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Govt Orders Banks To Scrap Tax On Transactions Below $10, RBZ Slashes Withdrawal Charges

6 years agoTue, 30 Jan 2018 01:22:44 GMT
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Govt Orders Banks To Scrap Tax On Transactions Below $10, RBZ Slashes Withdrawal Charges

Government has immediately directed all banks to not to levy 5 percent tax on all transactions below $10 as a way of promoting financial inclusion.

This comes after Government gazetted the Amendment of section 22B of Chap 23:04, ‘automated financial transactions tax’ of the Finance Act [Chapter 23: 04].  The gazette reads:

The Amendment of section 22B of Chap 23:04, ‘automated financial transactions tax’ of the Finance Act [Chapter 23: 04] is amended by the deletion of “for each transaction on which the tax is payable” and the substitution of “for each transaction exceeding Ten United States dollars on which the tax is payable.” Section 22G (Intermediated money transfer tax) of the Finance Act [Chapter 23:04] is amended by the deletion of “for each transaction on which the tax is payable and the transaction is exceeding Ten United States dollars on which the tax is payable.”

The Reserve Bank of Zimbabwe (RBZ) has since slashed bank cash withdrawal charges following an outcry from members of the public. The new charges were put at 1 percent of an amount withdrawn at an Automated Teller Machine (ATM) and 1.25 percent for withdrawals over the counter.

More: Herald

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