Beruflich Dokumente
Kultur Dokumente
Received 29 November, 2016; Accepted 05 December, 2016; Published 07 December 2016 The
author(s) 2016. Published with open access at www.dynamicresearchjournals.org
Abstract: The research aims to investigate the revenue contributed by companies listed on the Zimbabwe Stock
Exchange to the fiscus in comparison to the unlisted companies in order to clearly highlight the benefit of
corporate governance. The study is based on the revenue contributed by all companies listed against unlisted
companies. The research highlights the role of the stock exchange in the economy and the impact of the stock
exchange on economic growth including the impact of the stock exchange on revenue collections. The research
also points out auditing and corporate governance related issues to listed companies. The data is then analysed
through tables and graphs and discussed with reference to revenue collections of listed and unlisted companies.
The analysis is reduced to business tax per company analysis for both listed and unlisted companies to enable
relative comparisons to be made. The research also presents the contribution of each to revenue collections and
finally the proportion of business tax to total revenue collections. The study highlighted that listed companies are
more transparent and compliant when it comes to tax issues. The study therefore recommends that more focus
should be put on the private sector in terms of statutes and legislation to ensure that they transactions are
transparent.
Keywords: Zimbabwe Stock Exchange (ZSE), ZIMRA, Fiscus, Revenue.
Reference to this paper should be made as follows: Mutingwende, B., Dalu, T., Dalu, G. R., Matibiri, A. T., and Makomeke, C. P., (2016) An
analysis of the revenue contributed by companies listed on the Zimbabwe stock exchange to the fiscus during the period 2009-2012, Dynamic
Research Journals Journal of Economics and Finance, Vol 1, Issue 2 (Nov), pp 01-13.
I. Introduction
The question has always been on when the developing economies will become developed economies. Having
been endowed with vast mineral resources and rich soil, none of these has done the trick. Most economies now
rely on the revenue collector to fund government expenditure and servicing of debts (Dalu et. al. 2012). Year in
year out the revenue collector misses targets despite existence of large companies and a lot of activity from small
to medium enterprises (SMEs). Tafirenyika (2012) highlights that the ZIMRA has provided wide-ranging
methodological assistance in effecting and improving tax systems in the country with assistance from several
developed and transitional countries.
This paper therefore investigates the revenue contributed by companies listed on the Zimbabwe Stock
Exchange to the fiscus. The study is based on the revenue contributed by all companies listed against unlisted
companies and it further highlights the role of the stock exchange in the economy and the impact the stock
exchange has on economic growth including the impact on revenue collections.
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An Analysis of the Revenue Contributed by Companies Listed on the Zimbabwe Stock Exchange to the Fiscus During the Period 2009-2012
and long-run economic growth using data on 41 countries from 1976 to 1993. Their result showed that stock
market liquidity is positively and significantly correlated to current and future rates of economic growth, capital
accumulation, and productivity improvements, even after controlling for economic, political and other factors.
Bencivenga (1991), in his study of measure of stock market development along various dimensions:
aggregate stock market capitalization to GDP and the number of listed firms (size), domestic turnover and value
traded (liquidity), integration with world capital markets, and the standard deviation of monthly stock returns
(volatility). His results highlighted that there is a strong and significant relationship between stock market
development and economic growth. Numerous studies have been analyzing the role of stock markets in economic
growth; most of them have focused on individual stock market, and some on merged market. Levine (1991) found
a positive relation between financial stock market and economic growth by issuing new financial resources to the
firms. Filer et al. (1999) examined stock market-growth nexus and exhibited positive casual correlation between
stock market development and economic activity. Spears (1991) reported that in the early stages of development,
financial intermediation induced economic growth. The financial stock market facilitates higher investments and
the allocation of capital, and indirectly the economic growth. Sometimes investors avoid investing directly to the
companies because they cannot easily withdraw their money whenever they want. But through the financial stock
exchange, they can buy and sell shares quickly with more independence.
