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*2023 Budget: Minister Ncube Reduces Intermediated Money Transfer Tax By 50%*

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Finance and Economic Development Minister, Mthuli Ncube has proposed to reduce the Intermediated Money Transfer Tax from 4% to 2% on foreign currency transactions.

Analysts had called for the removal of the “regressive tax” to “alleviate the huge tax burden.”

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However, in his 2023 Budget presentation delivered at the newly built multi-million dollar Parliament Building located in Mt Hampden, Ncube said the tax had been raised. He said:

> In order to promote use of the banking system, I propose to align the IMTT on foreign currency transactions to local currency transactions at a rate of 2%

> This measure takes effect from 1 January 2023. In addition, the government will consider reviewing other measures to strengthen the foreign currency system, including the 20% surrender requirement for domestic foreign currency transactions

*Exempt Transactions*

> In order to mitigate against higher wheat prices and consequently the price of bread and other wheat products, I propose to exempt from IMTT, the transfer of funds to farmers, for the purchase of wheat by private off-takers approved by the Agricultural Marketing Authority, for the period 1 September 2022 to 31 March 2023.

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