Tax Relief & Lower Bank Charges Boost ZiG Usage to 45% of Transactions: State Media
Tax Relief & Lower Bank Charges Boost ZiG Usage to 45% of Transactions: State Media
Measures including reduced Intermediated Money Transfer Tax (IMTT), corporate tax deductions for IMTT, and lower bank chargesincreased transactions in Zimbabwe's national currency, Finance Secretary George Guvamatanga said.
Guvamatanga attributed the growth to improved exchange rate stability, backed by $1.6 billion in foreign reserves and the willing-buyer-willing-seller forex market.
According to Guvamatanga, the availability of upgraded ZiG notes through ATMs has encouraged physical cash transactions, while mandatory use of ZiG for some taxes and 50% of Quarterly Payment Dates has maintained demand and discouraged price discrimination.
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