The Minister of Finance and Economic Development has gazetted Statutory Instrument 80 of 2024 with amendments to the rates of Intermediate Money Transactional Tax & Automated Financial Transactions Tax (AFTT).
Please find below a copy of the statutory instrument and summarised implications:
Intermediate Money Transactional Tax (IMTT)
IMTT rate of 2% shall be chargeable for the local currency, Zimbabwean Gold (ZiG) transactions, a ceiling of an equivalent of US$10,150 shall be applied for any transaction equal or above a ZiG equivalent of US$500,000.
IMTT rate has been raised from 1% to 2%, for the USD transactions, a ceiling of US$10,150 shall be applied for any transactions equal or above US$500,000.
IMTT for outbound foreign currency payments has been raised from 1% to 2%.
IMTT the Zimbabwe gold-backed digital token (ZIG) has been increased from 0.5% to 2%
Automated Financial Transactions Tax (AFTT)
For the cash withdrawal at an ATM of local currency (ZiG) above an equivalent of US$100, 0.5% tax shall be chargeable.
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