Finance Minister Ncube deals Zimbabweans heavy blow, hits them with tax rise on bank and mobile money transfers

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Zimbabwe’s Finance Minister Mthuli Ncube raised tax on electronic financial transactions from 5 cents per transaction to 2 cents per dollar transacted in a bid to raise billions of dollars to shore-up the revenue base.

The cash-strapped Zimbabwe government is battling a huge budget deficit and a growing internal and external debt.

Ncube, speaking moments after Reserve Bank governor John Mangudya delivered his Monetary Policy Statement on Monday, said there was need for “urgent reforms” and “bold decisions” to stimulate growth and sustainable development.

Justifying the tax increase, which will hit already struggling Zimbabweans and drive people away from the banking system, Ncube said he was responding to the increased use of mobile money.

— ZW


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