Home LOCAL NEWS Telecoms licensing amendment clears out on who should use USD and Zim...

Telecoms licensing amendment clears out on who should use USD and Zim dollar

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While the amendment to the second schedule of the regulations, which deals with fees, relists all fees for telecommunications and related services, there do not appear to be any increases or decreases, just a consolidation from previous amendments.

A new amendment gazetted yesterday to the Postal and Telecommunications (Licensing Registration and Certification) (Amendment) Regulations, specifies who must pay the required fees in US dollars and who is allowed to use Zimbabwe dollars. But there is an addition to the currency that must be used.

Foreign-owned companies, or foreign individuals, must pay the fees in US dollars, although may pay in local currency that part of universal fees and gross revenue percentages that are paid in Zimbabwe dollars.

So if their revenue is 50 per cent in a local currency, then half the major fees can be paid in local currency. Wholly locally owned Zimbabwean companies and individuals can pay everything in a local currency, although they are not barred from using US dollars.

Companies and entities registered in Zimbabwe, but with a mixture of foreign and local shareholders and owners can split their fee payment, paying in US dollars the same proportion as the foreign ownership forms in the total ownership.

Again, as with foreign companies, they can pay in local currency to the same proportion that their revenue arises in local currency.

Source – The Herald

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