Levine and Zervos (1998) measured stock markets development along with different magnitude and have
suggested strong statistically significant relationship between initial stock exchange development and subsequent
economic growth. An efficient stock exchange contributes to attract more investment by financing productive
projects that lead to economic growth, mobilize domestic savings, allocate capital proficiency, reduce risk by
diversifying, and facilitate exchange of goods and services (Mishkin 2001; and Caporale et al, 2004). Stock market
liquidity is still a reliable indicator of future long-term growth Levine (1996) etal have shown empirically that the
financial system has a significant role and provides an important contribution to economic growth.
Goldsmith (1969) argued that there is a positive correlation between financial development and economic
growth. He found that financial development is an important determinant of future economic growth of a country.
Atje and Jovanovic (1989) found also a significant impact of the level of stock market development and bank
development. Rajan and Zingales (1998) argued that stock market size is correlated to growth of financial
dependent firms. Levine (1997) and Bencivenga (1991) believe that more liquid markets can create long-term
investment and hence economic growth through lower transaction cost. Similarly, Atje and Jovanic (1993)
concluded that stock markets have long-run impacts on economic growth. Paudel (2005) states that stock markets,
due to their liquidity, enable firms to acquire much needed capital quickly, hence facilitating capital allocation,
investment and growth. Luintel and Khan (1999) found also bi-directional causality relationship between financial
development and economic growth in the sample of 10 countries.
Further, Levine and Zervos (1998) found strong statistically significant relationship between stock
market development and economic growth. The result of Filer et al. (1999) studies show that there is positive
causal correlation between stock market development and economic activity. Rajan and Zingales (1998) argued
also that stock market size is correlated to growth of financial dependent firms so that stock markets can give a
big boost to economic growth (Levine, 1996; Garcia and Liu, 1999). Mauro (2000) concluded that stock exchange
is a stable predetermining factor of economic growth in emerging economies. Therefore, an increase in listed
companies on the stock exchange (stock market development) will result in economic growth which will in turn
result in more revenue generated.
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An Analysis of the Revenue Contributed by Companies Listed on the Zimbabwe Stock Exchange to the Fiscus During the Period 2009-2012
the need for keeping national interest rate high in order to retain valuable domestic invested inside the country.
Hence stock exchange might contribute to lowering the cost of borrowing. The amount of savings directed to a
specific stock market will depend on a variety factors such as investors confidence in the performance and
functioning of the stock exchange, the popularity of shares as a type on investment, companies willingness to
offer shares to the public, and the effectiveness of the institutions that are active in securities trading.
2.5 Information
Apart from overcoming the transaction costs associated savings, efficient stock exchanges may also
reduce the cost of information. They may do so through the generation and dissemination of company-specific
information that efficient share prices reveal. Stock exchanges are efficient if the share prices incorporate all
available information. Reducing the costs of acquiring information facilitates and expedites the acquisition of
information about investment opportunities and thereby improves resource allocation. Many studies, such as
Tafirenyika (2012) question the idea that stock prices are able to reveal company-specific information. Grossman
and Stiglitz (1976), for instance, argue that if prices revealed all information, no one would have incentive to
collect information. Consequently, only free information will be reflected in prices. One implication would be
that, except for liquidity constraints, no trading should be done since the individuals will trade only if they disagree
about the price of a specific share.
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An Analysis of the Revenue Contributed by Companies Listed on the Zimbabwe Stock Exchange to the Fiscus During the Period 2009-2012
III. Zimbabwe
The first Zimbabwe stock exchange was opened in Bulawayo in 1896, to raise money for gold mining
activities in the country and was closed after the South African Anglo-Boer war of 1899-1902 (Armstrong 1957).
