PRESS RELEASE: Appointment of Board Of Directors

To our valued customers and all other stakeholders.

Please be advised that we have appointed a New Board of Directors who will be custodians of the M & J Vision to ensure that the company reaches greater heights.

The new board shall consist of:

  1. Mr. C Ngwerume (Board Chairman)
  2. Advocate E Hamunakwadi
  3. Mr. A Masere
  4. Mrs. D Bhanya
  5. Mr. M Mutumwa
  6. Mr. J.M Nyazungu (Managing Director)

Their profiles:

1. Mr. C Ngwerume (Chairman)

Chamu Ngwerume was educated in Harare. He holds qualifications in Business Administration, Risk & Loss Control Management, Management Development, Banking and Finance, ISO Quality Management Systems, and Constitutionalism and Corporate Governance.

He is a certified Loss Control Practitioner. He is a former founder Director of Catiss Security, and has been a Director and board member with Concept Security, Squad Security, Fawcett Security (first ever black director) and Armcor Security Zambia (only black expatriate Director and board member). He is currently a Director and Board member with Guard Alert P/L

He has served as Chairman/President of the Security Association of Zimbabwe for about 10 years, being the first ever youngest black to be in that position, Vice President – National Commercial Employers Association of Zimbabwe, President – Mashonaland Employers Association of Zimbabwe and Executive Committee Member of the National Employment Council for the Commercial Sector.

He is the current Chairman of the National Employment Council for the Security Industry, Board Member and Non Executive Director with Best Car Rental

2. Advocate E Hamunakwadi

Edwin Hamunakwadi is the Managing Partner of Hamunakwadi and Nyandoro Law Chambers. He holds a Bachelor of Law (Honours) Degree from the University of Zimbabwe, an Executive Masters Degree in Business Administration from Africa University and is rounding up his Masters of Law Degree with the University of Zimbabwe.

Edwin is a Corporate attorney who also covers civil law, labour law, conveyancing law and human rights law areas of practice. Edwin is a former intern at Doughty Street Chambers which is the leading light in human rights practice in the United Kingdom. Edwin is the Board Chair of the Association of Certified Forensic Practioners and a Trustee of The African Solutions Trust. He is also the founder of the Edwin Hamunakwadi Foundation Trust.

3. Mr. A Masere

Alexious Masere is the Managing Director and CEO of The Best Car Rental and has held these positions since the inception of the company in 2019. He holds a B.Com degree in Marketing Management and has over 10 years’ experience in the car rental business. Alex is passionate about equal opportunities and believes in giving all people a fair chance. He is currently setting up an orphanage for children who lost their parents to the HIV pandemic here in Harare. Some of his hobbies include: playing golf, motor racing, mountain climbing and playing chess, and his favourite book of all time is “The Monk who sold his Ferrari” by Robin Sharma.                                                      

4. Mrs. D Banya

Following a successful career working for a number of leading Advertising and Public Relations agencies in Zimbabwe and co-founding and managing a Public Relations agency, Debra set up Curate Communications in 2017. She is responsible for the day-to-day running of the business as well as Client Relationship Management.

Debra is an experienced strategic consultant with over fifteen years in Journalism, Marketing, Advertising and Public Relations, having successfully developed and managed various campaigns for national and international brands. Her focus lies in crafting integrated, insight-led creative communications campaigns, advising clients on communication strategy and helping businesses engage across stakeholder groups and media influencers to best effect.

Her client experience includes blue chip companies such as Old Mutual, Delta Corporation, CBZ Holdings, FBC Holdings, BAT Zimbabwe, NetOne, Paciific, Edgars, Truworths, Barclays, Zimplats, SEEDCO, National Foods, Unilever, TelOne, Zimbabwe Papers.

5. Mr. Modern Mutumwa

Modern Mutumwa is the Managing Partner of MJV Chartered Accountants. He has more than 10 years’ experience in auditing, tax and preparation of financial statements in Zimbabwe having been with MJV since inception about half a decade ago.

