The nation’s Government is hemorrhaging millions of dollars in revenue due to the unchecked operations of unregistered companies within its borders.
The meeting, held in the heart of Zimbabwe’s business hub, was attended by numerous industry leaders, creating a significant platform for the revelation.
Mutashu, a respected figure in the Zimbabwean business landscape, used the opportunity to urge businesspeople across the nation to operate within the confines of the law.
He stressed that legal compliance is not just a moral obligation but an imperative for the country’s economic well-being.
“The prevalence of unregistered businesses is not only detrimental to our economy but also undermines the credibility of the business community. We must all collaborate to ensure that every enterprise operates legally,” Mutashu said.
The impact of unregistered businesses on Zimbabwe’s fiscal health cannot be overstated.
These clandestine entities often evade taxation, causing a substantial loss of revenue that could otherwise be allocated to essential public services, infrastructure development, and poverty alleviation programs.
Minister Nyoni, while acknowledging the severity of the issue, commended Mutashu for his forthrightness.
She pledged the Government’s commitment to strengthening regulatory mechanisms and enforcing compliance among businesses.
“We must foster an environment where legitimate businesses thrive and contribute to our nation’s prosperity. The Government is actively working to address this issue and create a level playing field for all entrepreneurs,” Minister Nyoni said.