{"id":30923,"date":"2020-12-05T20:34:40","date_gmt":"2020-12-05T18:34:40","guid":{"rendered":"https:\/\/www.africa-press.com\/zimbabwe\/?p=30923"},"modified":"2020-12-05T20:34:40","modified_gmt":"2020-12-05T18:34:40","slug":"2-tax-should-be-hiked-to-5-eddie-cross","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/2-tax-should-be-hiked-to-5-eddie-cross","title":{"rendered":"2% Tax Should Be Hiked To 5% \u2013 Eddie Cross"},"content":{"rendered":"

Africa-Press<\/a> – Zimbabwe<\/a>. <\/strong><\/span>Eddie Cross, a member of the Reserve Bank of Zimbabwe (RBZ) Monetary Policy Committee (MPC), said that if he was the finance minister, he would raise the Intermediated Money Transaction Tax (IMTT) from the current 2% to 5%.<\/p>\n

Cross feels the 2% being collected by the Treasury is \u201cnothing\u201d and should be hiked to 5%. He said:<\/p>\n

Because 2%, (is) 2 cents in a dollar for God\u2019s sake its nothing. We don\u2019t notice it, okay, but it balances our budget and today it is the biggest source of revenue than VAT (value-added tax) and everybody pays it.<\/p>\n

Moreover, it is the most efficient tax in our system. It costs us nothing to collect, and it\u2019s an electronic transfer.<\/p>\n

And to me that\u2019s the way to go, that\u2019s the future, the past is PAYE (Pay As You Earn), corporate tax and other things.<\/p>\n

If I was the Minister of Finance, I would increase that to 5%.<\/p>\n

The Intermediated Money Transaction Tax, which is a 2% tax on all electronic financial transactions, was introduced in October 2018 by Finance Minister Mthuli Ncube as part of the government\u2019s Transitional Stabilisation Programme (STP).<\/p>\n

The tax was not well-received by the transacting public as it has made the use of electronic money more expensive at a time when cash shortages have become part of everyday life.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. Eddie Cross, a member of the Reserve Bank of Zimbabwe (RBZ) Monetary Policy Committee (MPC), said that if he was the finance minister, he would raise the Intermediated Money Transaction Tax (IMTT) from the current 2% to 5%. Cross feels the 2% being collected by the Treasury is \u201cnothing\u201d and should be […]<\/p>\n","protected":false},"author":84,"featured_media":30922,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35,15],"tags":[1890,1493,1888,1889,19],"class_list":{"0":"post-30923","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"category-homepage-english","10":"category-twitter","11":"tag-2-cents-tax","12":"tag-africa-press","13":"tag-eddie-cross","14":"tag-imtt","15":"tag-zimbabwe"},"yoast_head":"\n2% Tax Should Be Hiked To 5% \u2013 Eddie Cross - zimbabwe<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/2-tax-should-be-hiked-to-5-eddie-cross\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2% Tax Should Be Hiked To 5% \u2013 Eddie Cross\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Zimbabwe. Eddie Cross, a member of the Reserve Bank of Zimbabwe (RBZ) Monetary Policy Committee (MPC), said that if he was the finance minister, he would raise the Intermediated Money Transaction Tax (IMTT) from the current 2% to 5%. 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