Zimbabwe has recently taken a bold move to protect indigenous customs clearing and freight forwarding firms by reserving these sectors for indigenous firms.
Part VII and section 28 of the Finance Act No. 2 of 2024 amended the first schedule (Reserved/threshold sectors) of the Indigenisation and Economic Empowerment Act (Chapter 23:02) by repealing the original list and substituting it with an updated list.
Part VII and section 28 of the Finance Act No. 2 of 2024 amended the first schedule (Reserved/threshold sectors) of the Indigenisation and Economic Empowerment Act (Chapter 23:02) by repealing the original list and substituting it with an updated list.
The updated list now includes customs clearing and freight forwarding sectors. These are now among those reserved for indigenous firms. The following is an extract from the Finance Act No. 2 of 2024.
15. Clearing and Customs
The Customs Clearing Industry in Zimbabwe involves all activities related to the facilitation of goods through customs borders, ensuring compliance with regulatory requirements and efficient processing of imports and exports. The industry is classified into the following segments—
(a) documentation processing: preparation and submission of necessary documents, including bills of lading, commercial invoices, and customs declarations to ensure compliance with import and export regulations;
(b) customs brokerage: licensed brokers act on behalf of clients to navigate customs regulations, classify goods, and calculate duties and taxes accurately;
(c) cargo inspection and verification: coordination of inspections by customs authorities to verify the contents and value of shipments, ensuring adherence to import and export regulations;
(d) duty and tax payment: management of duty and tax payments, including calculation, payment facilitation, and securing refunds or rebates where applicable;
(e) logistics coordination: collaboration with shipping and transport companies to ensure timely and efficient movement of goods through customs borders.