Search / Imtt
Mthuli Ncube willing to review tax proposals
The Zimbabwean Treasury may revise certain tax measures outlined in the 2025 National Budget following concerns raised by business leaders, economists, and other stakeholders. Finance, Economic Develo...Published: 11 Dec 2024 at 06:30hrs | 441 | by Staff reporter
Zimbabwe introduces taxes on pizza, burgers, fries
Finance Minister Mthuli Ncube has announced a new 0.5% tax on fast foods and a 10% withholding tax on sports betting winnings, set to take effect on January 1, 2025. The measures, unveiled during...Published: 28 Nov 2024 at 16:17hrs | 2145 | by Staff reporter
All eyes on Professor Mthuli Ncube
As Zimbabwe prepares for the presentation of the 2025 National Budget, all eyes are on Finance, Economic Development, and Investment Promotion Minister, Professor Mthuli Ncube. The Budget, which serve...Published: 27 Nov 2024 at 08:13hrs | 1087 | by Staff reporter
Mnangagwa must fire Mthuli, Mushayavanhu & Guvamatanga, says Zanu-PF activist
South African-based Zanu-PF supporter Kudzai Mutisi has urged President Emmerson Mnangagwa to remove Minister of Finance, Economic Development and Investment Promotion Mthuli Ncube, the Ministry's per...Published: 22 Aug 2024 at 14:59hrs | 3803 | by Staff reporter
Zimbabwe leaders are from Mars!
I WAS touched by an impassioned plea by a fellow Zimbabwean.He appeared on local television, imploring the government to remove VAT (value added tax) on rice. His logic was that rice w...Published: 13 Feb 2024 at 19:19hrs | | by Tendai Ruben Mbofana
Zimbabwe's an anti-poor budget
Finance, Economic Development and Investment Promotion minister Mthuli Ncube yesterday presented the ZWL$58,2 trillion 2024 national budget.According to the Treasury chief, the economy is proj...Published: 01 Dec 2023 at 04:55hrs | 10 | by Staff reporter
Will the new ‘ZiG' ‘gold backed' digital currency alleviate Zimbabwe's currency stability woes?
THE chronic problem of Zimbabwe's economy has its roots in the land reform activities that began more than 30 years ago.The principle of ‘ethnic balance' in land ownership was fair. The prob...Published: 08 Oct 2023 at 08:02hrs | 1 | by John Mc Keown
Zimbabwe gold-backed tokens enter market
Zimbabwe Gold (ZiG), the digital tokens backed by gold, has gained approval as a legitimate means of payment for domestic transactions, effective immediately. Transactions involving ZiG will be proces...Published: 06 Oct 2023 at 06:32hrs | 1 | by Staff reporter
'Zimbabwe treasury lost $1,6 trillion to tax exemptions'
TREASURY, always in financial distress, lost about $1,6 trillion last year, up 312% compared to the prior year, through tax expenditures consisting of uncollected tax due to exemptions and incentives ...Published: 27 Jul 2023 at 06:39hrs | | by Staff reporter
Intermediated Money Transfer Tax reduced from 4 to 1%
Mobile money customers are happy that the government has reduced the Intermediated Money Transfer Tax (IMTT) on domestic foreign currency transactions from 4% to 1%.The reduction, which was an...Published: 19 Jun 2023 at 18:10hrs | 3 | by Staff reporter
EcoCash posts $4,76bn loss
ECOCASH Holdings Zimbabwe Limited (EHZL) has posted a $4,76 billion loss for its financial year ended February 28, 2023 owing to monetary exchange losses worth $30,1 billion linked to its failure to r...Published: 02 Jun 2023 at 06:44hrs | | by Staff reporter
Zimbabwe records US$328mln in FDI
ZIMBABWE recorded USS327,9 million in foreign direct investment last year, an increase from USS237,5 million recorded in 2021. Despite the strong growth, analysts say the investment inflows re...Published: 12 Feb 2023 at 07:20hrs | 1 | by Staff reporter
Next, university graduates will be 'hailing' Mnangagwa for capping them!
