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Equity Fees

Type of charge Buying % Selling %
Brokerage Fees 0.9200 0.9200
Stamp Duty 0.2500
Securities and Exchange Commission Levy 0.1600 0.1600
Investor Protection Levy 0.025 0.025
Zimbabwe Stock Exchange Levy 0.1000 0.1000
Central Securities Depository Levy 0.1000 0.1000
Vat @ 15% on Brokerage 0.1380 0.1380
Capital Gains Withholding Tax 1.0000
Total Transaction Costs 1.693 2.443
Total Costs for Buying and Selling 4.136


Debt Securities Levies

Type of charge Buying % Selling %
Securities and Exchange Commission 0.01000 0.01000
Securities Exchanges 0.01200 0.01200
Central Securities Depository 0.01000 0.01000
Securities Dealers 0.06500 0.06500
VAT on brokerage 0.00975 0.00975
Investor Protection Fund 0.00300 0.00300
Total Transaction Costs 0.10975 0.10975
Total Costs for Buying and Selling 0.21950

Debt Securities Levies 2017





Ministry of Finance



rbz logo2



Reserve Bank of Zimbabwe






Securities and Exchange Commission of Zimbabawe


Board of Directors

Mrs. Caroline Sandura – Chairman and Non Executive Director

Caroline Sandura is a Barrister at Law of England and Wales and is a registered Legal Practitioner in Zimbabwe. She holds a Joint Honours Degree in Law and Politics from Keele University (UK). She joined the then Posts and Telecommunication Corporation until its transformation to TelOne (Private) Limited. During this period she held several positions which include being Manager Legal and Regulatory Affairs, Manager Legal and International Affairs and Manager Legal and Public Relations. She is currently the Company Secretary and Legal Advisor for TelOne and is also responsible for the Corporate Communications portfolio. Caroline Sandura has been and is currently a member of several Boards.

Mr. Bartholomew Mswaka – Vice Chairman and Non Executive Director

Bartholomew Mswaka graduated in Economics in 1980 from the University of Zimbabwe. In 1981 Bart joined the staff of the Reserve Bank of Zimbabwe where he worked until 1989 when he left to join the Bank of Botswana as an expatriate manager. He left Botswana in 1996 and joined Fleming Martin Edwards (Edwards) as one of its managers. Bartholomew left Edwards in 1999 to become the Managing Director of HSBC Securities (later to become ReNaissance Securities). Bartholomew is a registered Stockbroker and is a former Chairman of the Zimbabwe Stock Exchange. He is currently the Chief Executive Officer of St Giles Medical Rehabilitation Centre. Mr Mswaka is a pension fund trustee and Chairman of Fintrust Pension Fund, Comarton Preservation Fund and the Comarton Managed Pension Funds Consortium. He also sits on the Boards of Untu Holdings Limited, CIMAS and Makera Cattle Company.

Bartholomew is the Patron for Pathway Primary School, a private school in Zengeza, Chitungwiza. Hewas recently appointed Board Member and Chairman of Zimbabwe Asset Management Company (ZAMCO), a wholly owned subsidiary of the Reserve Bank of Zimbabwe.

Mr. Benson Gasura-Non Executive Director 

Benson is the Managing Director of FBC Securities (Private) Limited a brokerage subsidiary of a financial services group FBC Holdings. He sits on several Board and Executive management committees within the FBC group. Ben is a registered stockbroker, Chairman of the Stockbrokers Association of Zimbabwe, Chairman of TIB Insurance, Chairman of Corporate Governance and Risk Committee of the IODZ and a full member of the South African Institute of Financial Markets. He holds a Master of Science in Strategic Management and a Masters in Business Administration. Additionally he holds qualifications in Management, Risk, Banking and Business Leadership. He has been involved in financial services for over 10 years.

