Ginimbi’s gas company, Piko Trading, was fined $36 000 and ordered to pay $2 512 149,80 that it owes the Zimbabwe Revenue Authority ZIMRA in taxes after it failed to pay Value Added Tax (VAT) between February 2009 and May 2016.
Ginimbi real name Genius Kadungure, appeared before Harare regional magistrate Mr Crispen Mberewere yesterday.
Magistrate Mberewere also fined Piko Trading, which was represented by Kadungure, $9 000, and ordered it to pay $355 559 in outstanding company taxes that it failed to pay after recording sales amounting to $24 187 026.
Ginimbi’s company was ordered to settle the amounts by August 31, 2020 and to pay the fines immediately
Piko Trading pled guilty to two offences. Ginimbi waa acquitted of failing to declare income returns to ZIMRA whilst his company was not found guilty of smuggling gas into the country.
In his judgment, Magistrate Mberewere said he was not impressed by the State’s investigations into allegations that Piko Trading smuggled 5 289kg of liquefied petroleum gas into the country between January 2015 and March 2016
Magistrate Mberewere said the Act governing the importation and sale of gas was very clear and the court would have been saved time over the issue.
Mberewere said:
I am baffled by the level of investigations and if the investigating officer was competent enough, he would have checked the Act. A mere check of the Act would have saved time.
.Mberewere also said Kadungure had shown just cause why he failed to declare the income returns to ZIMRA when he said he was living outside the country and thought he was not obliged to pay the tax.
The State alleged that Ginimbi’s company Piko Trading smuggled about 5 289kg of liquefied petroleum gas into the country, and did not pay $672 533 in taxes.
Further, the State had alleged that Ginimbi in his personal capacity failed to submit documents about his income to the Commissioner of Taxes from January 2010 to December 2015 as required by the Income Tax Act, giving rise to the charge of failing to pay $119 860,93.
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A lower mortgage rate sounds attractive, but refinancing is not always a guaranteed win. A refinance replaces your current mortgage with a new loan, and that new loan usually comes with closing costs, a new term, new paperwork, and sometimes a reset payoff timeline. The right question is not simply, Can I get a lower rate? The better question is, Will this refinance improve my finances after all costs are included?
The most common reason to refinance is to lower the interest rate. A lower rate can reduce the monthly payment and total interest over time. However, closing costs can include lender fees, appraisal fees, title fees, recording fees, credit report fees, prepaid taxes, prepaid insurance, and points. Some lenders advertise no-closing-cost refinancing, but the costs may be rolled into the loan balance or covered through a higher rate.
The break-even point is one of the most important calculations. Divide the total refinance cost by the monthly savings. If closing costs are $4,000 and the refinance saves $200 per month, the break-even point is 20 months. If you plan to stay in the home longer than that, the refinance may make sense. If you expect to sell or move before then, the savings may never catch up.
Loan term matters. Refinancing from a 30-year mortgage into a new 30-year mortgage can lower the payment but may extend debt far into the future. That can increase total interest even with a lower rate. Some homeowners choose a 15-year or 20-year refinance to pay off the home faster, but the payment may be higher. Others choose a new 30-year term for cash-flow relief. The best choice depends on monthly budget, retirement timeline, and long-term goals.
A cash-out refinance allows a homeowner to borrow more than the current mortgage balance and receive the difference in cash. People use cash-out refinancing for home improvements, debt consolidation, education, or emergency reserves. This can be useful when the numbers work, but it also increases the mortgage balance and puts the home at risk if payments become unaffordable.
Refinancing from an adjustable-rate mortgage to a fixed-rate mortgage can also be smart when payment stability matters. Adjustable rates may start lower but can change later based on the loan terms. A fixed rate can provide predictability, especially for homeowners who plan to stay long term.
Credit score, home equity, income, debt-to-income ratio, property type, and appraisal value can all affect refinance options. A stronger credit profile and more equity may qualify for better rates. If the home value has increased, refinancing may also help remove private mortgage insurance if requirements are met.
Points deserve careful review. Discount points are upfront fees paid to reduce the interest rate. Buying points can make sense if you plan to keep the loan long enough to recover the cost through lower payments. If you may move, sell, or refinance again soon, paying points may not be worthwhile.
Before applying, gather the current mortgage statement, homeowners insurance details, property tax information, income documents, credit information, and an estimate of home value. Ask lenders for loan estimates using the same loan type and term so comparisons are fair.
Questions to ask include: What is the APR? What are total closing costs? Are costs paid upfront or rolled into the loan? What is the new loan balance? What is the break-even point? Are there prepayment penalties? How long will underwriting take? Does the rate lock have a fee? What happens if the appraisal comes in low?
Refinancing can be a powerful financial move when it lowers total costs, improves stability, removes mortgage insurance, shortens the term, or supports a smart cash-flow plan. It can be a mistake when it only lowers the payment by extending debt or adding costs that never pay off. Run the numbers before signing.