Another exchange was also opened in Umtali (now Mutare) in 1896 and it was closed in 1924 after it was realised
that the local mining deposits in the area were not extensive (Tafirenyika 2012). Between 1900 and 1930 an
exchange also operated in the town of Gwelo (now Gweru). In 1946 a new stock exchange was opened in
Bulawayo and a second one was opened in Salisbury (now Harare) in 1951. The Zimbabwe Stock Exchange Act
of 1974 consolidated the two stock exchanges under a legal and operational framework, and only one remained
operational, that is the one in Harare. The Act governed the rights and obligations of members of the stock
exchange and the general investing public. The Zimbabwe Stock Exchange Act was later repealed and replaced
by Securities Exchange Act in 2004 (World Bank 2014).
Zimbabwe is one of the largest stock exchange markets in sub-Saharan Africa, with 81 listed companies
(Tafirenyika 2012). The ZSE has more depth and diversity than some of the regions markets. The stocks on the
exchange include financial, insurance, retail, construction, transport, pharmaceuticals, property,
telecommunications, manufacturing and agricultural-related stocks. There are currently two indices on the stock
exchange as highlighted by ZSE (2012):
a. the Mining Index with 4 companies and,
b. the Industrial Index comprising of 77 companies.
The indices are calculated based on the 2009 base date and are weighted by market capitalisation. The
Industrial Index is dominated by price movements in a few big cap stocks such as Delta which represents 20% of
the index, Econet (19%), Innscor (8%), SeedCo (6%) and Hippo (5%) (Zimbabwe Stock Exchange, 2012).
Share dealing is done through stockbrokers once a day, from Monday to Friday, with call over sessions
commencing at 10.00 hours. Defra (2013) highlights that the financial instruments traded on the ZSE are common
stock, preference shares, corporate debentures, warrants, government stocks and fixed interest securities.
However, the bulk of trades and listings on the exchange are for common stock.
The revenue contributed by listed companies comes in two ways as highlighted by Soloman, and Maroun
(2012). The first one is through various tax heads on business operations which include PAYE which is tax
withheld on employees, Business Tax which is tax on business profits, Withholding Tax on Dividends VAT on
company operation, Customs Duty and Excise. All these tax revenues are generated through business operations
and its interaction with suppliers and customers. The second revenue contribution is generated through interaction
of shareholders in their capacity as shareholders. This comes as a transaction cost when shares are sold and bought
on the stock exchange. There are two types of tax revenues generated through share sales and purchases which
are CGT on sale of shares and VAT on brokerage fee. These tax revenues increase with the number of listed of
companies and the volume of transactions on the stock exchange. The following table illustrates the CGT and
VAT on sale and purchase of shares including other charges (Fletcher, 2010).
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An Analysis of the Revenue Contributed by Companies Listed on the Zimbabwe Stock Exchange to the Fiscus During the Period 2009-2012
From the table above, we note that ZIMRA generates revenue of 1.3% of the transactions costs
(comprising of Capital Gains Tax (CGT) and Value Added Tax (VAT)) for every transaction that happens on the
stock exchange. The numbers of listed companies on the stock exchange have been relatively lower mainly due
to economic hardships facing the country.
IV. Methodology
Qualitative and secondary data was used to collect information from listed companies on the Zimbabwe
Stock exchange. Data was obtained from all 81 listed companies during for period 2009 to 2012. Secondary data
was used mainly to ensure that the data relevant and current to the study. Since it is obligatory under Companies
Act and Securities Act for every listed company to publish annual reports to the public, the data sources are mainly
annual financial statements which can be downloaded from the Zimbabwe Stock Exchange website. For the
analysis, the researcher concentrated on each company as a whole rather than its branches as branches do not
publish separate branch accounts.
V. Results
From the secondary data obtained we note that the table below highlights that the total number of companies
registered with ZIMRA, that is, both listed and unlisted. From the table, we realise that number of the unlisted
companies (mainly attributable to an increase in private registrations) has been increasing since 2009 while that
of listed companies has remained constant.