Mr. Markus de Klerk – Non Executive Director 

Markus is a registered legal practitioner in Zimbabwe and has over 20 years’ experience in commercial legal matters, corporate administration and the financial services sector in SADC. His areas of expertise include Legal Counsel, Advisory Services, Debt and Equity Capital Financing, Structured Trade and Commodity Finance, Corporate Restructuring, Collateral Structuring and Credit Process Management, Mergers, Acquisitions and Securities. Currently the Managing Director of Imara Fiduciary (Private) Limited. a collateral and debenture trustee business. Before joining Imara he was legal counsel for Ecobank Zimbabwe whose parent company, Ecobank Transnational Incorporated, is listed in both Ghana and Nigeria. Prior to this he was Group Legal Counsel and Company Secretary for BancABC Limited, listed on both the BSE and ZSE.

Mr. Kholisani Moyo– Non Executive Director 

Kholisani Moyo is a holder of Master of Science Degree in Fiscal Studies from NUST, Bachelor of Science in Economics Honours Degree from University of Zimbabwe, National Diploma in Marketing Management from Bulawayo Polytechnic College and Australia Awards Fellowship in Mining Resources: Sustainable Management of Revenue Flows from University of Sydney.He also has several taxation certificates from the University of Pretoria, which include International taxation, excise taxation and taxation of natural resources. A taxation and financial expert, Kholisani Moyo rose through the ranks in the Ministry of Finance and Economic Development to become a Chief Economist in the Department of Financial and Capital Markets. He has a total of 15 years’ experience in the Civil Service of which 11 years was spent in the Revenue and Tax Policy Department of the Ministry of Finance and Economic Development.

Mr. Daniel Muchemwa– Non Executive Director 

Daniel is the Accountant General in the Ministry of Finance and Economic Development. He has over thirty-six years of experience working in or with the Public Sector in Zimbabwe and the region.
Daniel has provided extensive public sector financial consulting support to a range of institutions within the region. His regional experience covers Malawi, Zambia, Mozambique, South Africa, Namibia, Ghana, Uganda and Zimbabwe. His sector experience covers Health, Posts and Telecommunications, Public Finance Management, Supreme Audit Institutions and Urban and Rural Local Authorities. He served for nine years as the Global Fund Local Fund Agent Team Leader in Zimbabwe. He has presented a number of papers at diverse forums on the following business issues: Privatisation, Change Management, Time Management, Financial Management, Public Procurement, Governance, Economic Environment and Government Budgeting. He is currently a non-executive member of the Zimbabwe Stock Exchange and chairs the Board’s Audit and Risk Committee.

Mr Alban D Chirume- Chief Executive Officer 

B.Sc. Physics and Mathematics (UZ), MBA (University of Wales), ACIS (Zimbabwe). R.PAcc (Z)

Alban was trained and worked as a Telecommunications Engineer at Posts and Telecommunications Corporation from 1988. In 1992 he joined the financial services sector. He was involved in Project Finance, Investment Management, Advisory Services and Treasury at senior and general management levels. In 1998, Alban established a company which was both a member of the Zimbabwe Stock Exchange and the Zimbabwe Agricultural Commodity Exchange (ZIMACE), and provided financial advisory services. In June 2009, Alban became the inaugural Chief Executive of the Securities Commission of Zimbabwe. He played a major role in the establishment of the Commission and the development of the regulatory framework. On 1 June 2013 he was appointed Chief Executive of the Zimbabwe Stock Exchange. He is a Chartered Secretary and a Registered Public Accountant. He is the immediate past Chairman of the Committee of SADC Stock Exchanges (CoSSE) and is an Executive Committee Member of the African Securities Exchanges Association (ASEA).

Listing Rules

The Zimbabwe Stock Exchange Listings Requirements are available for download for free below. A complete set of capital markets’ associated legislation may be purchased from Optima Legal Services Pvt Limited.

Our downloads section includes certain freely available legislation and economic commentary. These documents should not be relied upon as a complete repository of data.


The ZSE has two indices namely the Industrial Index and the Mining Index. The method of calculation for both is identical.

The Industrial Index comprises all companies other than mining companies. The Mining Index comprises four (4) companies; namely Bindura Nickel Corporation Limited, Falcon Gold Limited, Hwange Colliery Company Limited and RioZim Limited.


