"I Propose To Review The Tax-Free Threshold," Mthuli Ncube Speaks On 2% Transactional Tax

Zimbabwe’s Finance Minister, Professor Mthuli Ncube has in the 2020 budget reviewed the minimum and maximum thresholds for the infamous 2% transactional tax.

Presenting his Budget Statement to Parliamentarians this Thursday, Ncube said:

I propose to review the Tax-Free Threshold from the current ZWL$20 to ZWL$100 and the maximum tax payable per transaction by corporates from the current ZWL$15 000 to ZWL$25 000 for transactions with values exceeding ZWL$1 250 000.

Meanwhile, Ncube said that the 2020 Budget marked an exit from austerity to growth and employment creation, a statement which the general populace will find difficult to accept since austerity to some has been synonymous with the 2 percent transactional tax.

More: 2020 National Budget Speech