They tweeted,"Dear Customer, whilst our tariffs remain unchanged, all applicable EcoCash transactions now attract 2cents Govt tax per every dollar effective midnight 12.10.18."
Dear Customer, whilst our tariffs remain unchanged, all applicable EcoCash transactions now attract 2cents Govt tax per every dollar effective midnight 12.10.18 @econetzimbabwe
— EcoCash Zimbabwe (@EcoCashZW) October 12, 2018
The 2 cents tax per dollar has been received with mixed feelings after a number of banks advised its customers to take note of the tax.
Since the governments has gazetted the tax it likely going to result in a legal battle especially given the Law and Society of Zimbabwe has come out quite strongly on the matter.
A general notice published in the Government Gazette yesterday under Statutory Instrument 205 of 2018 gave effect to the new tax, which is part of Finance minister Mthuli Ncube's fiscal measures aimed at reversing imbalances in the country's economy.
It also directs financial institutions, the Zimbabwe Revenue Authority (Zimra) and telecommunication companies to extend the collection to all electronic transactions.
The two cents per dollar tax will not apply on transactions which are $10 or less.
There is a cap of $10 000 on the amount of tax to be paid, which means that transfers above $500 000 will attract a flat tax of $10 000.
In addition, the tax will not apply to a range of other transactions namely;
• Transfer of funds by government; • Transfer of money for the purchase or sale of marketable securities;
• Transfer of money for the purchase or redemption of money market instruments;
• Transfer of money on payment of remuneration;
• Transfer of money to or from Zimra for the payment or refund of any tax, duty or other charges;
• Intra-corporate transfer of money, that is to say, transfer of money between the treasury account and any trading account held in the name of the same company;
• Transfer of money from (but not into) specified accounts;
• Transfer of money into and from nostro foreign currency accounts."
• Transfer of money by government from the Consolidated Revenue Fund,
• Transfer of money for procurement of fuel by a petroleum company licensed in terms of the Petroleum Act