He obtained his B Com Honours degree in Accounting from the National University of Science and Technology, BCompt Honours (Accounting) from the University of South Africa. He trained as an articled clerk with Ernst & Young in Zimbabwe. He is a Chartered Accountant and is a member of the Institute of Chartered Accountants of Zimbabwe (ICAZ). He is also a Registered Public Auditor with the Public Accountants and Auditors Board (PAAB).

Moreover, he is also a registered Estate Administrator handling judicial managements and liquidations. He also has an Executive Certificate in Programme and Project Monitoring and Evaluation from the University of Zimbabwe.

6. Mr. J Nyazungu

Mr. Jerry More Nyazungu is the founder and Managing Director of M&J Consultants. A seasoned Accountant and Entrepreneur with more than 10 years of working directly in the Accounting field.

Jerry is a Chartered Secretary (CIS) and a Registered Public Accountant in the Republic of Zimbabwe. He is also an Estate Administrator with extensive taxation, audit and financial accounting and management experience across a wide range of companies.

Jerry is passionate about Business and Growing Companies thus the vision of M&J Consultants.

Cheerful team of financial managers in formalwear sitting at desk and preparing annual accounts with help of laptop, interior of open plan office on background

Tax Relief on Medical Expenses

Workers and employers sustain medical costs which negatively affect their disposable income.

To curb this burden on employees and employers, there various tax incentives on medical expenses as well as medical contributions. The tax incentives include tax credits, exemptions and deductions.

Tax exemptions and credits are only applicable to employees whereas tax
deductions are granted to employers. Tax credits refer to the amount of money that a tax payer can subtract from taxable income. It increases disposable income of a tax payer.

Basically, medical cost are categorized into two classes namely medical contributions and medical expenses.

Medical expenses refers to hospitalization cost, treatment costs, drugs as well as purchase, hire, repair of an invalid appliance or fitting. Invalid appliance should be used by taxpayer or his spouse or any child by reason of his or her mental or physical defect or disability so as to qualify for tax credits.

In the case that the employer has paid for medical expenses on behalf of the employee, he/she is granted a tax deduction for the calculation of his tax liability. To the employee, the amount paid by the employer represent a fringe benefit however the law exempts from tax this benefit in the hands of the employee.

On the other hand, an employee gets 50% tax credit in respect of medical expenses incurred by him/her for himself or herself, his/her spouse or child. Only expenditure paid in respect of prescribed drugs are granted tax credit.

The employee should forward the supporting documents such as original invoice of the incurred medical expense, which has not been recovered from any source to the employer to facilitate the claiming of the credit. The bill will be entered in the payroll and the employee’s payable tax will be reduced by 50% of that bill.

When an employer pays medical cost out of his own funds on behalf of his employees it is called a medical contribution. In Zimbabwe medical contributions are made to medical associations such as CIMAS, PSMAS and Fedelity depending on the preference of employers.

Medical contributions on behalf of employees are exempted from PAYE. When computing tax liability in the hands of the employer, medical contributions are deductible which is a benefit as this minimizes tax liability of the employer. However, it should be noted that for medical
contribution to qualify as a deduction they should be paid to approved medical aid society.

Conclusively, when an employee make a contribution to medical aid society from his disposable income he qualifies for 50% tax credit as long the contribution was made to recognized medical aid society. If one is not a permanent resident of Zimbabwe he cannot claim any medical
expense, however he can only claim medical contribution made to a medical aid society.

If the taxpayer is deceased and the estate has made any payment of medical expenses those expenses should be claimed in the person’s pre-death period of assessment.

SOUTH AFRICA - Cape Town - 09-October- 2019 - The Financial Sector Conduct Authority (FSCA) raided Dr Iqbal Survé's offices in Cape Town this morning, in what the businessman described as a "fishing expedition" and "an intimidation tactic". Management and staff said the FSCA, accompanied by police officers, pounced on the offices of Sekunjalo Holdings and African Equity Empowerment Investment (AEEI) without prior notice and tried to confiscate laptops and computer hard drives.The FSCA team arrived at Sekunjalo's offices near the V&A Waterfront saying they were probing a case of irregularly share trading against one of Survé's companies, AYO Technology Solutions.  Photographer Ayanda Ndamane/African NewsAgency (ANA)

Business Entity Incorporation Agents (Company registration agents)

Company registration work has been a profitable small specialized market for unregistered and unregulated company registration and shelf company selling “agents” for the longest time in Company administration.

