News / National
'Mthuli Ncube tax to stabilise macro-economy'
02 Nov 2018 at 08:27hrs | Views
Finance minister Mthuli Ncube said on Wednesday the new tax on electronic payments was a painful but necessary measure and urged Zimbabweans to be prepared to go through temporarily turbulent times after which the economy will stabilise.
The imposition of the levy which will apply on mobile and card payments and bank transfers above $10 has sparked a public outcry.
"Painful policies like the Intermediated Financial Transactions Tax infamously known as the 2 percent transaction tax and the removal of SI122, 8 amongst other measures, are all at the heart of a wider recovery plan that must not be read in the short term but rather in the long term, with long-term returns," Ncube told guests at a Zimra appreciation awards dinner.
"As Zimbabweans, it is imperative that we embrace the new Intermediary Money Transfer Tax of 2 cents and be prepared to go through temporarily turbulent times after which we can stabilise our macro-economy.
"The tax is designed to broadly capture all economic activity or transactions - including the informal and shadow ones - raise revenue, close the fiscal deficit and restore confidence through low budget deficit and reduced domestic debt," he said.
The imposition of the levy which will apply on mobile and card payments and bank transfers above $10 has sparked a public outcry.
"Painful policies like the Intermediated Financial Transactions Tax infamously known as the 2 percent transaction tax and the removal of SI122, 8 amongst other measures, are all at the heart of a wider recovery plan that must not be read in the short term but rather in the long term, with long-term returns," Ncube told guests at a Zimra appreciation awards dinner.
"As Zimbabweans, it is imperative that we embrace the new Intermediary Money Transfer Tax of 2 cents and be prepared to go through temporarily turbulent times after which we can stabilise our macro-economy.
"The tax is designed to broadly capture all economic activity or transactions - including the informal and shadow ones - raise revenue, close the fiscal deficit and restore confidence through low budget deficit and reduced domestic debt," he said.
Source - dailynews
