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News / NationalMthuli Ncube proposes trade-off: Cut IMTT, raise VATby Staff reporter8 mins ago |18ViewsFinance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, has proposed a balancing act in the country’s fiscal framework – suggesting a half-percent reduction in the Intermediated Money Transfer Tax (IMTT), to be offset by an equivalent increase in Value Added Tax (VAT).Speaking at the ongoing 2026 Pre-Budget Seminar in Bulawayo, Professor Ncube acknowledged widespread calls for a reduction in the IMTT, which many businesses and citizens have argued stifles transactions and financial inclusion.
However, he cautioned that the levy remains a vital source of funding for key national programmes.”The IMTT has played a pivotal role in financing major infrastructure projects as well as the procurement of COVID-19 vaccines during the pandemic,” said Professor Ncube.”We can reduce IMTT by half a percent, but provided to allow us to increase VAT by half a percent,” he told delegates. “You don’t have to respond now – you can tell me afterwards how you feel.
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