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The Ministry of Finance and Economic Development has gazetted new Intermediated Money Transfer Tax (IMTT) rates for Zimbabwe Gold (ZiG) and United States dollars (USD).
Both are now at 2% removing the distortions different rates were having on pricing when applying interbank rates. Previously, it was 2% for local currency and 1% for USD. 
This comes after businesses have pleaded with authorities to either reduce the IMTT or scrap it altogether.
Businesses argued that IMTT was a significant additional cost given the several taxes already levied on businesses, therefore the tax had the effect of pushing up the prices of goods and services.
As reported by <a href="https://www.sundaymail.co.zw/treasury-to-review-2pc-tax">The Sunday Mail</a>, IMTT is a tax levied on electronic payments or transfers made by either an individual or corporate entity.
The tax does not affect the receiver of the payment but the payer transacting to settle obligations for goods and services received.
Treasury announced the new changes to IMTT through Statutory Instrument 80 of 2024, which reads:
<blockquote>
IT is hereby notified that the Minister of Finance, Economic Development and Investment Promotion has, in terms of section 3 of the Finance Act [Chapter 23:04], made the following regulations:-
1. These regulations may be cited as the Finance (Amendment of Sections 22B and 22G) Regulations, 2024.
Amendment of Section 22B
2. Section 22B (“Automated Financial Transactions Tax”) is amended by the repeal of Section 22B(a) and substitution with the following-
“(a) for each withdrawal above the local currency equivalent of one hundred United States dollars, a local currency equivalent of zero comma zero five United States dollars.”.
Amendment of Section 22G
3. Section 22G (“Intermediated Money Transfer Tax”) is repealed and substituted by-
“22G Intermediated Money Transfer Tax
The intermediated money transfer tax chargeable in terms of –
(a) section 36G(2) of the Taxes Act shall be calculated at the rate of zero comma zero two on every Zimbabwe Gold [ZiG] or part thereof transacted for each transaction on which the tax is payable:
Provided that if a single transaction on which the tax is payable is equivalent to or exceeds the equivalent in Zimbabwe Gold [ZiG] of five hundred thousand United States dollars (at the prevailing interbank rate) a flat intermediated money transfer tax of the equivalent in Zimbabwe Gold [ZiG] of ten thousand one hundred and fifty United States dollars (at the prevailing interbank rate) shall be chargeable on such transaction; or
(b) section 36G(2) of the Taxes Act shall be calculated at the rate of zero comma zero two on every United States dollar or part thereof for each transaction on which the tax is payable:
Provided that if a single transaction on which the tax is payable is equivalent to or exceeds five hundred thousand United States dollars a flat intermediated money transfer tax of ten thousand one hundred and fifty United States dollars shall be chargeable on such transaction; or
(c) section 36G(2) of the Taxes Act shall be calculated at the rate of zero comma zero two United States dollars on every dollar of every outbound foreign payment or part thereof for each transaction on which the tax is payable;
(d) section 36G(3) of the Taxes Act shall be calculated at the rate of zero comma zero two United States dollars on every Zimbabwe gold-backed digital token or part thereof transacted for each transaction on which the tax is payable.”
More: <a href="https://www.pindula.co.zw/">Pindula News</a>
</blockquote>

