Acie Lumumba Chronicles How His Business Collapsed…. Dishes Out Advice To Start-up Businesses

Acie Lumumba Chronicles How His Business Collapsed.....Dishes Out Advice To Start-up Businesses-iHarare

Acie Lumumba Chronicles How His Business Collapsed…..Dishes Out Advice To Start-up Businesses

Acie Lumumba Chronicles How His Business Collapsed.....Dishes Out Advice To Start-up Businesses-iHarare
Acie Lumumba(File Image)

Social media personality, political activist, and businessman Acie Lumumba took to social media to chronicle how his business collapsed and how he had to rebuild his business again.

Acie Lumumba, real name William Gerald Mutumanje is the owner of Platinum Fuels which supplies fuel to other fuel dealers and service stations around Zimbabwe.

In a series of posts on his Instagram, Acie Lumumba shared a short story on what happened to his Platinum Fuels company.

He revealed that when he started selling fuel, he used jerry cans to deliver the commodity to customers who were not keen on standing in long queues.

Acie Lumumba Chronicles How His Business Collapsed.....Dishes Out Advice To Start-up Businesses-iHarare

After a year of using jerry cans, he revealed that he moved on to use drums instead.

After a year in business, he finally got his first investor who chose to invest in his company.

With a new investor, Acie Lumumba’s business started to boom. He revealed that his fuel business started to attract rich clients.

He said more money started to trickle in as more rich clients started to buy fuel from his company. He revealed that the life of partying hard began then.

After enjoying good business for a while, his business started to sink in November 2020. Every time he got investment he blew it and this caused his business to crumble.

By January 2021, his business had completely collapsed and he had to rebuild his business all over again. Meanwhile, in February it emerged that his business lost money and fuel worth almost US$200,000 to two of its employees: 31-year-old Tatenda Maredza and 26-year-old Malcolm Dodo.

To end his short story, Acie Lumumba went on to share some of the life lessons he learned after his business collapsed.

 

 

 

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    How to Find the Best Sourcing Partner For Your Business

    Best Sourcing Partner For Your Business

    Product sourcing is the process of locating things that you can sell at a profit. When many individuals think about product sourcing, they envision purchasing a product at the cheapest price.

    Goods sourcing, on the other hand, is more than just getting the cheapest product. Product sourcing entails ensuring that the product meets your requirements in terms of price, quality, and quantity.

    Even though product sourcing may appear to be straightforward, it is one of the most difficult activities for most importers, manufacturers, retailers, and e-commerce firms to complete it efficiently and effectively. A good deal may not necessarily be of the quality that you require. There can be a lack of compatibility with both your firm and the manufacturer.

    To avoid this, follow the tips discussed in this article and ensure great success for your business.

    Source: Unsplash

    Need for Product Sourcing

    Before learning how to choose a partner, it is important to understand the need for one. This can help you determine the importance of product sourcing and make you select it more seriously. A sourcing partner can help you in the following fields:

    Analytics

    In order to make the best purchase decisions, analytics are crucial. A sourcing partner helps you to keep track of your purchase needs and analyses the information to help you make the best decisions. Reliable data and the ability to interpret statistics are the foundations of successful businesses.

    A sourcing partner can also build a systematic purchasing strategy that is in line with your business objectives by understanding your supply demands.

    Savings

    One of the main reasons why so many businesses use a sourcing partner is the quick savings they frequently experience. A procurement partner will benefit from lower prices as a result of bulk purchasing. The analytics ensure that the company is not overstocking or understocking supplies. They can also spot possibilities in the supply chain that might otherwise go unnoticed.

    Planning

    Product sourcing develops the best procurement strategy for your company. A company must understand the importance of strategy and planning. Supplies must be purchased and delivered to the appropriate locations at the appropriate times, at the lowest possible cost, and from the best possible sources. As a result, the company will be able to deliver excellent service to your customers and visitors.

    Source: Unsplash

    Tips For Finding Best Sourcing Partner

    One alternative is to work with a product sourcing firm that has a presence in the local market, product knowledge and can bring value when it comes to managing suppliers from development to shipment. Here are a few qualities that are important for an ideal sourcing partner.

    They Must Be Familiar With Your Field

    An experienced sourcing firm will have experience in a wide variety of fields. If they don’t understand your product line, production procedure, or quality requirements, critical steps could be overlooked. The ability to pool resources and expertise is one of the most significant benefits of working with a sourcing firm.