The Indigenisation and Economic Empowerment Act Chapter 14:33 Act 14/2007 was passed by Parliament and signed into law shortly before the Parliamentary and Presidential elections held in 2008.

Since then Regulations have been published by the responsible Minister (and amended several times), and a number of Government Notices have been published.

The aggregate effect of this legislative activity is to require businesses in Zimbabwe having a net asset value of over the prescribed threshold (which varies sector to sector), to “dispose of” a controlling interest of not less than 51% to “indigenous Zimbabweans”.

The time frame within which such disposal must take place differs from sector to sector.


Below are the various taxes applicable to investments on the Zimbabwe Stock Exchange:

  • Stamp Duties on purchase of share

    A Stamp Duty of 0.25%, that is 25 cents per each $100 or part thereof, is payable on the purchase of shares.

  • Tax on Capital Gains (CGT)

    There is a Capital Gains Tax payable on capital gains realised from the sale of specified assets (immovable property, shares and other securities). The general rate of CGT is 20%. Sale of listed securities is subject to 1% Withholding Tax on the gross proceeds with effect 01 August 2009 and are currently exempt from Capital Gains.

    Sale of unlisted securities is subject to Withholding Tax at 5% of gross proceeds.

  • Withholding Tax on dividends

    • Resident Shareholders’ Tax on dividends

      A resident shareholder’s tax is deducted at source from dividends paid by Zimbabwean companies. The general rate is 15%. A special rate of 10% applies for companies listed on ZSE.

    • Non Resident Shareholders Tax on dividends

      A non-resident shareholders tax is deducted at source from dividends paid by Zimbabwean companies. The general rate is 15%. A special rate of 10% applies for companies listed on ZSE.

  • Tax on Business Profits

    Income Tax on business profits are generally taxed at 25% though the rate may differ for specialised industries. This tax is payable on income derived from, or deemed to be from a source within Zimbabwe. In addition a 3% Aids levy based on the tax is charged.

  • Tax on Employment Income

    Employers are required to withhold tax (Pay As You Earn) from remuneration paid to their employees. The rates range from 0% on the low income brackets to 45% on the higher brackets. In addition a 3% Aids levy based on the tax is charged.

  • Value Added Tax (VAT)

    The rate of VAT is 15%. Exemptions and Zero Rating apply on various goods and services that are considered essential.

Terms and Conditions

You agree to be bound by the following terms and conditions:
Under no circumstances should any material received from the ZSE Data Portal or social media be construed as an offering of securities or of investment advice.

It’s important to note that the ZSE Online Communications Channels should not be relied upon for timely or complete investor information from the Zimbabwe Stock Exchange as we are unable to control the external channels through which our messages are delivered.

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Zimbabwe’s Economy

A recovering Economy

From 2009 Zimbabwe’s economy has been recovering from a significant hyperinflationary period. The introduction of the US Dollar (as the primary means of exchange) in February 2009 brought relative currency stability to the economy which in turn resulted in increased investment and investor interest.

Major exports
Tobacco, gold, ferro-alloys, nickel, platinum, cotton lint, horticultural products, beef, maize, sugar, tea, coffee, clothing, footwear, furniture.

Major imports
Industrial machinery, industrial raw materials and chemicals, transport equipment, fuels and lubricants, electrical and electronic appliances and household goods.

Zimbabwe’s infrastructure remains relatively good compared to other countries in the region, and our wide-ranging road and rail networks, as well as an established regulatory framework in most facets of business, have fostered an enabling business environment.

Power generation capacity remains constrained in relation to the country’s needs. Zimbabwe of a national demand of about 2 200 MW, the country can produce around 1 237 MW. Rehabilitation and expansion of national power stations (Hwange, Kariba, Harare, Bulawayo, Munyati), the national grid and transmission & distribution network are prioritised to improve energy supply to local firms. In recent years the Zimbabwean Government has also licensed private producers in the power sector.