Pindula News

Govt Reviews Intermediated Money Transfer Tax

The Bankers Association of Zimbabwe (BAZ) has defended current bank charges, saying the fees were being increased by the Treasury’s Intermediated Money Transfer Tax (IMTT).
Local banks have been accused of fleecing depositors through astronomical bank fees coupled with meagre interest rates on deposits.
Even though almost every other industry in Zimbabwe is struggling due to a weak economy, banks have been thriving as a result of the new focus on non-funded income rather than the core business of lending more.
Banks have hiked withdrawal fees to about 3% of the amount being withdrawn from the 1% charged a few months ago.
Depositors are also being charged about 2.5% for withdrawals done on Automated Teller Machines.
The permanent secretary of the Ministry of Finance, Economic Development and Investment Promotion, George Guvamatanga, said that banks should slash their charges and desist from “robbing” depositors.
However, Fanuel Mutogo, the CEO of the Bankers Association of Zimbabwe, told <a href="https://businesstimes.co.zw/banks-fleece-depositors/">Business Times</a> that bank charges reflect IMTT. He said:
<blockquote>
We have competitive charges but the problem is that with this IMTT from the Treasury, the charges going higher and the blame is on banks. We are not responsible for IMTT.
</blockquote>
According to ZIMRA, IMTT is tax-chargeable on financial transactions which happen through transfers such as direct debits, online transfers, mobile money transfers, supplier payments and interbank transfers subject to specified exemptions.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Banks Blame Money Transfer Tax For "Exorbitant" Fees

EcoCash has reduced its US dollar transfer charges following the government’s reduction of the Intermediated Money Transfer Tax (IMTT) to 2%, down from 4% effective from 1 January 2023.
In a notice to its customers, EcoCash said the 2% tax only applies to transactions higher than US$5. It also said all cash-in transactions were free.
EcoCash US dollar transfers are done via the EcoCash US dollar wallet, accessible by dialling *153# on an EcoCash registered Econet line.
The EcoCash wallet allows users to cash in, cash out, send money, receive money, make payments and buy airtime in US dollars. A company spokesperson said:
<blockquote>
The beauty about the EcoCash USD wallet is that there is no need to register a new wallet, as all existing registered EcoCash customers have the USD wallet by default on their profile, which is accessible by simply dialling *153#.
</blockquote>
Cash-in can be done at Econet Shops, OK Supermarkets, and Steward Bank branches throughout the country, or at over 500 EcoCash branded merchant outlets across the country.
Following the reduction in transfer charges, a registered EcoCash customer will pay a total of US$0.33 (US$0.20 IMT tax, and US$0.13 EcoCash fee) when sending US$10.
Those cashing out US$10 will be charged US$0.17 in transaction charges.
Sending US$50 now attracts a 2% tax of US$1.00 and a US$0.65 transaction charge, bringing the total transfer fees to US$1.65, while those cashing out US$50 will be charged US$0.85.
Sending US$100 will cost US$3.30 – made up of US$2 in tax and US$1.30 in transaction fees. Cashing out US$100 attracts US$1.70 in charges. | <a href="https://www.herald.co.zw/ecocash-slashes-its-us-dollar-transfer-charges/">The Herald</a>

EcoCash Lowers Its US Dollar Transfer Charges

Finance and Economic Development Minister Mthuli Ncube has rejected calls from legislators to either lower or remove the intermediated money transfer tax (IMTT), which is charged at 2% of all financial transactions.
Speaking in the National Assembly, Harare East MP, Tendai Biti (CCC), on Thursday urged Ncube to remove the tax, saying it was burdening the poor. Biti said:
<blockquote>
We do not need that IMTT tax. We are one of the few countries in the Sub-Saharan African region that has that tax.
The IMTT punishes the small person who goes into a bank; it does not punish the rich person at the ATM [automated teller machines]. So why are you punishing the poor?
</blockquote>
In his response, Ncube said scrapping the IMTT tax will erode the government’s revenue base. He said:
<blockquote>
There is also a request that there should be an exemption for local authorities from paying the IMTT tax.
The Portfolio Committee on Local Government recommended that local authorities should be exempted from paying IMTT tax.
The IMTT tax has over the past years generated substantial resources that have enabled the government to support various infrastructure projects, including responding to shocks such as COVID-19 and other climate shocks that the economy has experienced.
The proposal to exempt local authorities will erode our revenue base, but besides, these local authorities at that level are also benefiting from the devolution budget to deal with infrastructure developments at that local level.
</blockquote>
Ncube argued that the IMTT tax was helping to tax the informal sector. | <a href="https://www.newsday.co.zw/local-news/article/200005287/2-tax-to-stay-mthuli">NewsDay</a>

Mthuli Ncube Rules Out Scrapping 2% Tax

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