    Have Effective Communication and Customer Service

    In order to communicate vital production information quickly and effectively, it is important to find a reputable global sourcing firm. This includes the customer, global sourcing firm, and manufacturer. Improvements in project management benefit all parties involved, as they allow the client to make informed decisions about their manufacturing endeavor.

    Well Placed Offices

    When choosing a product sourcing company, take advantage of the company’s presence in the industry. It’s crucial to have offices and people who can support and work closely with these vendors. Because of the increased costs associated with transportation and other factors, this is particularly important for quality control and assurance.

    To make the best decisions, it’s important to know where your products come from and how far they are from your suppliers.

    Have Credibility and Required Certifications

    The product sourcing firm you choose should have a good reputation in the industry. It is recommended to investigate their past clients, social media, professional profile, and individual employees. For example, if a furniture business with storage facilities around the world needs the raw materials to be sourced from different continents, honesty and trustworthiness are essential, as is the ability to obtain client references to aid in due diligence.

    Due to their low priority, many buyers ignore supplier quality certificates. If you are looking for sourcing specialists, we recommend you to check out www.matchsourcing.com.

    Have Excellent Product Quality

    A good firm doesn’t have to be the one that offers the lowest price. For quality assurance, you’ll need to visit the company’s factory or facility. In order to verify the quality of the product, regular quality inspections are required even after an agreement has been signed and sealed.

    Remember that poor product quality affects the entire chain. Returns will be necessary when you receive substandard products, which will consume resources and slow down your manufacturing. Here, it’s best to choose with a company having a track record of delivering quality products. Referrals appear to work best in this situation.

    Conclusion

    Successful collaboration with a product sourcing company is not that tough. You just have to ensure that the organization you use should have a proven track record and years of expertise. Your business relies on getting the things you need at the right price, in the right quality, and on time. This can be achieved by leveraging the experience and expertise of a product-sourcing company.

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    5 Core Responsibilities of Customer Service

    customer service

    5 Core Responsibilities of Customer Service

    Customer service is a critical part of any business. The success and profitability of your company depend on how well you respond to the needs of current and potential customers. It’s important to make customer service a top priority, because happy customers will keep coming back for more, and they’ll tell their friends about their positive experiences with your company as well. For instance, Spectrum customer service offered by the Spectrum telecommunication company gained value because of their customer service. 

    Every business is responsible for the quality of the product or service it provides. As a customer, you might not realize that your favourite brands are employing an army of people to make sure you’re satisfied with their products and services. These employees are called customer-service representatives (CSRs).

    Customer service is about more than just answering questions and solving problems. It’s also about providing information to customers, following up with them after they make a purchase, and making sure that the customer feels valued. Here are 5 of the most important responsibilities of customer service personnel. We hope these tips have been helpful! If there is anything else we can do for you, please let us know by visiting our website today.

    Solve customer concerns 

    As a customer, when you are investing in a product or a service and you face issues with it, you expect a positive response from the company or business in which you have invested. The role of customer service is to help customers who are facing issues or problems, it does not necessarily mean that it should be a technical issue, you have to assist the customer even if they have confusion.  

    The main role of customer service is to assist the customer who is in need and wants to be heard. You need to  assist the customer right away when a customer is in trouble with your service.

    Trace customer behavior 

    One of the most important roles of customer service is to note down the behavior of the customers and create an environment that is related to the needs of a customer. When you note the behavior of your customers, you are aware of the expectations of your customers, and you  can meet them in a better manner.

    Create relevant FAQ

    There are many commonly asked questions and queries by customers, you can note the questions that a customer usually asks and update them according to recent changes. One of the core responsibilities of a customer service department is to maintain an elaborated and easy-to-understand FAQ for all their customers. FAQ is important because a customer gets most of his answers by reading it.

    Track customer feedback 

    All the smart businesses around the world adopt a customer-centric approach and pay focus to the needs and requirements of the customers. Customer service needs to track the feedback that is provided by their customers and make necessary amendments according to that. This will make your customer feel heard and valued. You need to give a sense of relief to your customers and they should be able to trust your services. 

    Plan according to customer reviews 

    In the competitive world of customer service, it is important to be as efficient as possible. When you have a team of employees working together to provide good customer service, your customers will feel valued and they will respond positively to your service.

    Conclusion 

    We hope this article has given you a better understanding of the importance of customer service in your business and how to create a great experience for customers. The main pillar of success for any company is its customer service.

