What is Intermediated Money Transfer Tax (IMTT).

Towards the end of the 2018, the Finance Minister announced a 2% Intermediated Money Transfer Tax (IMTT) as part of the austerity measures introduced by the government.

It is tax levied on each transaction involving the “transfer” of money physically, electronically or by any other means takes place, other than a cheque. The transaction can be between 2 persons or from 1 person to 2 or more persons or from 2 or more persons to 1 person. 

IMTT is deducted by financial institution e.g banks, building societies, RBZ, POSB or the Infrastructure Development Bank of Zimbabwe, Agribank, licensed postal company, provider of a mobile banking service, an operator of a mobile money transfer platform.