There has been a significant increase in revenue collections in income tax (business tax) since
dollarization (Tafirenyika, 2012). Both listed and unlisted companies have contributed to the increase in total
income tax. This positive increase in income tax since 2009 has been attributed to increase in capacity utilisation
which had deteriorated in the Zimbabwean dollar era, however revenue collections were lower in 2009 mainly
due to the fact that it was a transitional year as the economy was still recovering from the hyper inflationary
environment of the period 2003 to 2009.
The table below highlights the following equation:
=
Where:
n is business tax contributed by each category
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An Analysis of the Revenue Contributed by Companies Listed on the Zimbabwe Stock Exchange to the Fiscus During the Period 2009-2012
The above table illustrate that the business tax per company is significantly higher for listed companies
than for unlisted companies. Though business tax contributed by unlisted companies has been relatively higher
for 2010, 2011 and 2012, on a per company basis, the business tax from listed companies far outweighed that of
unlisted companies.
The increase in per company income tax for unlisted companies from 2009 to 2012 was more than 500%
while that for listed companies was slightly above 100%. The increase for unlisted companies can partly be
attributed to increase in the number of newly registered companies and partly due to increase in capacity utilisation
and operational efficiency within the period under review. The significant difference between income tax per
company for listed and unlisted companies can be attributed to compliance, audit efficiency, financial reporting
quality. Listed companies have an obligation to comply with all regulations governing their operations, as they
are required to publish audited annual financial statements by Zimbabwe Stock Exchange (ZSE) to reflect their
operations. It becomes difficult therefore for the listed companies to understate their revenues and profits as it
may reflect adversely on performance of the management team and the corporate image. They also cannot
overstate their revenues and profits to impress shareholders because it will result in higher tax obligations.
Therefore, through these restrictions and to maintain a positive report from external auditors they have to report
accurate revenues and profits.
Compliance to tax authorities is also an issue to listed companies. This is because it is one the
requirements to for their continuance listing on the stock exchange. Any irregularities that may occur as far as tax
obligations will attract severe penalties not only from the authority but also from Security Exchange Commission
and may lead to suspension from participating on the stock exchange. These instances tend to result in bad
publicity of the listed company which tends to have negative consequences on both management and future
operations of the organisation.
On the other hand, unlisted companies are not mandated to publish audited annual financial though
ZIMRA require such financial statements. These statements become more of management reports rather than
financial statements and therefore can hide valuable information so as to evade tax obligations. Usually private
limited companies do not divorce ownership from control and is easier for the owner who is also the senior
manager of the companies to manipulate and in most cases to understate revenues and profits. Listed companies
separate ownership from control which means the owners cannot interfere with the day to day operations of a
business entity. The result of the above analysis is that listed companies will contribute significantly higher tax
revenues per company compared to unlisted companies.
Figure 4.2 we note that the highest contributing sector as highlighted by appendix A, table 2 is the
telecoms and surprising there is only one company in the sector which is listed. Other players in that sector which
are not listed include government owned Net-One and Tel-one, Telecel and Africom.
Telecoms
Financial
Beverage Hotel & Leisure
Industrial Holding
Food
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An Analysis of the Revenue Contributed by Companies Listed on the Zimbabwe Stock Exchange to the Fiscus During the Period 2009-2012
Appendix B highlights that the telecommunications sector generally shows where most of tax revenue is.
Despite having one company which is listed, it contributed highest revenues throughout the period. The second
highest contributor is the financial sector which excludes the insurance companies. This sector consists mainly of
banks and despite the sector facing liquidity challenges, this sector has managed to generate much revenue to the
fiscus. In this sector there are also a number of unlisted companies despite meeting listing requirements. The
companies include Standard Chartered Bank, Stanbic Bank and MBCA Bank and all of these banks are foreign
owned and have also capacity to list.
