ZNCC lobbies for changes to 2pc tax

BUSINESS has renewed calls for the government to classify the two percent Intermediated Money Transfer Tax (IMTT) as a deductible expense.
This comes after amendments to the Finance Act (No. 8 of 2020), which extend collection of IMTT to include transfers of foreign currency with effect from August 01, 2020, and a number of banks this week announced that they will immediately start deducting the same, in retrospect.

The government introduced the much-debated levy in 2018, primarily to bring the informal sector into the tax system, but the Zimbabwe National Chamber of Commerce (ZNCC) argues that it has resulted in double taxation for bu