Zimbabwe: Zimra Move to Levy Tax in Forex Exposes Policy Inconsistencies

Last week's pronouncement by the Zimbabwe Revenue Authority (Zimra) that businesses charging in foreign currency will have their taxes levied in forex is inconsistent with the official multi-currency system policy and the position that the US dollar is trading at par with the bond note and Real-Time Gross Settlement (RTGS) balances, amid a worsening currency volatility crisis.

This is the latest in a series of contradictions which include the separation of forex accounts with bond note or RTGS accounts.

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