Govt To Raise $3,4 Billion From Mthuli Ncube’s 2% Per Dollar Tax

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Addressing delegates at the Zimbabwe National Chamber of Commerce (ZNCC) Matabeleland region 2018 mid-term monetary policy statement review on Tuesday, Peter Mgodi said Government has the potential to raise $3,4 billion annually through the newly introduced Intermediary Money Transfer Tax of two cents per dollar.

Mgodi’s projections are based on last year’s total transactions of 1,7 billion. Said Mgodi:

The problem now is that this is now an ad valorem tax (a tax whose amount is based on the value of a transaction). The assumption is that others will be transferring $20 others will be transferring thousands of dollars while others will be transferring millions. And when we average the transactions and come to $100, it means we will make $2 per transactions and not five cents and therefore the minister’s projection will be $3,4 billion.

More: Herald

Zimbabwe National Chamber of CommerceMatabeleland

Zimbabwe National Chamber of Commerce is an apolitical, non-profit, membership-based business association which has a mandate to equip business with development opportunities. ZNCC was established in 1894. Read More About Zimbabwe National Chamber of Commerce

Matabeleland is a region which covers a considerable part of the south western plateau of Zimbabwe. The area is predominantly home to the Ndebele speaking Zimbabwean societies. Read More About Matabeleland

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