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    PointPay: Staking will completely replace mining

    Staking will completely replace mining

    PointPay: Staking will completely replace mining

    According to Staked, as of Q2 2021, the market capitalization of all coins locked in stake was $359 billion. The number of cryptocurrencies in the market operating on the algorithm PoS (proof-of-stake) according to PointPay already exceeds 24%. The annual payout for staking in 2021 exceeds $12.5 billion. PointPay believes the market will gravitate more toward the PoS consensus algorithm than cryptocurrency mining. Much of the momentum will be driven by Ethereum 2.0, whose transition to PoS is expected to be completed in 2021. 

    PointPay: Staking will completely replace mining
    PointPay: Staking will completely replace mining

    “Globally, the growing interest in staking as an asset profit and the PoS consensus algorithm as a way to validate transactions has emerged against the backdrop of the mining crisis. Several factors have shaken the usual state of affairs. First, the rise in the cost of mining equipment, its maintenance, transportation and electricity spent on mining, led to a decrease in the profitability of classic mining. The statements of China, relocation of mining farms, huge electricity consumption by miners – all this led to the statements that mining on the equipment is not environmentally friendly. Recall the claim made by Elon Musk, which collapsed bitcoin by 15%, that the way bitcoin is mined is bad for the environment. It was certainly hype, but it fueled interest in staking as a more environmentally friendly way to mine coins and validate,” says PointPay CEO Andrei Svyatov.

    According to PointPay CEO, the locomotive was the Ethereum network, which announced a full transition to the PoS consensus algorithm and rejection of mining. From the end of 2021, validators rather than miners will validate transactions. Theoretically, the higher the validator’s balance, the more chances he has to confirm a block and get rewarded for it. Ordinary investors, on the other hand, who cannot afford to buy the amount of assets necessary for validation, get their benefits from staking. Frozen assets yield stable interest – on average, from 7.5% p.a. on most cryptocurrencies. Today, most DeFi projects are based precisely on the PoS algorithm – such blockchains already occupy more than 24% of the market as of 2021. There are different combinations of technologies that allow users to perform staking – but the main point is the same – they are greener, simpler, the network commission is lower, and the income from owning a cryptocurrency, combined with staking attracts many users.

    All of this has led to the total number of cryptocurrencies in staking in 2021 increasing by more than 30 times compared to 2020. Staking implies that cryptocurrency assets are frozen for a fixed term at a fixed interest rate. As a rule, the interest is paid daily. This gives stability to asset holders and opens up prospects for cryptocurrency growth.

     

    According to PointPay, the average staking yield among the first 30 cryptocurrencies ranges from 7.3% to 7.5% annually. At the same time, there are blockchain projects whose annual yields exceed 30% – these are PXP, KAVA, LPT – but these are rather exceptions to the rule. The annual payout for staking in 2021 will be about $12.5 billion.

    “I would also like to note the trend that cryptocurrencies running on the PoS algorithm have been losing in price more slowly than those that adhere to the PoW consensus. During the last market correction the difference reached 10%,” – says Andrey Svyatov.

    In addition to the green validation process and mining alternatives to deposit – staking is a great way to increase the rate of cryptocurrency. After all, coins in a stake are frozen and do not participate in circulation, a deficit of a certain cryptocurrency is created, which positively affects the rate.

    “We hooked up the staking program immediately after PXP listed on the exchange. This will help give long-term investors the opportunity to earn more. And in doing so, we reduced the interest on the PXP deposit. About 15% of our investors joined the staking program right away,” said Andrei Svyatov.

     

    Top 10 Coins by Capitalization and Staking Volume

    Project Ticker   Market capitalization      Profit % per annum Staking share of the total issuance
    Ethereum                                            ETH 247 billion 6.8 % 5.1 %
    Cardano ADA 42 billion 4.6 % 71.7 %
    Polkadot DOT 15 billion 14 % 62.0 %
    Solana SOL 8 billion 7.4 % 67.7 %
    Polygon MATIC 7 billion 14.9 % 35 %
    Tron TRON 4.6 billion 3.3 % 27.0 %
    EOS EOS 3.7 billion 3.0 % 48.3 %
    Cosmos ATOM 3.1 billion 9.9 % 70.9 %
    Algorand ALGO 2.6 billion 5.8 % 55.8 %
    Terra LUNA 2.5 billion 11.5 % 36.2 %

     

    Source: Staked, PointPay

     

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    Kuda Tagwirei Donates Houses Worth US$300 000 To Dynamos, Highlanders Football Legends

    Jonathan Moyo Exposes Tagwirei

    Kuda Tagwirei Donates Houses Worth US$300 000 To Dynamos, Highlanders Football Legends

    KKuda Tagwirei Donates Houses Worth US$300 000 To Dynamos, Highlanders Football Legends

     

    Businessman Kuda Tagwirei has donated houses worth US$300 000 to three Dynamos and Highlanders football legends: the late George “The Mastermind” Shaya, Moses Chunga and Madinda Ndlovu. Shaya’s family will receive a house worth US$120 000 while Chunga and Ndlovu will receive houses worth US$90 000 each.

