By NOKUNCEDA MAGAGULA | 2024-11-05

THE ministry of commerce, industry and trade has issued 4 722 trading licenses in 2024/25 second quarter.

This includes 2 960 new grants, 1 653 renewals, 109 amendments and transfers.
According to the ministry’s second quarter performance report 2024/25, the trading department also simplified the licencing process by amending the Trading Licences Order of 1975, allowing licences to be issued within a day, leading to a 38.9 per cent increase in new grants compared to the previous year.

In this quarter, about E181 908 was collected which is 13.47 per cent of the estimated revenue budget of E1 350 000.

In advertising fee, the ministry collected 23.94 per cent of the total budget, which amounts to E200 050.

This collection was determined by the applications received.
Under stamp duties E200 050 had been collected which is 23.97 per cent of the budgeted amount of E1 045 878.

In company sundry fees 12.48 per cent has been collected, amounting to E123 645 of the estimated budget of E991 000

Meanwhile, in the first quarter the ministry reported a revenue of E4 904 414 in the first quarter of 2024.

The ministry’s revenue was derived from trading licences, company licences, liquor licences, advertising fees, stamp duties, and company sundry fees.

“This financial year, the revenue projection is estimated at E30.5 million, and to date, a collection of E4.9 million has been made,” the report stated.

The report explained that in the first quarter of 2024, the ministry collected over E2.9 million for trading licence renewals.

“A total of E2.9 million, which marks 16.69 per cent of the total annual budget of E17.8 million, has been collected.”

It also indicated that the ministry anticipated that the annual target would be met before the end of 2024.

“We believe we will meet our targeted annual collection since most businesses renew their licences towards the year end.”

For company licenses, the ministry collected E1.6 million.
“We have managed to collect 17.85 per cent of the total annual budget target; the annual budget for this item is E9 million.”

The ministry also anticipated an increase in the collected amount during the year.
The ministry reported on the advertising fees for licenses, stating that they had collected 23.94 per cent of the total budget, amounting to E62 950.

“These collections are determined by the applications received,” the report stated.
It notes that with a budgeted amount of stamp duties set at E1.04 million, they had collected E100 800, which was 9.64 per cent of the budgeted amount.

On company sundry fees, the ministry indicated that 5.88 per ncent had been collected, amounting to E58 275 of the estimated budget of E991 000.

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