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The Government will pay a 2% tax for electronic money transfers for further review – President Mnangagwa



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The government will review the two percent transaction tax on electronic money transfers in order to be sensitive to both business and consumer needs, said President Emmerson Mnangagwa.

The Head of State and Government claimed that they would draft a new law to deal with "inexplicable wealth and deposits" and then announce new tax measures.

In his weekly Sunday Mail column, President Mnangagwa said his government would always listen to the deal.

"The government considered the excuse that the two percent transaction tax made the tax burden more complicated for both businesses and consumers.

"As soon as they have acquired legal instruments against unexplained assets and deposits, new measures will be announced to revise the tax, which is due, among other things, to activities prohibited in the financial services sector," said Mnangagwa.

In order to achieve greater cohesion, a local business advisory body will be established consisting of representatives appointed from industry.

It will also set up an international advisory body to retain the president on "international business and investment issues".

"In order to narrow the communication gap, I took over the idea of ​​the business council to advise me and the government. At the meeting on Monday (with Harare, State Trade House Representatives), I requested business contacts so that such an advisory board could be created urgently.

"As we work in the global market, I have decided to set up an advisory board of international experts dealing with international business and investment issues.

"The water catchment of such a team will be global, both geographically and through the family of experience. Zimbabwe needs to improve its international appeal for foreign ownership," the chairman said.

President Mnangagwa said his government did not take into account the policies that hinder wealth, wages, savings and pensions.

"A key aspect of both monetary and fiscal policy is to ensure the value of wealth, income, wages and savings in the economy. We should never allow or allow the decisions of a value that took place in 2008. With this question, firmly and immovably There is no policy whose net effect would undermine the value of the economy. "

It seems that some of the statements by President Mnangagwa will be taken in the 2019 national budget, which is expected to be released at the end of November.

Minister of Finance and Economic Development Professor Mthuli Ncube said he simplified the tax structure and encouraged the SMEs to contribute to taxation.

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