    The business tycoon announced the donations at the Meikles Hotel in Harare on Tuesday. Tagwirei was at a function where his company Sakunda Holdings, unveiled a record sponsorship deal for the country’s oldest and most popular clubs worth US$890 000-a-year per club for the next three years.

    The amount will cater for the club’s operational and running costs as follows:

    • $420,000.00 – Salaries and allowances
    • $200,000.00 – Bonus on winning PSL Title
    • $150,000.00 – Bonus on qualifying for Champions League
    • $60,000.00 – Sign – On Fees
    • $60,000.00 – Operational/Admin Expenses

    During the ceremony, Deputy Minister of Youth, Sport, Arts and Recreation, Tino Machakaire implored Tagwirei to do something about the welfare of retired soccer legends. Within 5 minutes, Tagwirei pledged three houses to the three football icons.

     

    KKuda Tagwirei Donates Houses Worth US$300 000 To Dynamos, Highlanders Football Legends
    Kuda Tagwirei and Deputy Minister Machakaire: Kuda Tagwirei Donates Houses Worth US$300 000 To Dynamos, Highlanders Football Legends

     

     

    He said he is going to give the Shaya family a house valued at US$120,000 as a gesture to thank them for how they inspired Zimbabweans during the pre-independence days. Shaya passed away at his home in Glen Norah A last month at the age of 77. The five-time Soccer Star of the Year had been battling illness for some time.

    Tagwirei also said he is going to donate a house worth US$90 000 to a former player from each club: Moses Chunga for Dynamos and Madinda Ndlovu for Highlanders. The businessman explained that soccer players are iconic and should be celebrated in their communities.

    The petroleum tycoon also announced that coaches and captains from the two clubs would receive brand new cars. Ford Rangers for the club captains and Ford Everests for the club coaches.

     

    Sakunda Holdings, through its subsidiaries, engages in energy, logistics and trading businesses in Zimbabwe. It imports and supplies fuels, such as diesel, petrol, renewable biofuel and kerosene, into Zimbabwe, Malawi and Zambia; operates and franchises petrol filling stations in Zimbabwe; distributes commercial fuel products for mining, transport, agriculture and industry; and distributes lubricants and chemicals in Zimbabwe. It engages in trading a range of commodities, from fuels to minerals and agricultural products, and procures fuels and markets it to other oil companies and bulk fuel buyers. It serves government, parastatal and corporate clients.

     


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    Forex Regulations in South Africa

    foreign exchange

    Forex Regulations in South Africa

     

    Forex Trading is Exploding in South Africa – But Why?

    Trading foreign exchange currencies is not just a lot of fun, but also has the potential to be tremendously lucrative and profitable – so long as you know what you’re getting into!

    South Africa is seeing a huge uptick in Forex activity of late, leading a lot of people to wonder why South Africans are jumping headfirst into this proven investment vehicle right now.

    We cover a couple of the reasons that Forex trading is exploding in South Africa below, but also go through a quick “Forex 101” kind of primer for those that are thinking about jumping into the action but haven’t started yet.

    Let’s begin.

     

    Forex 101

     

    To kick things off, Forex simply stands for “foreign exchange”.

    Foreign-exchange markets exist solely to buy or sell one currency in exchange for another. One of the most heavily traded investment markets in the world, the Forex market has investors that are individual citizens around the world, individual businesses, and even entire nations getting into the action.

    At the end of the day, though, the foreign exchange market is basically speculators purchasing one currency they believe will go up in value compared to another. That’s the foundation of this investment.

     

    Explaining the Popularity of Forex in South Africa Today

     

    It’s been pretty easy to notice that South African folks became quite interested in trading as there are many blogs and what’s more noticeable – many South Africa-based YouTube channels dedicated to trading. Since the demand has been high lately, also many brokerages have started appearing. In order to take over the local market, the competition has been quite big. As all these companies are fighting over the status of the best trading platform ZA traders have ever seen, traders seem to like the ones to benefit, as these brokerages started offering various bonus promotions in order to attract more potential clients. All this rush plays a big role in boosting the already huge hype of trading. But there are plenty of backstage factors why Forex is exploding in popularity throughout South Africa right now. Here are some of the more “general consensus” theories experts are bandying about.