Over the last 20 years most registered Companies are predicted to have been registered by agents, this includes most of the dormant companies that the office is now trying to weed out.

A new phenomenon that has been brought forth with the new Act is the introduction of the Business Entity Incorporating Agent License, any person who does business registration work which is defined as the preparation by any person for profit, of any document for registration with the Companies Office or for attestation or execution by the Registrar.) This means any Companies office filing whatsoever including the filing of

  • Annual Returns
  • the appointment as company secretary when you are not on the board of directors
  • providing a registered office or business address
  • managing a share registry on behalf of a company
  • arranging the appointment of a nominee

This type of work is now done by the traditional Legal Practitioner, Chartered Accountant, a person registered under the Chartered Accountant and Auditors Act [27:12], or is a Chartered Secretary, must now be done by a person who is registered under the Act as a Business Entity Incorporating Agent.

An individual or a company competence will be judged based on the qualification of the individual Directors of said company, An individual who in his/her personal capacity or as the Director/Chief Accounting Officer of a Company that seeks to be licensed as a Business Entity Incorporating Agent must be either:

  •  Be a qualified Public Accountant or auditor in terms of the Public Accountant and Auditors Act [Chapter 27:12]
  • Must be a holder of a Bachelor in Business Administration degree from a recognized University OR an equivalent prescribed qualification (we are still waiting for further Regulations as to what these equivalent prescribed qualifications will be but it is an intelligent guess that it will most likely be University degrees in the Commerce related disciplines

ANY agent who is not registered under this Act as of the 13th of August 2020 (within 6 months of the effective date of the Act) is not qualified nor do they have the privilege to do any business entity registration work and any prospective licence applicant who does not hold the prescribed qualifications will not qualify to be licensed as such.


Basic Functions of Accounting Systems

An accounting System – is a set of records and the procedures and equipment used to perform the accounting functions. Manual systems consist of journals and ledgers on paper. Computerized accounting systems consist of accounting software, computer files, computers, and related peripheral equipment such as printers.

Basic Functions

Interpret and record business transactions.

The records that are kept for the individual asset, liability, equity, revenue, expense, and dividend components are known as accounts Every time an organisation conducts a business transaction, the status of the account changes. Bookkeeping process keeps track of these changes in various ledgers and journals. The financial statements are then prepared using this information.

Classify similar transactions into useful reports.

Statement of financial position has 3 sections

Assets – the things of value that the company owns.

Liabilities – obligations to pay or provide goods or services at some later date.

Equity – the amount of net assets (assets – liabilities) owing to the owners of the business.The income statement – communicates the inflow of revenue, and the outflow of expenses over a given period of time.

The Cash Flow Statement – records inflows and outflows of cash during a period of time, and is divided into cash flow from operations, financing, and investing activities. 

Summarize and communicate information to decision makers. 

An accounting system is capable of generating summarized and comprehensive statistical reports that provide management or interested parties with a clear set of data to aid in the decision-making process.

An accounting system can also manage

Expenses – An automatic accounting system allows quick entry, categorisation and automatic balance of expenses.

Invoices – Some accounting systems allow for instant invoice creation with the ability to customize and automatically keep track of paid invoices and income.

Funding – All the business liabilities, whether accounts payable, bank loans taken to support the business, or mortgages, etc. An accounting system keeps track of these liabilities as payable values and automatically updates the balances as soon a payment is made and accounts are settled.



It is important for all companies to familiarize themselves with the new Companies and Other Business Entities (Chapter 24:31). The memorandum can only be altered under exceptional cases. It is vital for companies who intend to alter their memorandum to follow all procedures stipulated in the Companies Act.

