President Mnangagwa said the government will soon review the two percent tax recently imposed on electronic money transactions by the ministry of finance. The review will be done following concerns expressed by both the business and transacting public. The two percent tax has received widespread condemnation and has been considered punitive and exploitative. Mnangagwa said that a new law was being crafted to deal with what he called unexplained wealth and deposits. The review will be done as soon as the legal instrument to that effect is created. He said
Government took to heart the cry that the two percent transactional tax has compounded the tax burden for both business and for the consumer. Once the legal instrument we are crafting against unexplained wealth and deposits is in place, new measures will be announced to review the tax which, among other considerations, had been occasioned by illicit activities in the financial services sector.
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