Zimbabwe High Court Annuls Changes to Intermediated Money Transfer Tax Rate

Zimbabwe's High Court reportedly issued a decision on 18 September 2019 that annuls changes to the country's Intermediated Money Transfer Tax. The tax was changed through regulations in October 2018 from a specific tax of 5 cents per transaction to a 2% tax on the transaction value for mobile money and electronic financial transactions. The High Court found that in changing the rate through regulation, the Ministry of Finance's actions were unconstitutional as they had effectively overridden …