INTERMEDIATED MONEY TRANSFER TAX (IMTT)

IMTT is tax chargeable on financial transactions which happen through transfers such as direct debits, online transfers, mobile money transfers, supplier payments and interbank transfers subject to specified exemptions.IMTT is collected in terms of Section 36G, as read with the Thirtieth Schedule of the Income Tax Act [Chapter 23:06].  

Section 22G sets the rate for IMTT and provides for the minimum amount below which IMTT will not be charged as well as an upper limit of IMTT for very large transactions above a certain threshold. This clause will reset the value of the tax exempt transactions from ZW$1,000 to ZW$2,500. In the case of corporates, it will reset the maximum tax payable per transaction from the former ZWL$1,320,000 to ZWL$3,300,000 on transactions with values exceeding ZWL$165 million. In the case of foreign currency denominated transfers, the maximum tax payable per transaction is reset from US$10,000 to US$20,000 on transactions with values exceeding US$500,000