Responding to questions from delegates during the Professional Women, Women Executives and Business Women’s Forum (Proweb) breakfast meeting in Harare yesterday, President Mnangagwa said although Government did not want to punish citizens the Intermediary Money Transfer Tax of 2 cents per dollar is necessary.
Mnangagwa said there is need to take painful measures to become a viable economy and the 2% tax increase is one of those measures. Said Mnangagwa:
We have taken cognisance of not punishing our people unnecessarily. But it is necessary, if you look at the challenges we have now, both of the issue of internal debt and external debt. Where we stand today as Zimbabwe, for us to become a viable economy, a solid economy, we are going to take measures that are going to be painful. And this is one of such measures.
Mnangagwa also added that his Government is not there to please the taxpayer but the economy. Said Mnangagwa:
This is what is there. We will not please the taxpayer, no, we want to please the economy of the country, not the individual. The individual, myself, yourself must make sure that we produce and produce and produce. We need productivity, productivity, for us to earn the foreign currency which we can use to modernise and retool both industry and commerce. It will not come from anywhere but from productivity.
It Is My Hope That The 2 Percent Tax Will Be Reconsidered – Energy Minister
Full Text: Finance Minister Revises Money Transfer Tax After Outcry, Sets $10 000 Cap And Exceptions
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