Government has increased the minimum taxable amounts for intermediated money transfer tax (IMTT), better known as the 2 percent tax, to $100 from $20 per transaction for individuals as it sought to ease the burden on low income earners. The review takes effect from January next year.
The tax, which was introduced last year to spirited public opposition, has now widely been accepted after Government insisted it would not go away. President Mnangagwa at the time described the tax as a "necessary pain".
...
AllAfrica Subscription Content
You must be an allAfrica.com subscriber for full access to certain content.
You have selected an article from the AllAfrica archive, which requires a subscription. You can subscribe by visiting our subscription page. Or for more information about becoming a subscriber, you can read our subscription and contribution overview.
For information about our premium subscription services:
You can also freely access - without a subscription - hundreds of today's top Africa stories and thousands of recent news articles from our home page »
Already a subscriber? Sign in for full access to article