
panies need to be aware of. For
the younger, newer middle class,
digital marketing methods and
customer service are key, but the
traditional middle class, which
remains offline, is still key. - New
African Magazine●