Minister of Finance and Economic Development Professor Mthuli Ncube said Zimbabwe is collecting $80 million monthly from the 2 percent Intermediated Money Transfer Tax introduced in October last year.
In an interview on the sidelines of a tour of Nestlé Zimbabwe on Monday, Minister Ncube said the proceeds of the tax would be directed towards social services and social infrastructure projects and devolution expected to cost $310 million. Said Ncube:
We are averaging around $80 million a month in terms of collection because we gave quite a lot exemptions and we believe that at this level it’s okay and that will go a long way in supporting the social infrastructure and social services. We have said what we are targeting is education, health services and devolution — the cost of devolution is $310 million.