The mining sector has been a drawback on revenue collection and it is not surprising that it is not in the
highest revenue contributors category. Despite having vast mineral resources such as diamonds, platinum, gold
and others, the companies listed have failed to remit taxes to government due to various reasons such as viability
problems, among others. As for the unlisted companies, they might be remitting income tax, but their biggest
undoing is lack of checks and balances, audit efficiencies and lower regulations which result in less than actual
tax being remitted. It still boggles the mind why platinum mining giants, Zimplats and Mimosa are not listed on
the stock exchange.
There are no comparative figures for CGT on disposal of shares of unlisted companies because it is
difficult to obtain the data from private players and they is a lot of underground activities (Dalu et. al. 2012). There
is also a loophole when shares of unlisted companies are disposed off in terms of their valuation. There are higher
chances that these shares can be undervalued in order to suppress CGT. This is not the case with listed companies
where the share prices are determined by market forces and publicly available and therefore the CGT can easily
be determined.
CGT @1%
VAT on
Of particular importance to note is also the trend of CGT. The CGT from listed companies has since been
on the rise since 2010. This is because the volume of transactions has been rising which contributes directly to the
turnover that is the value of shares that were exchanged, and eventually leads to the increase in CGT that is
calculated on turnover. Therefore, it can be safely concluded that if there is an increase in the number of listed
companies, the volume of transactions increases including turnover and CGT. As the economy remains densely
populated with unlisted companies, CGT on disposal of unlisted remain uncertain and difficult to collect.
Stock brokers generate most of their revenue through facilitating share exchange to participants on the
stock exchange which 1% of the value of shares they deal in. ZIMRA collects VAT at 15% of the brokerage
commission. Figure 4.3 and appendix A, table 3 highlights that VAT collected on brokerage commission has been
increasing relative to CGT. Even though figure 4.3 has not incorporated input tax, VAT on brokerage commission
is another source of revenue which is not generated on sale of shares of unlisted companies. If the number of
unlisted companies increases, the brokerage commission increases and therefore the VAT on brokerage
commission increases.
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An Analysis of the Revenue Contributed by Companies Listed on the Zimbabwe Stock Exchange to the Fiscus During the Period 2009-2012
Although absolute VAT increased from 2009 to 2012 and still remains the highest contributor, its
proportion to total revenue generated decreased from 40% in 2009 to 33% in 2012 as highlighted in figure 4.5
above and appendix A, table 4. Individual tax contribution slightly fell by 1% in the same period but still remains
the second highest contributor to total revenue collections.
Of particular importance to note is the contribution of companies which increased income tax revenue
contribution from 10% in 2009 to 14% in 2012. It also rose to become the third highest contributor from the fifth
highest contributor in 2009. From this analysis it is imperative not to underestimate the potential that lies in the
income tax revenue head. If appropriate efforts coupled with appropriate policies are channelled towards business,
there will be a massive increase in revenue generation.
Indirect contribution of listed companies to other tax heads cannot be over emphasized that listing more
companies on the stock exchange has an indirect impact on other tax heads. This is because of other tax heads
such as VAT, Customs Duty, Excise Duty and other taxes. Therefore, the increase in the number of listed
companies will result in an increase in other tax revenue heads and thereby increasing revenue collections.
VI. Discussion
We note that income tax has been rising throughout the period under review in proportion to total revenue
contribution as was highlighted in the study of Luintel and Khan (1999). Income tax contributed rose from 10%
in 2009 to 14% in 2012 from the listed companies and this therefore made it the third highest contributor after
VAT and Individual (Employment) tax in 2012 from fifth in 2009. This therefore means that the policies of good
corporate governance being implemented on the listed companies is contributing significantly to improving
revenue collection. The number of new registered companies with ZIMRA has been on the increase. Tafirenyika
(2012) in his study highlighted that, the increase is only related to unlisted companies since the number of listed
companies has remained constant throughout the period, this is mainly due to the large number of private
businesses that are coming up given the current economic situation Zimbabwe finds itself in.
