• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    Malawi’s Financial Market Dealers Association has advised the Reserve Bank of Malawi to latch Fissures in the Forex Market
    $5 Billion has been committed by the African Petroleum Producers Organization for the Establishment of the African Energy Bank
    $20 Million has been endorsed by the AfFB to enhance the business to strengthen investments for Climate-Smart Agriculture in Mozambique AfDB Divulged
    Nigeria’s Telecom Contribution to the Gross Domestic Product (GDP) Hits 16 per cent in the Second Quarter of 2023- report
    Philip Mpango Vice President of Tanzania called for a Global Partnership to address the existing Demographic Emergency
    Dr. Akinwumi Adesina President of the AfDB raised an eyebrow at the Improvement to Failing Global Financial Architecture
    N125 billion hoisted by MTN Nigeria through Commercial Paper Issuance by way to improve its Financing Alternatives
    Uganda will start to export Milk products to Algeria in October
    Ghana’s Ambassador to Togo Kofi Mensah Demitia strengthened existing Economic Cooperation between Ghana and Togo in the path of the African Continental Free Trade Area (AfCFTA)
    $1 Billion Committed by the African Export-Import Bank to the African Continent

    Zimbabwe, Finance and Economic Development Minister Increases 2% Tax Transaction

    Posted On 24 Oct 2019
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    By Abdul Rahman Suagibu –

    Photo Credit: Pixabay

    NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone-  ZIMBABWE, Professor Mthuli Ncube, Finance Minister of Zimbabwe laments on 2 % tax transaction. This was a result of concerns raised by business leaders to nullify the tax that they claim is increasing the cost of doing business. Among those disputing the introduction of the tax is Combined Harare Residents’ Association (CHRA).Director Mfundo Mlilo who made a court application in September this year challenging the SI 205-2018.

    Professor Mthuli Ncube declares that, the 2 %Intermediated Money Transfer Tax on transactions will continue for much longer as it covers for tax defaulters.

    Industrial lobby groups among them – the Confederation of the Zimbabwe Industries and the Zimbabwe National Chamber of Commerce, apparently stevened their concerns on the issue in question. The Minister of Finance has retained that, the tax sought to expand the government’s capacity to finance capital projects and adjusting of different economic sectors.

    In an interview with the press, Minister Ncube said, the contested tax will be channeled towards the improvement of Zimbabwe’s productive sectors to perk up economic growth. Part of the tax has also been used to cushion workers through the provision of the highly subsidized Zupco buses.

    “We will not scrap the 2 % tax because it helps us on the compliance front, in terms of lowering tax. I cannot pre-announce what I will say in the budget, all I can say generally is we want to support growth and productivity. One of the things we have to look at is obviously incentives and tax adjustments,” Ncube noted.

    Popularly known as 2 % tax, the Intermediated Money Transfer Tax came into effect on 13th October, 2018 after it was gazette in Statutory Instrument 205 of 2018.

    High Court Judge – Justice Happias Zhou recently discarded Statutory Instrument (SI) 205 of 2018, which enabled the government to levy 2 % on electronic money transactions above $20. The tax was introduced as an austerity measure by Minister Ncube.

    However, Justice Zhou’s judgment had no material effect since there is now a Finance Act, which provides for the contested tax, passed on August 21.

    www.newafricabusinessnews.com
    Africa’s Most Read and Fastest Growing Global Newspaper. Forward to All www.newafricabusinessnews.com  

    For New Africa Business News Abdul Rahman Suagibu Reports,  Africa Correspondent

    Facebook: newafricabusinessnews.com

    Email: Info@newafricabusinessnews.com

     

     

    NEW AFRICA BUSINESS NEWS
    COMING SOON ADVERTISING OPPORTUNITY WITH AFRICA’S FASTEST GROWING GLOBAL ONLINE NEWSPAPER. THANK TO COMPANIES THAT WANT TO ADVERTISE.   INFO@NEWAFRICABUSINESSNEWS.COM.

    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    5th Edition of Global Business Forum Africa to host Heads of State, 17 Government Ministers and Officials with Business Leaders across Africa in Dubai

    Next Story

    Afreximbank Announced the Initiative of Boosting Production of African Cotton Initiative to Accelerate the African Cotton Sector

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    Malawi's Financial Market Dealers Association has advised the Reserve Bank of Malawi to latch Fissures in the Forex Market

    Posted On 25 Sep 2023

    $5 Billion has been committed by the African Petroleum Producers Organization for the Establishment of the African Energy Bank

    Posted On 22 Sep 2023

    $20 Million has been endorsed by the AfFB to enhance the business to strengthen investments for Climate-Smart Agriculture in Mozambique AfDB Divulged

    Posted On 21 Sep 2023

    New Africa Business News, Africa Leader of the Year 2022-2023 Goes to Ethiopia's Prime Minister Dr. Abiy Ahmed

    Posted On 24 Feb 2023

    New Africa Business News 2022-2023 Person of The Year Goes to Professor Patrick Loch Otieno Lumumba (PLO Lumumba)

    Posted On 05 Jan 2023

    New Africa Business News, Person of the Year 2021-2022, Goes to African Women

    Posted On 29 Jan 2022

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2023

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2023

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2023

    Facebook

    Latest Posts

    Malawi's Financial Market Dealers Association has advised the Reserve Bank of Malawi to latch Fissures in the Forex Market

    $5 Billion has been committed by the African Petroleum Producers Organization for the Establishment of the African Energy Bank

    $20 Million has been endorsed by the AfFB to enhance the business to strengthen investments for Climate-Smart Agriculture in Mozambique AfDB Divulged

    Recent Posts

    • Malawi’s Financial Market Dealers Association has advised the Reserve Bank of Malawi to latch Fissures in the Forex Market
    • $5 Billion has been committed by the African Petroleum Producers Organization for the Establishment of the African Energy Bank
    • $20 Million has been endorsed by the AfFB to enhance the business to strengthen investments for Climate-Smart Agriculture in Mozambique AfDB Divulged
    • Nigeria’s Telecom Contribution to the Gross Domestic Product (GDP) Hits 16 per cent in the Second Quarter of 2023- report
    • Philip Mpango Vice President of Tanzania called for a Global Partnership to address the existing Demographic Emergency

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • NGO
    • Obituary
    • Opinion
    • Public Notice
    • Sport
    • Video

    Tag Cloud

    african economy business africa

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.