Zim bankers slam money transfer tax

In a document submitted to Finance minister Mthuli Ncube this week, sharing bankers’ expectations for the 2024 mid-term budget review, BAZ called for the tax to be reduced.

Thriving banking sector, shrinking confidence

Reports from most people, as well official data, indicate receding deposits and increased withdrawals as economic players prefer “under the pillow” banking to traditional banking.
By Tinashe Duma May. 17, 2024

Govt ‘regrets’ tax hike

Mnangagwa said the IMTT hike was a social and economic experiment to see how people and businesses would react upon which it would be reviewed.
By Priviledge Gumbodete May. 10, 2024
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Banks raid accounts over IMMT ‘arrears’

The IMTT on foreign and local currency transactions is pegged at 1% and 2%, respectively.
By Tafadzwa Mhlanga Dec. 31, 2023

Currency risk unsettles insurance sector

Katoma also said the sector raised concerns about the Intermediated Money Transfer Tax (IMTT), which is levied on each money transfer made. 
By Melody Chikono Nov. 24, 2023

Piggy’s Trading & Investing Tips: Investing as a poverty alleviation tool

Government, regulators, pension funds and other related institutions need to both encourage and support savings at all levels of the economy. 
By Batanai Matsika Jul. 14, 2023

More pain as Ncube ignores ordinary citizens in budget

Ncube, in his budget presentation, maintained the unpopular 2% Intermediated Money Transfer Tax (IMMT).
By Tinashe Kairiza Dec. 2, 2022

Govt in $174bn expenditure overrun

Expenditure on goods and services which stood at $308,6 billion, were channelled towards operations.
By Staff Reporter Nov. 26, 2022

Groundswell of caution over ‘punitive’ IMTT...Captains of industry want 2% tax scrapped

The IMTT’s third quarter performance was a forecast busting, according to Zimra, which said it was 3% ahead of targets.
By Kudzai Kuwaza Nov. 18, 2022