2% tax to stay: Mthuli

FINANCE minister Mthuli Ncube says the intermediated money transfer tax (IMTT), which is charged at 2% of all financial transactions, will remain in place despite legislators asking him to either lower it or remove it.

Local authorities have also complained that the IMTT tax erodes their revenue bases and wanted to be exempted.

Speaking in the National Assembly last Thursday, Harare East legislator Tendai Biti (Citizens Coalition for Change) called for the scrapping of the tax, saying it was punishing the poor.

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