2% tax illegal: Law society

FINANCE minister Mthuli Ncube’s nightmarish start at the helm of Treasury worsened at the weekend, with the Law Society of Zimbabwe (LSZ) accusing him of violating provisions of the Finance Act by introducing the new 2% tax for each dollar on electronic transactions without seeking the necessary amendment to the Act.

This came amid reports that the new tax regime was not sanctioned by the Reserve Bank of Zimbabwe, as required at law.

The LSZ, in a statement, urged Ncube to rescind the decision and follow proper procedures.

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