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MDC slams Zimbabwe tax on electronic money transactions

Finance Minister Mthuli Ncube announced the new tax on Monday. It’s one of several measures he says will be used to stabilise the economy.

FILE: Minister of Finance and Economic Development Professor Mthuli Ncube speaks to the press after the swearing-in ceremony for Zimbabwe's new cabinet ministers at State House, Harare, on 10 September 2018. Picture: AFP.

HARARE - The Movement for Democratic Change (MDC) has criticised a new 2% tax imposed by the new finance minister on all electronic money transactions.

The MDC says that the tax amounts to daylight robbery.

MDC spokesperson Jacob Mafume says this is a way for the government to pickpocket the poor to fund the lifestyles of the political elite.

The party is angry about a new tax of 2% on every transaction made electronically.

With Zimbabwe’s current cash shortages, almost every Zimbabwean pays with mobile money, debit card or by bank transfer.

Finance Minister Mthuli Ncube announced the new tax on Monday. It’s one of several measures he says will be used to stabilise the economy.

Supporters of the cash-strapped Zanu-PF government suggest this is a way of tapping into the vast informal sector whose members often don’t pay income tax.

(Edited by Thapelo Lekabe)