Govt Collects $166 Million From 2% Tax

Government collected $166.15 million in the last three months of 2018 from the two percent per dollar transacted tax (Intermediate Money Transfer Tax) introduced by Finance minister Mthuli Ncube in October.

In total Government collected $177.27 million with $11.12 million collected at the previous rate of $0.05 per transaction during the first nine months. Zimra said in its performance report that revenue grew by 848.30 percent from $18.69 million collected in 2017. ZIMRA said it was able to reach the $5 billion mark, in part due to the revision of the Intermediated Money Transfer Tax (IMTT)

.More: Mail and Telegraph