Special Resolution

A special resolution may be used to alter the memorandum. A condition contained in both the memorandum and lawfully in the articles can be altered through a special resolution excluding conditions prohibited from alteration by the memorandum itself.  Moreover, a special resolution can be useful in altering the objects of the company. This is only possible when the name of the company describes the objects of the company and the objects have to be altered so that the name of the company no longer describes the objects. It is important to note that the memorandum can only be altered if the name of the company is changed accordingly in terms of section 26 (“Change of name”).

Cancellation application

Use of a cancellation application is limited to holders of not less than five per cent in nominal value of the company’s issued share capital and group of shareholders referred to in section 80 (“Group voting on amendments to memorandum”). However, the above-mentioned users should not have voted or consented in favour of the alteration.

A cancellation application has to be made within one month after the date on which the resolution altering the condition specified is made. It can be made on behalf of the persons entitled to make the application. The persons can be appointed in writing. The court can make an order in cases where the application needs amendment. The order is made so that the alteration process is done diligently.

Special Resolution-Companies exempt from using the word “Limited”

The resolution altering the company’s objects shall require notice to the Minister. If no application is made within one month, a copy of the memorandum as altered is delivered to the Registrar. However, if an application is made it will give notice of alteration to the Registrar and within one month a certified copy of the altered memorandum is delivered to the Registrar. Default in giving notice or delivering any document to the Registrar will attract a category 3 civil penalty upon the defaulting company.

In conclusion, companies will not face any challenges in altering their memoranda if they follow all procedures in the companies act. Consultancy organisations can assist companies in explaining procedures and completing the process on the organisations’ behalf.


The difference between management reports and financial reports

Financial and management reports are the fundamental to the success and going concern of a business. For large businesses, various departments have to contribute for these reports to give a true picture of the organizational operations. 

However, for small businesses one person might be able to handle the reporting of an organization. While some may think reporting is just about calculating numbers, management reports and financial reports contain a number of differences in content and the generation process. Before hiring a specialist, it is important to understand the differences in the two types of reporting.

Financial reporting refers to the process of providing financial information to company stakeholders in order to influence business goals. The process includes three important components which are the cash flow, the profitability and the value of assets (current and non-current). The finance person tasked with preparing these reports must have an understanding of the variety of statements and the accounting standards required.

The several different types of financial management and reporting are Statement of profit or loss and comprehensive income, Statement of financial position, Accounts that are to be paid (Creditors), Accounts from where funds are coming and Statement of transactions (Debtors). Financial reporting has to be done accurately by a sharp and diligent professional.

On the contrary, management reporting is key to assess a company’s operation and performance. Management accountants send monthly management reports to the CEO.

These inform stakeholders who in turn can better make decisions about the company’s profit points, performance, and tactical steps to benefit the company as a whole. The monthly reports that are sent to the management outline the company’s overall performance in the fiscal year. It is important that management reporting is done by a critical thinker to produce the best results.

Financial reporting includes external reports that require certain standards and guidelines to be followed. They demonstrate the company’s overall performance. Moreover, they facilitate easier comparison between successive financial years.

In contrast, management reporting includes internal reports, including information regarding banks, investors and CEOs. Flexible guidelines. Management reports demonstrate the company’s reports for segments. The way they help business forecasts the company’s future cannot go unmentioned.

In conclusion, it is important to note that management and financial reports are different. However, both are concerned with making a business viable. In order for a business to remain competitive sound financial and management reports are top priority.



Normally, the goods taken by the Zimra border officials under the Customs Act, 1962 are deliberately taken by the Customs department. However, in some cases where the seizure is not practicable, it may become necessary to detain the goods for investigation. The provisions for putting goods under custody are contained in Section 110 of the Customs Act, 1962.

The goods are detained for various reasons and at the instance of various agencies of the Department, such as the Directorate of Revenue Intelligence, the Directorate of Central Excise Intelligence, Narcotics Control Bureau and Directorate of Enforcement and even other agencies, like the Central Bureau of Investigation. Once an order for detention of goods is served to the owner of the goods, he cannot remove, part with, or otherwise, deal with the goods except with the prior permission of the proper officer of the Customs.

