Responding to questions from delegates at the 3rd annual Public Sector Audit Conference in Harare yesterday, President Mnangagwa said the two cents intermediary money transfer tax is not a hindrance to business.
He said the recently introduced tax is helping Zimbabwe to narrow its budget deficit. Said Mnangagwa:
I do not think it is a hindrance. It has helped us a lot now to narrow the deficit gap in our economy. Yes, initially when it was articulated by the Minister of Finance and Economic Development (Professor Mthuli Ncube) it had overlooked a lot of people who in our view ought to have been left out. He did his best to re-explain it and move out from compliance many categories whom we think would cause a prohibitive manner in doing business.
Mnangagwa said the tax will be reviewed.