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Statutory Instrument 80 of 2024: amendments to rates of IMT Tax & Automated Financial Transactions Tax (AFTT)



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:

 


S.I. 80 of 2024 Normal Finance (Amendment of Sections 22B and 22G) Regulations, 2024
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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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