The Ministry of Finance And Economic Development has issued a statement in response to today’s High court judgement that set aside 2% tax imposed on all electronic transactions last year by then-new Minister Mthuli Ncube. Read The statement below.
18 September 2019
RE: PRESS RELEASE ON COURT JUDGMENT ON 2, INTERMEDIATED MONEY TRANSFER TAX
The Attorney General has brought to my attention the judgment on SI 205/2018 pertaining to the collection of Intermediated Money Transfer Tax.
That judgment will not affect the collection and levy of the Intermediated Money Transfer Is because the collection of the Tax under that Statutory Instrument 205/2018 was subsequently pvalidated by Parliament under the Finance Act No. 1 of 2019.
Consequently, the 2% tax will continue to be levied.
Hon. Prof. M. Ncube
MINISTER OF FINANCE AND ECONOMIC DEVELOPMENT