     

    Pandemic Motivated Activity

     

    The pandemic has a lot of people thinking about the world at large in ways that they haven’t in the past, specifically when it comes to currency vulnerabilities and potential opportunities around the globe.

     

    Lots of people in South Africa have begun buying and selling different currencies across the world, practicing arbitrage in an effort to increase their own net worth, their own liquid assets, and protecting their financial futures at the same time.

     

    Unemployment Has Spurred Forex Interest

     

    Forex is a very “online” kind of investment opportunity, one that can be practised on a 24/7 basis, and one that requires very little barrier of entry.

     

    All of these things make Forex ideal for folks that have lost their jobs, have moved from one career and are thinking about entering another, or are otherwise unemployed. These people have plenty of time, plenty of interest in creating money through the internet, and real motivation to walk away from their old jobs and rebuild a new life – hoping forex can help them do exactly that.

     

    Day Trading Takes Off in South Africa

     

    Because of the online and 24/7 nature of this investment vehicle, it is ideal for day traders.

     

    Not everyone has the opportunity to become a full-time investor, watching as Forex markets change and shift over time. Some folks are looking to jump into Forex and then sell off as quickly as they can (often that same day) and take home the financial reward for their efforts.

     

    There’s a lot of freedom and a lot of flexibility in Forex investing. That appeals to those that want to be able to make money outside of nontraditional working hours (or even while they sleep).

     

    RAND’s Security and Stability Makes It Very Attractive for Forex Trading

     

    Finally, the national currency of South Africa (RAND) has been one of the most stable and one of the most secure currencies in the world for some time now.

     

    This helps it enjoy a fantastic value in the Forex market, setting South Africans up for success almost right out of the gate. Being able to trade on the Forex markets with a currency they are familiar with (their natural currency), one they have full trust and faith in, is a huge advantage.

     

    Combine that with the demand on the Forex market for the RAND and it’s not hard to see why so many are getting started in this kind of investing for the first time today.

     

     

     

     

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    How to dodge common Financial Mistakes made by small businesses 

    How to dodge common Financial Mistakes made by small businesses

    How to dodge common Financial Mistakes made by small businesses  


    Today, small-scale businesses are on the rise. With innovations and technology, business ideas are easier to develop and implement. However, there’s no guarantee that your business will succeed – not every company launches deals like Spectrum mobile plans and sees instant success. In fact, most small-scale businesses fail because they fall prey to financial blunders. Don’t be a part of this majority. Learn how to avoid making these mistakes in 6 easy ways.  

    Keep Your Business and Personal Funds Separate  

    A lot of business owners make the mistake of combining their business accounts with their private ones. This seemingly harmless act is monumentally disastrous for businesses. Firstly, it’s never a good idea to merge money coming from different sources. Separate accounts are important for separate spheres. If combined, they can lead to confusion and mishandling. It is mostly sole proprietors who make this mistake. Large-scale businesses are obligated, by law, to isolate funds related to business. But no such role applies to small-scale companies. Thus, it’s easier for them to get away with this even though a merge can raise red flags with the authorities.  

    A separate bank account will help by:

     

    Making bookkeeping easy  

    Simplifying the task of doing taxes  

    Building more financial transparency  

    Decreasing personal liability  

    Avoid Overspending  

    It’s easy to get carried with aesthetically pleasing stationery and furniture. But don’t let mass consumerism sway you. Stick to your budget strictly. Most small-scale companies crumble because they spend too much on inconsequential material things. They also think an excess of this will make them stand out from their competitors. Yes, basic decent infrastructure and technology are important. But don’t spend at the cost of your business’s future. Build cost-effective solutions and follow them thoroughly. And don’t worry. You’ll soon have the money to buy that latest printer for your workspace.  

    Be Smart About Insurance  

    Business insurance is very important. In fact, it is crucial for the safety and survival of small-scale companies. So, make sure your business is safe and well insured. Unfortunately, many properties fail to choose the best fit for their company. It is very easy for insurance companies to rip you off.  They charge higher prices just because they can. So, make sure you compare prices frequently to avoid paying extra.  According to Investopedia, these are the best small business insurance companies of 2021: 

     

     

    Best Overall: State Farm 

    For Independent Contractors: Hiscox 

    General Liability Insurance: Nationwide 

    Workers’ Compensation: The Hartford 

    Best Commercial Property Insurance: Travelers 

    Business Owners Policy: Liberty Mutual 

    Best Commercial Auto: Progressive Commercial 

    Budget Properly  

    Let’s face it. Everything is easier when a machine does it. Manual budgeting doesn’t do the trick anymore. You need an app that sends you notifications, reminders, and alerts to let you know about your financial status. This will also make it easier for you to see how and where you spend your money so you can cut costs next time.  These are the top 5 budgeting apps as stated by Cnet:  

