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

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

Join WhatsApp & Telegram News Groups:

WhatsApp Group:

Telegram Group:

Back to top

Write a Comment

Your email address will not be published.

RSS Recent Profiles Created

Satisfaction survey
How likely is it that you would recommend Pindula News to a friend or colleague?
SuggestionsHow can we improve?
You have already submitted your feedback. If you would like to add more feedback please write us on