2% money transfer tax punitive: Industry

THE Confederation of Zimbabwe Industries (CZI) has amplified calls for Finance minister Mthuli Ncube to scrap the 2% intermediated money transfer tax (IMTT) when he presents his 2023 budget saying the tax was ‘very punitive’ to industry.

In its 223 budget recommendations, the CZI said: “The tax base is currently too narrow and complying firms are already over taxed. Government is placing too much emphasis on taxing the shrinking informal sector and in the process increasing their tax burden and creating unfair competition with the informal sector.”

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