    Mint (suitable for in-depth budgeters 

    You Need a Budget (for complex and intense budgeters) 

    PocketGuard (good for simple budgeters who can’t afford YNAB) 

    Goodbudget (suitable for basic budgeters who enjoy a manual and personalized style) 

    Personal Capital (best for investment and retirement-focused budgeters) 

    Plan Tax Obligations  

    Business owners have to prepare for taxes all year round. There’s no escape. Even for small business owners. You need to be well prepared before your tax arrives. If not, you’ll end up confused and shorthanded. Tax preparation isn’t something you can do at the last minute. Therefore, putting a certain sum of money aside for tax bills is important. However, it is even more important that you don’t touch the amount you’ve put away. If your budget allows you some leverage, hire an accountant. If you’re unable to do that, use resources like the internet and your nearest bookstore. But whatever you, ensure sufficient preparation. Tax irregularities are the easiest way to drown businesses. 

     

    Have an Emergency Fund  

    In unexpected times, it is important to have something to fall back on. Businesses often make the mistake of not establishing an emergency fund. This is what helps you regain control. These funds are basically savings that act as a safety net.  

     

     

     

     

     

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    What you should know about capital gains tax as a South African tax-payer?

    What you should know about capital gains tax as a South African tax-payer?

    What you should know about capital gains tax as a South African tax-payer?

    The absence of a CGT can cause many distortions in an economy by encouraging taxpayers to convert otherwise taxable income to tax-free capital gains. South African Revenue Service observed that sophisticated taxpayers had engaged in conversion transactions before, which eroded the individual and corporate income tax bases. This erosion decreases efficiency and equity in the overall tax system. CGT is therefore a crucial element in any income tax system because it protects the integrity of personal and corporate income tax bases. It can also materially aid in tax morality.

     

    CGT’s impact on investment, domestically and abroad, has been discussed since the Franzsen Commission was established in 1969. While some commentators have raised concerns about the impact of CGT on capital formation and risk-taking as well as investment preferences, it is important to remember that CGT has been widely accepted worldwide.

    General rule and CGT value

    CGT will apply to capital gains and losses on disposals of capital assets unless otherwise provided. CGT will not apply to capital gains or losses that were acquired prior to the effective date. However, the tax will be payable only on capital gains accrued after this date. In all cases, the tax payable will be reduced by including only a portion of the gain in taxable income.

     

    CGT in South Africa is not fixed and varies from person to person. CGT is a percentage of your capital gain that’s added to your income for the tax year. You are taxed according to your tax bracket (your total earnings for that tax period). The CGT rate can vary from 7.2% up to 18% depending upon which tax bracket you are in.

    What are the affected capital assets?

     

    Capital assets affected are any property, whether movable or immovable. This excludes trading stock and mining assets which are eligible for an income tax deduction as capital expenses. All assets, regardless of their nature, are subject to CGT, except for the few exclusions. 

     

    The matter is a cause for one of the most frequent confusions among South African Forex traders – whether or not Forex incomes are taxed in South Africa. According to the detailed IQ Option review, more than half of its South African clients are not aware that they do have to pay taxes on Forex incomes. However, it is indeed unclear whether you file it under the personal income or capital gains due to the non-standard nature of Forex trading compared to stocks and other long-term assets. 

     

    CGT is applicable to all assets, except those specifically exempted, including land, mineral rights, and office blocks, as well as motor vehicles, boats and caravans, trademarks and goodwill, shares, and KrugerRands.

    Who is eligible for CGT?

    Any natural person (individual or legal) who is a resident of the South African Republic. This definition will be used for the purposes of the switch to the residence base of taxation in relation to capital assets held in the Republic or outside the Republic.

     

    If a natural person or legal person isn’t a resident of the Republic, then liability for CGT will be incurred if a CGT Event (disposal) or a deemed disposition occurs with respect to:

     

    Immovable property, including mineral rights, or interests in immovable properties located in the Republic. Land held either directly or through a “closely-held” entity, for example. Closely held is when the entity is controlled only by a few shareholders or members. Assets of any permanent establishment or fixed base, branch, or agency in the Republic that are used to trade practice or vocation.

     

    This is consistent with international practice. Most countries that operate a CGT regime do not tax capital gains of foreigners on immovable property or assets used in trading activities. This is consistent with South Africa’s agreements to avoid double taxation with other countries.