Income tax was significantly higher for listed companies than for unlisted companies. This is mainly
attributed to audit efficiency and strict regulations for listed companies which may not be applicable to unlisted
companies (ZSE, 2012). However, income tax per company for both listed and unlisted companies rose
throughout the review period. The increase in per company income tax can be attributed to partly increase in the
number of new registered companies and partly to increase in capacity utilisation. However, since the number of
listed companies remained almost constant, the increase in per company revenue generation can be attributed to
increase in capacity utilisation and operational efficiency.
From the study, we realise that the highest contributor of income tax to the fiscus is telecoms industry despite
having only one company listed on the stock exchange. The second highest contributor is the financial sector and
the least contributor is the mining sector. The listed mining companies failed to remit income tax in 2010 and
2011 due to operational losses and mainly due to high concerns being granted to the sector as the government tries
to make the make more viable. CGT on disposal of listed shares has been rising, however, data on disposal of
unlisted shares could not be obtained for comparison purposes as most companies have been evasive with regards
to paying CGT. However, this is a different case with regards to company valuation for listed companies which
not subject to manipulation since the shares are valued on the stock exchange. The research also found out that
information subject to company valuation for unlisted is prone severe manipulation as sellers undervalue the share
price so as to deprive ZIMRA with CGT (Dalu et. al. 2012).
Finally, companies have had a great impact on other tax heads such as Pay-As-You-Earn (PAYE), customs
duty as the majority of them are importers and excise duty charged on import and or obtained from manufacture
excisable goods.
6.1 Recommendations
Given the significance of income tax and its dominance as contributed by listed companies, there is need for
policy formulations towards companies so as to collect more revenue, more efficiently. The following are some
of the recommendations that ZSE, ZIMRA and government can come up with:
a. There is need to incentivize more companies to list on the stock exchange, as this will translate to
increased audit efficiency and accountability CGT and therefore VAT on disposal of listed shares. The
incentive schemes can be done through lowering income tax for listed companies as has been done in
many countries such as Zambia. The Ministry through ZSE can also incentivize listing of companies
through lowering listing requirements.
b. Another strategy would be to create a local bourse which would cater for Small to Medium Enterprises
which has been proposed by many industrialists. This will contribute to more income tax and capital
gains tax due to the strict adherence of corporate governance issues by listed companies.
c. There is also need for the ZIMRA to look into business valuations for unlisted companies through hiring
business valuations professionals or establishing a department dealing with business valuations. Such
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An Analysis of the Revenue Contributed by Companies Listed on the Zimbabwe Stock Exchange to the Fiscus During the Period 2009-2012
valuations will ensure improvement in capital gains tax collections and income tax from investment
companies (companies trading in shares).
d. Sectorial analysis also indicated that the telecoms sector is contributing the highest income tax followed
by the financial sector. With regard to incentives mentioned above, emphasis should be made available
to these two sectors rather than the mining sector which is lowest contributor of revenue to the fiscus.
6.2 Conclusions
The following is a hypothesis which was being tested.
H0: Companies listed on the Zimbabwe Stock Exchange (ZSE) contribute less revenue to the fiscus relative to
non-listed companies
H1: Companies listed on the ZSE contributes more revenue to the fiscus relative to non-listed companies.
From data analysis and interpretation, per company business tax is significantly higher for listed companies than
for unlisted companies. Therefore, the null hypothesis is rejected in favour of the alternative hypothesis and it can
be concluded that listed companies contribute more company tax relative to unlisted companies.