During the investigation and subsequent adjudication proceedings, if the contravention of provisions of the Customs Act, 1962 and other allied laws is established, the action is taken against the importers/ offending goods as provided in the law. Guidelines for expeditious Customs clearance/provisional release: To avoid delays in the release and minimize hardship to the trade if goods remain detained pending an investigation into any dispute in relation to assessment, customs number must have been activated.

Import/export goods are not to be detained unless prohibited as per the FTP and/ or under other allied laws. However, goods that may be prohibited for importing/exporting will depend on the following conditions;

  • Imports not complying with the specifications/conditions/requirements of various Orders/Acts (e.g. Livestock Importation Act, 1898, Prevention of Food Adulteration Act, 1954, etc.)
  • Where gross fraudulent practices are noticed and release of the goods may seriously jeopardize further investigations as also interests of the revenue. Further, any individual suspected to be prohibited in terms of quantity, value, and description will be seized for being liable to confiscation under the Customs. The Departmental officers will be held accountable for cases where detention of goods has been ordered on insufficient and weak grounds resulting in the unconditional release of detained goods in the adjudication stage itself, where importers have to suffer avoidable demurrage charges/loss by pilferage.

QuickBooks Online is the Leading Cloud Accounting Software in the world with over 5,6 Million subscribers.

Cloud Accounting is the future of Accounting “ In UK he UK, 18% of firms have over 98% of their clients in the cloud, while worldwide, almost a third (31%) have more than 80% of their clientele online “ In the UK, it’s predicted that 78% of small businesses will rely solely on cloud accounting software by 2020

Why Cloud Accounting

In recent years, cloud technology has revolutionized our day-to-day lives. We post our family photos to Facebook, we pay our household bills through online banking and we use our smartphones to check our email on the move.

So, if we are utilizing the cloud in our everyday lives, why are we not doing the same in our business lives? Cloud-based accounting software now offers all the functionality and reliability of your tried and trusted desktop accounting system, but with the advantages of cloud accounting.

Here are some of the advantages of using cloud accounting over desktop versions.

Mobile access at any time

Access your data anywhere at any time 24/7 so long you have internet access, unlike desktop application where your data and your accounts are all sat on a local drive and that limits the access you can have to your financial information.

You can also access your data on Mobile and Tablets which help can translate into a more flexible lifestyle while running your business. You can have certainty over the financials and banking even when you are not physically present in your business.

A cost and time-effective solution

Working online reduces your IT costs and saves you time by keeping you constantly connected to the business. Desktop-based systems require an investment in IT hardware, server, and maintenance of the hardware whilst online accounting is carried out entirely from the cloud.

There is no costly IT infrastructure for you to maintain, and you can access the software whether you are in the office or out at a customer meeting.

Watertight security and no time-consuming back-ups

When you are cloud-based, your accounts and records are all saved and backed up with military levels of encryption. With desktop accounting, you have to back up data each and every day and make updates every time the provider provides new updates.

On a cloud platform, back-ups and software updates become a thing of the past. You’re always logged in to the most up-to-date version of the software, with all the latest functions which save time and money with tedious backup.

Cloud accounting is more secure than the desktop version where the file is set in Sever or laptop hard drive all information is encrypted and save in cloud servers.

Share and collaborate with ease

Working with colleagues, and sharing data with your advisers, is an extremely straightforward process when you’re based in the cloud. Using the old, desktop approach, you had limited access to your accounts – and that made collaboration with colleagues and advisers difficult.

If your accountant needed specific numbers, they would need to be emailed back and forth, or saved to a USB memory stick and couriered directly to their office.

Reduces paperwork and is more sustainable

Using cloud accounting can deliver the dream of having a paperless office. With an online accounting  system, you can significantly reduce your reliance on paperwork.

Invoices can be emailed out directly to clients, removing the costs of printing and postage – and speeding up the payment process. Incoming bills and receipts can be scanned and saved directly with the associated transactions in your accounting software because your documents are all digitized and stored in the cloud also known as e filling.

Also, you banks transaction can automatically add into QuickBooks, Please note this function does not integrate with Zimbabwean banks, However, you can upload your CSV file bank statement into QuickBooks then, categorize or reconcile the transaction and then posts into QuickBooks