It is now a well-established fact that the state-controlled broadcaster, ZBC - as well as the rest of the state media in Zimbabwe - is an embarrassment not only to the journalism profession, but also ...Published: 17 Jan 2023 at 19:15hrs | | by Tendai Ruben Mbofana
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 ...Published: 21 Dec 2022 at 13:33hrs | | by Mzingaye Nxumalo
Analysis of the 2023 national budget
The Zimbabwean government presented a ZW$4.5 trillion budget (21% of 2021 GDP) for the 2023 fiscal year. The government expects to collect revenues totaling ZW$3.9 billion (18% of GDP), thus resulting...Published: 16 Dec 2022 at 00:15hrs | 11 | by Victor Bhoroma
Mthuli Ncube raises VAT, restores duty on basics
Finance minister Mthuli Ncube unveiled his 2023 budget on Thursday, raising value added tax (VAT) in a move the main opposition Citizens Coalition for Change (CCC) described as "an attack on working p...Published: 25 Nov 2022 at 05:21hrs | | by Staff reporter
Mnangagwa's govt turns to Treasury bills, bonds
THE cash-strapped government is likely to print money to finance its $575,5 billion budget deficit, economic analysts warned yesterday after Finance minister Mthuli Ncube announced next year's $4,5 tr...Published: 25 Nov 2022 at 05:12hrs | | by Staff reporter
Civil servants get lion's share
SALARIES for civil servants are set to go up markedly after the Government allocated the biggest chunk of the 2023 National Budget towards the public sector wage bill to cushion workers from the negat...Published: 25 Nov 2022 at 05:05hrs | | by Staff reporter
'Billions of electronic transactions untaxed'
AS the use of modern electronic payment systems continues to grow globally, experts say it is critical to increase investment into fiscal tools that enable the country to widen its ability to tax elec...Published: 19 Oct 2022 at 05:56hrs | 2 | by Staff reporter
World Bank commends Mthuli Ncube's bold economic reforms
GLOBAL financier, the World Bank (WB) has heaped praise on Zimbabwe for continuously implementing bold economic reforms more recently saying the initiatives had positioned the economy for a sound perf...Published: 16 Oct 2022 at 19:23hrs | | by Staff reporter
Zimra rolls out self-service kiosks
The Zimbabwe Revenue Authority (Zimra) has started rolling out self service facilities (Kiosk) for clients in a move to enhance efficiency in tax remittance as well as improve collections, especially ...Published: 27 Sep 2022 at 05:49hrs | | by Staff reporter
Mthuli Ncube sued 120 times over unpopular policies
FINANCE minister Mthuli Ncube says he has been sued over 120 times over his unpopular economic measures.Since becoming the Treasury boss in September 2018, Ncube has implemented several contro...Published: 05 Sep 2022 at 06:41hrs | | by Staff reporter
Zimra builds main office in Bulawayo
THE Zimbabwe Revenue Authority (Zimra) has started the construction of its main offices in Bulawayo, set to house all its operations as the tax collector seeks to improve efficiency.Work on th...Published: 24 Jul 2022 at 09:59hrs | 11 | by Staff reporter
Money transfer agents warn of massive transaction fee hike
PRESIDENT Emmerson Mnangagwa's recent imposition of a mandatory 4% Intermediate Monetary Transfer Tax (IMTT) on domestic foreign currency transfers has the potential to double transaction fees being p...Published: 12 May 2022 at 06:29hrs | 1 | by Staff reporter
Zimbabwe economy urgently needs tax reforms
For the fourth consecutive year, the Zimbabwe Revenue Authority (ZIMRA) has been exceeding budgeted quarterly and annual revenue targets (in ZW Dollar and in US Dollar terms). Even though the economy ...Published: 01 Apr 2022 at 12:40hrs | | by Victor Bhoroma
Zimbabwe tops Sadc on mobile money use
Global System for Mobile Communications Association (GSMA), an association of mobile telecoms from across the world, has ranked Zimbabwe top of the Southern African Development Community (SADC)'s 16 m...Published: 28 Dec 2021 at 07:03hrs | 7 | by Staff reporter
2022 Post Budget Analysis
The Zimbabwean government presented a ZW$927.3 billion budget (18% of GDP) for the 2022 fiscal year. The government expects to collect revenues totaling ZW$850.7 billion (17% of GDP), thus resulting i...Published: 13 Dec 2021 at 09:11hrs | 6 | by Victor Bhoroma
'2% tax won't go away soon'
FINANCE and Economic Development Minister Professor Mthuli Ncube says the Government will review the intermediated money transfer tax (IMTT), commonly known as two percent tax, but this will not happe...Published: 12 Dec 2021 at 19:56hrs | 4 | by Staff reporter
Parly to fast-track Budget debate
The National Assembly has agreed to fast-track debate on the $927 billion 2022 National Budget which was presented by Finance and Economic Development Minister Professor Mthuli Ncube last month to ens...Published: 12 Dec 2021 at 19:50hrs | 8 | by Staff reporter
Business pushes for double taxation removal
Industry wants Treasury to make the intermediated money transfer tax (IMTT) - commonly referred to as the 2 percent tax - tax deductible, arguing it has become a significant and additional cost to bus...Published: 05 Dec 2021 at 06:11hrs | 6 | by Staff reporter
'Zimbabwe's economic fundamentals are strong'
THE economy is on a growth trajectory with Gross Domestic Product (GDP) projected to grow by 7,8 percent in 2021, attributed to a favourable rainfall season, higher international mineral commodity pri...Published: 14 Nov 2021 at 05:38hrs | 9 | by Professor Mthuli Ncube
2022 National Budget Expectations