    What prompts CGT?

    CGT will be activated upon the occurrence of a CGT. A CGT event, as the name suggests, is when there is a disposal or deemed disposition. An asset can be acquired or disposed of whenever the asset’s ownership changes. An asset can be disposed of if it is:

     

    • Sold
    • Given away
    • Recycled
    • Exchanging, for instance, a share-swap
    • Lost
    • Destroyed
    • If it is redeemed, or canceled.

     

    There are a number of rules that will consider disposal to have taken place. These include the following:

     

    1. A natural person (a person) or legal person (an entity) is no longer resident in the Republic.
    2. If the ownership of an asset is not transferred but it is for all intents & purposes disposed of, Certain value shifting and derivative transactions are examples.
    3. If the trust’s beneficial interest changes

     

    CGT is a transaction-based income tax in which realized or deemed realized capital losses or gains are taken into account annually by way of the normal income tax return.

     

    In the event of a deemed disposition, no special arrangements for CGT payment are made. CGT is part of the income tax system so taxpayers have ample time between the date of deemed disposal and the submission of tax returns and final assessment to make necessary arrangements. As with normal income tax, a taxpayer can approach SARS to negotiate the terms of repayment and the interest rate.

    For marriage, family, love, job/promotion. Goodluck in your business/lottery, court cases, diseases and other Spells kindly call Kiwanga Doctors on +254 769404965 or >>>> CLICK HERE.

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    You Can Now Buy Forex At Official Rate From Bureaux de Change: RBZ

    RBZ Speaks On Devaluing Zimbabwe Dollar

    You Can Now Buy Forex At Official Rate From Bureaux de Change: RBZ

    You Can Now Buy Forex At Official Rate From Bureaux de Change: RBZ

     

     

    In a great development, the Reserve Bank of Zimbabwe has announced that individuals will now be able to buy forex from bureaux de change at the official rate. Given that the official rate is almost half of that prevailing on the parallel market, this announcement will be welcomed by many Zimbabweans.

    The decision to allow individuals to buy foreign currency from bureuax de change at the official rate was made at the last meeting of the Reserve Bank of Zimbabwe’s monetary policy committee. The move is meant to promote financial inclusion among ordinary people.

    However, please note that individuals are limited to purchasing US$50 per week, for a monthly limit of US$200. The monetary authorities have allowed bureaus de change to put a premium of 10 per cent in transaction fees. Given that the official auction rate has been hovering at around 85 (85.91 to be precise from last week) this means that the effective rate will be 95.91. Given that rates on the black market are ranging between 140 and 160, most people definitely won’t mind.

    Part of the resolutions from the central bank’s MPC meeting are as follows:

    Further liberalising the operations of bureaux de change to promote financial inclusion by allowing them to process small value foreign currency transactions of up to US$50 per person per week on the basis of individual identities, with charges and commissions levied by the bureaux de change not exceeding 10% per transaction.

    Reactions to the announcement have been mixed. Some have welcomed the move saying that it will save them from being milked on the parallel market. However, others expressed scepticism over the sustainability of the policy in the long term. They highlighted that this policy presents a chance for arbitrage by those who are connected and who will have access to the forex.

     

     

    Below are some of the reactions to the announcement.

     


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    How to Take Your Honey Business to the Next Level in 2021

    https://www.pexels.com/photo/unrecognizable-beekeeper-harvesting-honey-in-apiary-5247994/

    Are you already bottling your own honey to stock your pantry? Or give as gifts to beloved friends and family? In this case, now could be the best time to take your honey business to the next level. There’s a lot you can make with honey, beeswax, and a little creative imagination.

    Please ensure you’re producing enough honey to have honey bottles on hand and ready to sell. Next, get ready to transform your pastime into a more successful company.

    Here are top 15 suggestions to help you take your honey company to the next level:

    Create Your Ultimate Package

    Since honey jars sitting next to each other on a shelf can frequently appear identical. It is worthwhile to invest time in developing a creative overall appearance for your honey inventory. Take a short trip to Pinterest to look through hundreds of label-making, bottle-decorating, and logo-creation ideas.

    To promote your honey goods, use your own personality and style. It can be colorful and eye-catching or even quaint and comfy. Invest in a one-of-a-kind, transparent glass honey bottle to highlight the natural appearance of your honey.

    A uniquely designed container may quickly distinguish your goods from the competition.

    Boost Word of Mouth

    Since you’ve been giving honey jars to friends and family for the holidays, strike up a conversation with the receivers. Inform them that you intend to sell honey as a side business and request that they assist you with some word-of-mouth promotion.

