‘Scrap 2% tax’

CAPTAINS of industry and commerce yesterday asked Treasury to scrap or lower the controversial 2% intermediated money transfer tax (IMTT) imposed last year by Finance minister Mthuli Ncube, saying it was an unsustainable additional cost to their already struggling companies.

The call came as various bodies representing industry and commerce appeared before the Felix Mhona-chaired Budget and Finance Portfolio Committee as part of the 2020 budget consultations.

The industrialists also urged government to stop funding the Command Agriculture programme because it was fuelling broad money supply and driving the economy into hyperinflation.

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