Zimbabwe's national budget for 2021 is expected to be presented within the coming 30 days amid fears of a resurgence in high levels of inflation. The country's annual inflation dropped from 363% recor...Published: 01 Nov 2021 at 14:30hrs | 9 | by Victor Bhoroma
Banks lobby for tax regime revamp
ZIMBABWE'S banking sector says government must extend tax payment periods to twice a year to give industries breathing space after being affected by pandemic-related headwinds.Under current po...Published: 01 Nov 2021 at 07:27hrs | 6 | by Staff reporter
Mobile money clampdown erodes 2c tax earnings
THE clampdown on mobile money transfer services is negatively impacting on the Intermediated Money Transfer Tax (IMTT) popularly known as 2c tax, which contributed poorly to revenue performance in the...Published: 01 Feb 2021 at 19:25hrs | | by Staff reporter
Stanchart in eye of storm over Mthuli Ncube tax
Standard Chartered Bank Zimbabwe has been criticised for its plans to unilaterally recover from customers uncollected transaction taxes, dating back two years, in just three months. For unknow...Published: 17 Dec 2020 at 06:52hrs | 1 | by Staff reporter
Mthuli Ncube piles more misery on Zimbabweans
FINANCE minister Mthuli Ncube yesterday dampened the hopes for a merry Christmas for the majority Zimbabweans after he reviewed the tax-free threshold to $10 000, about half the cost of a monthly bask...Published: 27 Nov 2020 at 07:28hrs | 1 | by Staff reporter
$421.6bn inclusive 2021 budget unveiled
FINANCE and Economic Development Minister, Professor Mthuli Ncube yesterday announced a $421.6 billion National Budget for 2021 in which he handed down tax relief measures to cushion workers and corpo...Published: 27 Nov 2020 at 07:02hrs | | by Staff reporter
Treasury orders refunds for exempted 2% tax transactions
Treasury has widened exemption on selected foreign currency denominated transactions from the two percent tax in response to submissions by stakeholders. Those considered would now be refunded...Published: 26 Nov 2020 at 07:11hrs | | by Staff reporter
Panic as banks backdate 2% tax deduction to August
DEPOSITORS are in panic mode after some banks issued notices informing them to brace for the two percent Intermediated Money Transfer Tax (IMTT) deductions, which are backdated to August 2020. ...Published: 06 Nov 2020 at 06:30hrs | | by Staff reporter
Mthuli Ncube clarifies 2% tax
WHILE the objective of Intermediate Money Transfer Tax (IMTT) was to bring the previously untaxed informal businesses under the tax bracket, captains of industry claim it has had double taxation effec...Published: 16 Oct 2020 at 06:52hrs | | by Staff reporter
Zimbabwe set to lose $1 billion in potential revenue
ZIMBABWE'S cash-strapped government is set to forgo over $1 billion in revenues from the intermediated money transfer tax (IMTT) as a result of policy inconsistencies, analysts have said.The g...Published: 30 Aug 2020 at 10:58hrs | | by Staff reporter
Budget tinkering will not solve Zimbabwe crisis
In an economy with inflation nearing 200% a year, budget figures come with severe health warnings as Finance Minister Mthuli Ncube can attest. His presentation on August 1 was his third in nine months...Published: 05 Aug 2019 at 07:42hrs | | by The Source
Mthuli Ncube closes illegal forex tap on mobile money
THE transfer of funds from mobile money transfer agents to recipients will now be subjected to taxation as Treasury moves to plug out rampant illegal foreign currency deals being conducted via the cas...Published: 03 Aug 2019 at 09:44hrs | | by Staff reporter
Zimra on course to surpass $4,8 billion target
THE Zimbabwe Revenue Authority (Zimra) is well on course to surpass its half year revenue collection target with the final report for the period set for release at the end of this month, board chairpe...Published: 10 Jul 2019 at 18:33hrs | | by Staff reporter
Mthuli Ncube's budget surplus hits $500m
FINANCE and Economic Development Minister Professor Mthuli Ncube's austerity measures are paying dividends with respect to Government finances, once in shambles due to successive budget deficits, with...Published: 10 Jun 2019 at 06:50hrs | | by Staff reporter
BCC to give residents 30-day rates objection period
RESIDENTS still have a chance to reject the increase of rates by the Bulawayo City Council as the local authority has to wait for a 30-day objection period before sending the proposal to Government fo...Published: 16 May 2019 at 06:43hrs | | by Staff reporter
Discipline key to new Zimbabwe economy
As Minister of Finance, I often feel frustrated that we don't live in a perfect world with perfect conditions. So many factors are out of our control; from natural disasters, to global events; from oi...Published: 04 May 2019 at 20:26hrs | | by Professor Mthuli Ncube
Discipline key to new economy
As Minister of Finance, I often feel frustrated that we don't live in a perfect world with perfect conditions. So many factors are out of our control; from natural disasters, to global events; from oi...Published: 03 May 2019 at 15:22hrs | | by Professor Mthuli Ncube
Mthuli Ncube says 'TSP reforms led to growth'
Implementation of reforms under the Transitional Stabilisation Programme (TSP) has averted the economy from being weakened by adverse exogenous factors, Finance and Economic Development Minister Profe...Published: 03 May 2019 at 06:32hrs | | by Staff reporter
2% tax is right, 'right is not always popular' quoting Einstein - Mthuli Ncube, you are NOT Albert Einstein
"They say you can only know the true state of a car when you lift its bonnet and look inside. And so it was back in September, when I was appointed Minister of Finance, and got to take a look at the t...Published: 07 Apr 2019 at 09:41hrs | | by Wilbert Mukori
Load More Stories
