Mthuli Ncube speaks on the IMMT 2% Tax

Finance and Economic Development Minister Mthuli Ncube has made it clear that the Intermediate Money Transfer Tax (IMTT) charged at 2% will not be scrapped.

Legislators have made a call to the Finance minister that the tax should be either lowered or removed as it is "burdening the poor".

Speaking in the national Assembly ,Harare East MP Tendai Biti said," We do not need that IMTT tax. We are one of the few countries in the Sub-Saharan African Region that has that tax". Biti made a remark that," The IMTT punishes the small person who goes into a bank, it does not punish the rich person who withdraws money from the ATM. So why are you punishing the poor?"

In his response, the finance minister said that the tax cannot be scrapped as it will erode the government's revenue base.