Mthuli Ncube in soup over controversial tax, back down

Finance Minister Mthuli Ncube, whose controversial Intermediated Money Transfer Tax of two cents per dollar tax has caused palpable anger among long suffering Zimbabweans and business - jumped the gun in announcing the new measures which had not yet been approved by President Emmerson Mangagwa.

Meanwhile, Ncube has said that the tax was necessary although there will be exemptions and a cap on high value transactions.
 
Speaking at the launch of the Transitional Stabilisation Plan this morning, Ncube said Treasury would cap the payment of the tax at the higher end while there will be exemptions on certain sectors but overall, the tax was necessary as it enables Government to plug the gap on its widening budget deficit, which perpetuated uncontrolled domestic borrowing.