Government raises $50 million from Intermediary Money Transfer Tax

11 Feb, 2019 - 19:02 0 Views
Government raises $50 million from Intermediary Money Transfer Tax

The Sunday News

Munyaradzi Musiiwa, Midlands Correspondent

Government has raised more than $50 million in January from the two cents per dollar Intermediary Money Transfer Tax which will be channeled towards Public Sector Investment Projects (PSIP) an official has said.

Speaking during a meeting with local authorities in Gweru on Monday, Ministry of Finance Accounting General, Mr Daniel Muchemwa said last month alone Government managed to raise $50 million from Intermediary Money Transfer Tax.

Finance and Economic Development Minister Professor Mthuli Ncube introduced the tax under statutory instrument 205 of 2018.

Under the new framework, there is a rebate for transactions below $10, while all transactions above $10 to $500 000 will comply with the new tax regime.

There is a uniform $ 10 000 for all transactions above $ 500 000.

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