EcoCash has started charging the 2% per dollar tax that was gazetted by Finance minister Mthuli Ncube yesterday. Government gazetted Statutory instrument 205 of 2018 Finance (Rate and Incidence of Intermediated Money Transfer Tax) Regulations, 2018 which states that the tax will be chargeable from the day after the promulgation of the regulations.
In a statement EcoCash said:
Dear Customer, whilst our tariffs remain unchanged, all applicable EcoCash transactions now attract 2 cents Govt tax per every dollar effective midnight 12.10.18.
EcoCash clarified on twitter that the 2% tax will only apply to transactions above $10 on top of EcoCash transaction fees. In a statement, Ncube said the 2 Cents per Dollar tax, will apply on transactions of $10 and above only. He also said transactions below $10 will be exempt from this tax and that there is a cap of $10 000 on the amount of tax to be paid which implies that transfers above $500,000 will attract a flat tax of $10,000.
Also Read:
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Full Text: Finance Minister Revises Money Transfer Tax After Outcry, Sets $10 000 Cap And Exceptions
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Mthuli Ncube Gazettes Regulations On 2 Percent Money Transfer Tax, Tax To Be Collected Starting Tomorrow
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New Tax Accommodates Everyone Who Matters Because Of $10 And $10 000 Caps – Mthuli Ncube