ZANU PF Calls For Removal Of Tax On Electronic Transactions

ZANU PF has called for measures to strengthen the ZiG currency, scrap the Intermediated Money Transfer Tax (IMTT) on electronic transactions, and introduce steps to make the currency more stable and durable.

The IMTT is a government levy charged at 2% on electronic financial transactions, including mobile money transfers, bank transfers, point-of-sale payments, and RTGS transactions, though some transactions are capped. It applies to platforms like EcoCash, OneMoney, bank-to-bank transfers, swipes, and ZIPIT payments.

Speaking in Mutare on Sunday, ZANU PF Secretary for Legal Affairs Cde Ziyambi Ziyambi presented the party’s resolutions from the 22nd Annual National People’s Conference, saying the government had been instructed to strengthen the ZiG, remove IMTT transaction fees, and reduce other bank charges. He said:

“The party directs Government to strengthen and intensify robust support for the Zimbabwe Gold (ZiG) currency to ensure that ZiG retains the status of sole legal tender for all domestic transactions, including the purchase of fuel.

“Promote formalisation and banking through the removal of the IMTT transaction charges and reduction of other bank charges, making ZIG more accessible, affordable and attractive for all domestic financial transactions, thereby promoting financial inclusion and strengthening the nation’s monetary stability.

“Improve the durability of the ZiG notes with enhanced security features and increase its circulation in all denominations to safeguard market stability and maintain public confidence in the national currency.”

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