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VEHICLE DUTY REBATE FOR RETURNING STUDENTS 

INTRODUCTION

Returning student refers to an individual who has lived in Zimbabwe before and returns to Zimbabwe once he/she completes a course of study.

The returning students rebate on importation of motor vehicle has over the years allowed them to afford to acquire and import motor vehicles into Zimbabwe at a rational cost.

It should be noted that for the returning student to qualify for the rebate certain conditions should be met as highlighted below.

CONDITIONS FOR THE STUDENT TO QUALIFY FOR REBATE

The returning student must be above the age of 16 years and should have stayed outside Zimbabwe for a period of not less than 2 years. The time of arrival also determines whether or not the student qualifies for the rebate and this can only be established from the returning student.

The first time of entering Zimbabwe by the student after completing the course of study, immigration officers will ask the returning student if he or she wishes to claim the returning student status upon arrival at any entry point. If the students wishes to claim returning students status, the immigration officer will stamp his/her passport with RR which shows that he or she is a returning resident.

The stamp concludes the student’s first occasion of entry and will determine whether or not the student can claim the motor vehicle rebate.  If the student does not import the vehicle on first occasion as above-mentioned he or she forgoes the duty rebate. 

Additionally, ZIMRA will request the returning student to produce academic transcripts, certificates or any other confirmation to ascertain that he or she has indeed completed studies.

The rebate is therefore not available to returning students who have not completed their studies for whatever reason. The vehicle must be in physical existence and fully paid for by the returning resident before the time of his arrival. Therefore if one purchases the motor vehicle after his return he or she may not enjoy the duty rebate, unless one did not declare that he has returned for good.

However, the rebate has led to the abuse by third parties importing vehicles duty-free. This abuse has resulted in the government losing out potential revenue to these 3rd parties.

To curb this risk the government has put a maximum value of US$5000 so as to qualify for the rebate. If a student imports a motor vehicle exceeding this value he/she will forego the rebate and pay the full duty on the imported vehicle.

Conclusively, the rebate has been of great importance as it benefits returning students although this move tend to result in an increase in the importation of second-hand motor vehicles which may pose environmental impacts such as emissions.

Trademark Registration Zimbabwe

WHY I NEED A TRADEMARK?

What is a trademark?

It is a distinctive sign or name, which identifies certain goods or services of one producer from those of another.       

Registering a Trademark

Registration of a trade mark is done in accordance with the Trade Marks Act [chapter 26:04] and Trade Marks Regulations [2005].

First, an application for registration of a trademark must be filed with the national trademark office, which in this case is the Zimbabwe Intellectual Property Office.

The application must contain 10 clear reproductions of the mark filed for registration, including any colours, forms, devices or three-dimensional features.

The application must also contain a list of goods or services to which the mark would apply. The mark must fulfil certain conditions in order to be protected as a trademark or service mark.

It must be distinctive, so that consumers can distinguish it as identifying a particular product, as well as from other trademarks identifying other products. It must neither mislead nor deceive customers or violate public order or morality.

Finally, the rights applied for cannot be the same as, or similar to, rights already granted to another trademark owner.

This may be determined through search and examination by the Office, or by the opposition of third parties who claim similar or identical rights.

Examples of Trademarks

Econet

Coca-Cola

Nestle

IMPORTANCE OF A TRADEMARK?

Registration confers legal rights to the owner of the trademark.

A trademark allows the proprietor to authorize another to use it in return for payment [licensing].

Marketing tool

Trade marks promote initiative and enterprise worldwide by rewarding the owners of the trademarks with recognition and financial profit.

Trademark protection hinders the efforts of unfair competitors, such as counterfeiters, to use similar distinctive signs to market inferior or different products or services.

The system enables knowledgeable traders to produce and market goods and services in the fairest possible conditions, thereby facilitating international trade.

Trademarks can identify the commercial source of goods or services

From the above it is good to register your trademark and M&J Consultants can assist along the way 

bookkeeping-balance-sheet

Advantages of Outsourcing Bookkeeping

Bookkeeping can simply be described as the systematic way of recording business transactions in the books of accounts. Outsourcing refers to hiring another company or individual to perform tasks that were previously done by a company’s employees. Outsourcing Bookkeeping now refers to a service which provides a full accounting department experience for small business entities at a lower cost. There are advantages of outsourcing bookkeeping and these are explained below:

More time to provide value to clients

Bookkeeping takes up a lot of time from capturing transactions, processing them, filing them and if all this time could be used to bettering the company and improving services provided to customers or clients, this will not only maintain happy clients but also get referrals to more clients.

Increased efficiency and focus

When a company outsources bookkeeping it means it is using its time, resources and energy in an appropriate manner. Instead of putting so much focus on bookkeeping, there are other areas that are always at stake and need focus. A company can use this opportunity to achieve its overall goals such as company growth, high market share and strategizing on how to be the best in the industry.

Access to a highly trained bookkeeper

Having highly trained bookkeepers means having access to professionals who have the knowledge and skills in that specific area and will definitely make sure the books are as best as they could be to portray a good image for the business and for themselves. If bookkeepers offer a good service, more client referrals coming their way and it also means as a business owner you will have more time to focus on what you are good at.

Saves Money

Outsourcing bookkeeping saves money in the sense that you don’t have to employ an in-house bookkeeper full time, you pay for the services that you need and that’s it.Hence there will not be employee costs overheads, payroll taxes, and training costs, this becomes very vital when improving your profit margin. Furthermore having an in-house bookkeeper could lead to conflict of interest.

Team staff versus Individual

When you outsource your bookkeeping, you are placing your books in the hands of individuals who thrive on teamwork. Individuals who put their minds together in problem solving, individuals crosschecking each other’s work for accuracy purposes unlike an in-house bookkeeper who might take ages to detect an error to ensure you receive good quality services.

Scalability Options 

Outsourcing can help you expand or cutback because whether you are looking to grow your business or cut down expenses, having the best bookkeepers to provide  you with different plans and options will help you achieve your goals, it also provides flexibility which in-house cant,