Fiscal Policy FP 2019

Introduce Intermediated Money Transfer Tax 2 cents per dollar transacted October 1, 2018
In progress
Sep 2019

2pc tax to stay despite High Court ruling September 19, 2019

However, Justice Zhou’s judgment has no material effect since there is now a Finance Act, which provides for the contested tax, passed on August 21.

Sep 2019

High Court sets aside 2% transaction tax law September 18, 2019

High Court Judge Justice Zhou has on Wednesday set aside SI 205/2018 on the 2% transaction tax. The case was argued by MDC vice president Tendai Biti.

May 2019

Mthuli Ncube Targets $1.1 Billion From 2% Tax In 2019 May 28, 2019

Ncube revealed that Treasury is targetting to raise $1.1 billion this year from the 2 per cent tax. Mthuli Ncube disclosed that the 2 per cent tax has enabled the government to provide relief to victims of natural disasters as well as providing a safety net for the vulnerable in society.

Nov 2018

2 cents tax paying dividends: ED November 09, 2018

The 2 cents intermediary money transfer tax recently introduced by Government is helping the country to significantly narrow its budget deficit, President Mnangagwa has said.

Oct 2018

No going back on 2 cents tax — ED October 09, 2018

President Mnangagwa yesterday said the Intermediary Money Transfer Tax of 2 cents will remain in force as it is critical in transforming the economy, which has suffered from two decades of stagnation.The President said the tax was not designed to hurt ordinary people and companies, but to help the manufacturing sector get funds for retooling and modernisation as the economy gears to ramp up production.

Oct 2018

Minister reviews new tax regime• . . . sets upper, lower limits • . . . new policy to be gazetted soon October 06, 2018

Finance and Economic Development Minister Mthuli Ncube last night rang changes to the Intermediary Money Transfer Tax of 2 cents per dollar transacted by setting upper and lower limits. The tax review, which comes into effect on the date of the gazetting of the relevant regulations, will apply to most electronic transactions while a few will be exempted. In a statement released last night, Minister Ncube said as part of the new changes, transactions below $10 will no longer attract the 2 cents tax, while all transactions above $10, up to $500 000, will have to comply with the new tax regime. However, all transactions above $500 000 will attract a flat tax of $10 000.