{"id":75964,"date":"2023-03-29T12:12:53","date_gmt":"2023-03-29T10:12:53","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-has-revised-terms-for-retentions-on-usd-pos-e-commerce-settlements"},"modified":"2023-03-29T14:33:27","modified_gmt":"2023-03-29T12:33:27","slug":"rbz-has-revised-terms-for-retentions-on-usd-pos-e-commerce-settlements","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/rbz-has-revised-terms-for-retentions-on-usd-pos-e-commerce-settlements","title":{"rendered":"RBZ Has Revised Terms For Retentions On USD POS & E-Commerce Settlements"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>The Reserve Bank of Zimbabwe (RBZ)<\/b> has revised the terms for mandatory retentions on USD Point of Sale (POS) and e-commerce settlements.<\/p>\n

In a statement seen by Pindula News, Nedbank told its clients that the central bank had directed that the tourism sector was no longer exempted from mandatory retentions. Reads the statement issued on 28 March 2023:<\/p>\n

Dear Valued Client.<\/p>\n

Further to the abovementioned Directive, the Reserve Bank of Zimbabwe has revised the terms for mandatory retentions on USD POS and E-Commerce settlements in respect of the tourism sector.<\/p>\n

To this end, the tourism sector is no longer exempt from mandatory retentions with effect from 6 February 2023. As such, the Bank shall be mandated to surrender to the Central Bank export Retentions on Export and Domestic sales as follows: \u2013<\/p>\n

\u2022 25% Retention on POS settlements acquired from foreign-issued cards.<\/p>\n

\u2022 15% Retention on POS settlements on transactions issued by domestic cards<\/p>\n

Kindly be advised that the Bank shall be collecting the Retentions in retrospect (at the prevailing interbank market rate on the day of the transaction), dating back to 6 February 2023.<\/p>\n

In need of further clarity, kindly contact your respective Business Manager, SME Banker, or Branch Manager.<\/p>\n

The RBZ announced last year that players in the tourism and hospitality industry shall retain 100% of their foreign currency earnings.<\/p>\n

This was meant to allow them to quickly recapitalise and procure the necessary goods and services required by tourists and travellers, said RBZ governor John Mangudya in his Monetary Policy statement of 7 February 2022.<\/p>\n

Mangudya said this was a measure in response to the adverse effects of COVID-19 on the tourism sector, which was hard hit by the pandemic.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. The Reserve Bank of Zimbabwe (RBZ) has revised the terms for mandatory retentions on USD Point of Sale (POS) and e-commerce settlements. In a statement seen by Pindula News, Nedbank told its clients that the central bank had directed that the tourism sector was no longer exempted from mandatory retentions. Reads the […]<\/p>\n","protected":false},"author":84,"featured_media":75963,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[1493,2189,2062,1859,14413,19],"class_list":{"0":"post-75964","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-africa-press","10":"tag-africa-press-zimbabwe-2","11":"tag-john-mangudya","12":"tag-reserve-bank-of-zimbabwe-rbz","13":"tag-tourism-and-hospitality","14":"tag-zimbabwe"},"yoast_head":"\nRBZ Has Revised Terms For Retentions On USD POS & E-Commerce Settlements - zimbabwe<\/title>\n<meta name=\"description\" content=\"The Reserve Bank of Zimbabwe (RBZ) has revised the terms for mandatory retentions on USD Point of Sale (POS) and ...\" \/>\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\/rbz-has-revised-terms-for-retentions-on-usd-pos-e-commerce-settlements\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBZ Has Revised Terms For Retentions On USD POS & E-Commerce Settlements\" \/>\n<meta property=\"og:description\" content=\"The Reserve Bank of Zimbabwe (RBZ) has revised the terms for mandatory retentions on USD Point of Sale (POS) and ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-has-revised-terms-for-retentions-on-usd-pos-e-commerce-settlements\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-29T10:12:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-29T12:33:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/03\/postQueueImg_1680075780.01.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-has-revised-terms-for-retentions-on-usd-pos-e-commerce-settlements\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-has-revised-terms-for-retentions-on-usd-pos-e-commerce-settlements\",\"name\":\"RBZ Has Revised Terms For Retentions On USD POS & E-Commerce Settlements - 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