SMEs urged to formalise business

11 Aug, 2019 - 00:08 0 Views
SMEs urged to formalise business

The Sunday News

SMALL to Medium Enterprises (SMEs) have been challenged to formalise their businesses to enable them earn economic benefits that include getting stake in public procurement processes, according to Zimbabwe Revenue Authority client care services acting supervisor Marvelous Chigwanda.

The SMEs sector plays a key role in the development of the country’s economy as it contributes over 60 percent to GDP and employ over 75 percent of the total workforce.

A number of SMEs operate informally therefore are by-passed by Government or big businesses’ procurement procedures, in the process translating to minimal contribution to the fiscus.

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The All Share index recovered 0.24 points 0,13 percent to close at 180.05 points as Old Mutual Limited continues on the upward trend with a $0,6266 gain to close at $21,3589. Cassava Smartech also added $0,0006 to end at $1,3025 and Delta traded unchanged at $3,4600.

Gains were partially offset by losses in Willdale which eased $0,0041 to $0,0172, Powerspeed lost $0,0025 to settle at $0,3575 and Econet was $0,0019 lower at $1,3500.

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