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*2023 Budget: Minister Ncube Reduces Intermediated Money Transfer Tax By 50%* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?jn 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.” ---------- Pindula is best experienced with the Android App. *Download APK here:* https://zero.pindula.co.zw/media/apps/apks/pindula23.apk _On Econet, Pindula does NOT use your data_ ---------- 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. *More Pindula News* itel A50 now available on Pindula at $84 64GB storage, 2GB RAM. _ideal for light usage_ _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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