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.
