IMARA Asset Management says the two percent Intermediated Money Transfer Tax (IMTT) and high fuel excise taxes are piling pressure on the formal sector.
This comes as the government is seeking to include the informal sector in the tax regime as it seeks to ramp up its revenue sources.
“… we believe there is scope to revamp the current tax system that continues to overburden the formal sector that is also having to pay these ‘informal’ taxes in addition to the official ones that the informal sector avoids. We are currently investigating this issue in more detail …,” Imara said in a quarterly investment note.
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CoMZ chief executive officer, Isaac Kwesu
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