Zimbabwe’s newly appointed Finance and Economic Development Minister Mthuli Ncube has announced a 2 cents per dollar tax on electronic transactions as the country moves to widen its tax base. “I hereby review the Intermediated Money Transfer Tax from 5 cents per transaction to 2 cents per dollar transacted, effective 1 October 2018,” said Minister Ncube. Read more >
Zambia to introduce sales tax next year to boost revenues Zambia will abolish Value Added Tax (VAT) and replace it with a non-refundable sales tax in April, Finance Minister Margaret Mwanakatwe said on Monday, a move likely to help the government boost revenue collection and bring down mounting debt. Mwanakatwe said the Zambia Revenue Authority (ZRA) would finalise audits of all outstanding VAT refund claims and collect any unpaid taxes before making the change. “Sales tax is coming on April 1. We do not have a manufacturing base. There is no value addition,” Mwanakatwe said at a post-budget meeting with business people. Read more >