Zimbabwe Changes Intermediated Money Transaction Tax

Zimbabwe's Ministry of Finance has changed the Intermediated Money Transaction Tax from a specific tax of 5 cents per transaction to a tax of 2 cents per US dollar on mobile money and electronic financial transactions (effectively a 2% tax). The change was announced by the new Minister of Finance, Mthuli Ncube, on 1 October 2018 and is effective from that date, with financial institutions, banks, and the Zimbabwe Revenue Authority directed to work with telecommunication companies to extend th…