In addition to contribution to income tax, the following conclusions can also be made:
a. Business tax is one of the highest contributors to revenue collections,
b. More companies are registering with ZIMRA for tax purposes, that is moving towards voluntary
compliance. The number of unlisted companies far outweighs the number of listed companies.
c. There is more compliance in listed companies than in unlisted. Listed companies can be audited more
efficiently for listed than for unlisted companies
d. Telecoms industry remains the most profitable and therefore highest business tax contributor business
sector followed by the financial sector.
e. Listed shares are more accurately valued than unlisted shares
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An Analysis of the Revenue Contributed by Companies Listed on the Zimbabwe Stock Exchange to the Fiscus During the Period 2009-2012
APPENDIX A: TABLES
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Table 4: Engineering
COMPANY 2009 2010 2011 2012
CAFCA 265,084.00 436,534.00 544,978.00 604,007.00
Powerspeed Electrical 5,339.00 22,386.00 142,863.00 196,300.00
Steelnet - - - -
Zeco Holdings - - - -
Zimplow 571,398.00 599,297.00 878,795.00 274,456.00
TOTAL 841,821.00 1,058,217.00 1,566,636.00 1,074,763.00
Table 5: Financials
COMPANY 2009 2010 2011 2012
ABC 570,453.00 1,556,604.00 1,650,543.00 3,090,125.00
Barclays Bank 504,893.00 - 1,289,135.00 1,702,523.00
CBZ 4,555,936.00 8,752,272.00 13,632,552.00 13,621,984.00
FBC Holdings 158,209.00 1,992,225.00 4,905,928.00 2,878,323.00
Interfin Bank - - - -
NMBZ 257,302.00 765,499.00 2,215,095.00 3,292,170.00
TN Financial Holdings - - - -
Trust Holdings 808.00 27,438.00 45,476.00 201,534.00
ZB Financial Holdings 646,325.00 426,126.00 3,587,320.00 1,145,724.00
TOTAL 6,693,926.00 13,520,164.00 27,326,049.00 25,932,383.00
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Table 6: Food
COMPANY 2009 2010 2011 2012
Cairns - - - -
Colcom 799,276.00 1,063,575.00 1,578,132.00 1,578,393.00
Dairiboard 1,542,074.00 1,833,963.00 2,729,066.00 2,117,004.00
National Foods 553,763.00 705 099 1,044,255.00 2,085,000.00
Star Africa corporation - - 198,158.00 359,936.00
TOTAL 2,895,113.00 2,897,538.00 5,549,611.00 6,140,333.00
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Biographical notes:
Brighton Mutingwende is a part-time researcher with DDTEC, he is a Chartered Financial Analyst (CFA) chartered holder
and Chartered Certified Accountant. He also holds Bachelors Degree in Accounting (Honours) from Africa University and
currently studying for Msc. Professional Accountancy with the University of London. His area of specialty is on accounting
and audits, research and taxation. Email: pbmuti@yahoo.com
Tapiwa Dalu is a part-time researcher with DDTEC and a holder of Masters in Business Administration with the Graduate
School of Business, National University of Science and Technology. He also holds a BSc honours in Economics from the
Department of Economics, and an executive certificate in Project Management from University of Zimbabwe. His area of
specialty is on audits, research and taxation. Email: tpdalu@gmail.com
Ruvimbo Gillian Dalu is a Banc assurance officer with Ecobank Zimbabwe and she holds a BSc in Psychology degree from
the Womens University in Africa and also holds an executive certificate in Project Management from the University of
Zimbabwe. Her areas of specialty are insurance, marketing and trade. Email: gillianmaramba@gmail.com
Tatenda Archibald Matibiri is a part-time researcher with DDTEC and he holds a Bcom in Marketing from the Nelson
Mandela Metropolitan University. His areas of specialty are on taxation and trade. Email: TMatibiri@zimra.co.zw
Patience Chido Makomeke is a part-time researcher with DDTEC and a holder of Masters in Business Administration with
the Graduate School of Business, National University of Science and Technology. She also holds a Bcomm Banking and
Finance from UNISA, and is also pursuing her ACCA studies. Her area of specialty is on accounting, research and auditing.
Email: pcmakomeke@gmail.com
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