    They may tell their friends, who can tell their friends. In this way, the chain goes on, to get your honey company off to a good start.

    Donate Your Product

    There are frequently fundraising possibilities in your own neighborhood that might assist market your product. Organizations and nonprofits will seek items to sell or auction off in order to earn funds for their cause.

    Provide these possibilities with numerous complimentary jars of your honey and similar items. Make sure to include business cards so that the lucky winners know where the honey originated from. Also, how to contact you if they want more.

    Fairs & Festivals

    In your immediate vicinity, inquire about becoming a vendor at local farmer’s markets, fairs, and festivals. These kinds of events take place all around the year. Set up your booth, stock it with honey goods, and chat to as many people as possible.

    Offer out business cards for everybody. If you reside somewhere that allows it, arrange a roadside stand near a well-traveled location.

    Attractive Giveaways

    Make a distinctive gift to remind others of your honey. Distribute free trial samples of your products. You can also create a signature stuffed bee with a company logo attached to present to prospective clients.

    Promote the Interesting

    Honey is utilized in many do-it-yourself health-care recipes. Look out for some simple recipes that use honey as a main component. It can be facial masks or even hair conditioners. Next, prepare some samples for friends. The samples, together with a printout of each recipe, are excellent handouts for promoting honey’s flexibility.

    Teach What You Know

    Many individuals are fascinated by the process of producing and packaging honey. Invite scout teams, schools, and other organizations to your site to learn more about beekeeping, honey extraction, and bottling.

    Give homeschooled children the opportunity to study more about biology and science. For extra money, teach special lessons in beeswax crafts. Using new channels, you may bring in new consumers for your newbie honey company.

    Tout the Good

    Raw honey is a natural cure-all for a variety of illnesses. Make it a point to highlight the fact that your honey is produced locally. Also, it has no preservatives or additives and is a multipurpose product for improved health.

    Start a Honey Club

    Consider starting your own honey club if you have prior expertise with internet sales. This may be an excellent method to introduce new types of honey and honey-related goods to existing consumers.

    Keeping mailing list addresses or email addresses in order to advertise new goods. Allow customers to sign up to get selected honey products once a month for personal use or as a gift.

    Be Daring

    Dare to be a little different the next time you intend to sell your honey in public. Put on a bee suit or bring a small, controlled collection of your bees to show the audience.

    Small creative tweaks may be a huge lure for new clients who will eventually become regular customers. One Chinese beekeeper once wrapped his entire body with live bees in order to sell more honey. An interesting technique right?

    Promote Online

    You may advertise honey sales online in a variety of venues. Social media platforms, eBay, and Craigslist are all feasible options for selling to people who live outside of your immediate vicinity.

    Many of these internet resources are either free or low-cost. Consistency will help you maintain your items in front of customers and create a loyal following.

    Go Big or Go Home

    If you currently have a flourishing honey company and are well-known in your town, consider organizing an annual honey festival.

    A honey festival in your town may be a fantastic opportunity to meet new people, start collaborating with other local small business owners and establish yourself as a honey expert.

    Expand Your Honey Horizons

    Aside from honey, bees produce wax, which may be a profitable commodity. There are a variety of popular beeswax products that may be marketed alongside glass honey jars bulk.

    Lotions, lip balms, and candles will all become valuable additions to your store. Learn how to manufacture these extra goods and begin developing a strong brand.

    1. Make Some Noise

    Find someone handy to build you a real hive if you set up a roadside stall or a spot at a local farmer’s market. Make your selling area look like a real-life beehive and watch consumers flock to your honey location.

    Start Consigning

    You’ll have a greater chance of getting consignment possibilities if you approach other small company owners. Chain retailers are unlikely to sell your product for you, but local grocery stores, boutiques, and tourist locations may be ready to offer your honey products for a charge in-house.

    Some firms may charge a fixed monthly fee or consign based on a percentage of sales. Prepare to recommend other solutions to firms that do not already offer consignment arrangements.

    Final Thoughts

    While there are several innovative concepts you may include in your honey company, it is critical to devote time and effort to developing a good marketing strategy.

    When it comes time to move things to the next level, even if you already have a well-established firm, take the above things seriously. guyabouthome is an ideal guiding site where you can learn about home business and lifestyle ideas.

    For marriage, family, love, job/promotion. Goodluck in your business/lottery, court cases, diseases and other Spells kindly call Kiwanga Doctors on +254 769404965 or >>>> CLICK HERE.

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