Zimbabwe and Switzerland just signed a deal to stop taxing the same money twice. This agreement helps businesses from both countries avoid paying taxes twice on identical income. When companies face double taxation, they hesitate to invest across borders. Minister Mthuli Ncube explained this agreement removes the barrier between the two nations.
Swiss companies already buy many products from Zimbabwe. Nespresso purchases coffee beans from the Eastern Highlands region, and Nestle makes Cerevita breakfast cereal right in Harare. Other Swiss businesses operating locally include ABB, Syngenta, Organic Africa, and Schindler. The agreement will likely attract even more Swiss investment into Zimbabwe.
The new tax deal blocks sneaky moves by outside companies. Some businesses try to pretend they belong to treaty countries just to dodge taxes. The agreement includes special rules to prevent this cheating. It also helps both countries share information about taxpayers trying to hide money or avoid paying their fair share.
Ambassador Stefan Rey called the agreement proof of strong connections between Zimbabwe and Switzerland. He said reducing double taxation makes businesses more willing to invest. Companies feel safer putting money into countries where tax rules seem clear and fair. This creates jobs and helps both economies grow stronger.
Zimbabwe already trades many products with Switzerland, including gold, ferroalloys, nickel ore, coffee, tea, fruits, and tobacco. The new agreement allows permanent business locations to open more easily across both countries, helping expand trade partnerships and creating lasting economic benefits for everyone involved.
George Guvamatanga from the Treasury Department promised quick action to make the agreement official. He mentioned Zimbabwe recently supported the Yaoundé Declaration for better tax transparency. With this Swiss agreement added, Zimbabwe has nineteen tax treaties working to create a business-friendly environment. These partnerships follow international best practices for fair taxation.
The agreement fits perfectly with President Mnangagwa's plan to rebuild relationships with countries worldwide. It shows Zimbabwe wants to play by global economic rules. Foreign investors need predictable tax situations before committing their money. This agreement provides security and removes obstacles to doing business between the two nations.
Swiss companies already buy many products from Zimbabwe. Nespresso purchases coffee beans from the Eastern Highlands region, and Nestle makes Cerevita breakfast cereal right in Harare. Other Swiss businesses operating locally include ABB, Syngenta, Organic Africa, and Schindler. The agreement will likely attract even more Swiss investment into Zimbabwe.
The new tax deal blocks sneaky moves by outside companies. Some businesses try to pretend they belong to treaty countries just to dodge taxes. The agreement includes special rules to prevent this cheating. It also helps both countries share information about taxpayers trying to hide money or avoid paying their fair share.
Ambassador Stefan Rey called the agreement proof of strong connections between Zimbabwe and Switzerland. He said reducing double taxation makes businesses more willing to invest. Companies feel safer putting money into countries where tax rules seem clear and fair. This creates jobs and helps both economies grow stronger.
Zimbabwe already trades many products with Switzerland, including gold, ferroalloys, nickel ore, coffee, tea, fruits, and tobacco. The new agreement allows permanent business locations to open more easily across both countries, helping expand trade partnerships and creating lasting economic benefits for everyone involved.
George Guvamatanga from the Treasury Department promised quick action to make the agreement official. He mentioned Zimbabwe recently supported the Yaoundé Declaration for better tax transparency. With this Swiss agreement added, Zimbabwe has nineteen tax treaties working to create a business-friendly environment. These partnerships follow international best practices for fair taxation.
The agreement fits perfectly with President Mnangagwa's plan to rebuild relationships with countries worldwide. It shows Zimbabwe wants to play by global economic rules. Foreign investors need predictable tax situations before committing their money. This agreement provides security and removes obstacles to doing business between the two nations.
