HARARE – The Government has gazetted new amendments to Zimbabwe Stock Exchange transaction charges with effect from Wednesday that will see securities market levies pegged at 4.2 percent of the transaction.
According to Statutory Instrument 108 of 2014, the securities dealers shall be the collecting agents and the levies shall be payable not later than close of business on the Friday of the week in which the transaction is concluded.
The amendments will also see each registered central securities depository pay a levy of 0.5 percent of its month’s gross income to the Securities Commission for Security Custody Levy.
“The levy shall be remitted to the Commission by no later than tenth day of the month following in respect of which the levy is paid,” reads the notice.
Companies will pay similar fees for Securities Transfer Levy.
The new amendments replace the old rules under which companies were paying $10,000 for approval of a scheme to establish a central securities depository and $5,000 as annual fee.
Stockbroking firms met on Wednesday to discuss the new securities charges, and decided to resort to manual deal notes for the time being while they implement the new charges.
– The Source
