In the face of an economic crisis in South Africa, Emmerson Mnangagwa the President of Zimbabwe has implemented an increase in taxes on electronic foreign currency transactions that includes ATM withdrawals and payments.
“Players within the telecommunications sector are seeking acknowledgement from the central bank to the reality that internet is wholly imported(into Zimbabwe).”
Zimbabwe Chamber of Commerce
“Government is with immediate effect putting in place a differential taxation system for the Intermediated Money Transfer Tax. 2% would continue to apply to local currency transfers and all domestic foreign currency transfers to attract the IMTT of 4%.”
President Emmerson Mnangagwa, Zimbabwe
