Mthuli increases VAT as he cuts IMT
Staff Writer
Government has cut the Intermediated Money Transfer Tax on ZiG transactions from 2 to 1,5 percent, to reduce the cost of transacting in local currency and encourage wider use of the ZiG across the economy.
IMTT is a transaction-based tax levied on electronic money transfers introduced in 2018 to widen the tax base.
Presenting

Mthuli taxes USD cash withdrawal

Staff Writer

FINANCE and Investment Promotion Minister, Mthuli Ncube, on Thursday, expressed deep concern over the increase in US$ cash withdrawals, warn ing that it heightens the risk of informality, tax evasion, corruption, and administrative inefficiencies.

Presenting the 2026 National Budget, Ncube said the Emerging Sector continues to account for a substantial