{"id":33873,"date":"2021-01-30T19:34:24","date_gmt":"2021-01-30T17:34:24","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=33873"},"modified":"2021-01-30T19:30:57","modified_gmt":"2021-01-30T17:30:57","slug":"chamisa-wants-2-tax-scrapped-upset-over-govts-failure-to-support-businesses","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/chamisa-wants-2-tax-scrapped-upset-over-govts-failure-to-support-businesses","title":{"rendered":"Chamisa Wants 2% Tax Scrapped, Upset Over Govt\u2019s Failure To Support Businesses"},"content":{"rendered":"

Africa-Press<\/a> – Zimbabwe<\/a>. <\/strong><\/span>By Alois Vinga<\/b> – MDC Alliance President Nelson Chamisa Thursday called for the immediate scrapping of government\u2019s contentious 2% tax to spur business growth before he went on to criticise the state for failing to avail Covid-19 stimulus packages to local companies.<\/p>\n

Speaking in a virtual national address on his Facebook page on the Covid-19 pandemic, the opposition leader said the 2% tax and other tariffs imposed by government must be removed with immediate effect to ease the burden on the operations of private companies and ordinary citizens.<\/p>\n

\u201cThe government should consider a number of fiscal measures aimed at reducing tax burden for businesses and individuals through the immediate removal of the 2% tax to spur business growth,\u201d he said.<\/p>\n

Also known as the Intermediated Mobile Money Transfer Tax (IMMT), the 2% tax is deducted on all electronic transfers made and has gone a long way in boosting the cash-strapped government\u2019s revenues. It was gazetted in October 2018.<\/p>\n

Last year, the government further extended the collection of the 2% tax on all foreign currency transactions raising concerns among businesses the collections were adversely affecting their commercial growth.<\/p>\n

Finance Minister Mthuli Ncube has since then repeatedly defended the controversial IMMT saying the government would never scrap it.<\/p>\n

\u201cWe will not scrap the 2% tax because it helps us on the compliance front, in terms of lowering tax,\u201d he has said.<\/p>\n

Chamisa also slammed the government for failing to offer stimulus packages to save businesses from collapse due to limited production as a result of the Covid-19 induced national lockdown.<\/p>\n

He argued the $18 billion package extended by government to large businesses and $600 million to small and medium enterprises last year, was only a drop in the ocean.<\/p>\n

\u201cThis is so considering that the economy requires funding in the region of US$5 billion. We call upon the government to come up with a reasonable package to save businesses both large and small,\u201d he said.<\/p>\n

Chamisa added the Reserve Bank of Zimbabwe (RBZ) must to allow banks to take full control of foreign exchange trading with a view of minimising disparities between the formal rate and informal rate to below to below 10%.<\/p>\n

Currently, foreign exchange trading is being conducted weekly by the RBZ through an auction system.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. By Alois Vinga – MDC Alliance President Nelson Chamisa Thursday called for the immediate scrapping of government\u2019s contentious 2% tax to spur business growth before he went on to criticise the state for failing to avail Covid-19 stimulus packages to local companies. Speaking in a virtual national address on his Facebook page […]<\/p>\n","protected":false},"author":84,"featured_media":33872,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,35,10,15],"tags":[1493,2189,19],"class_list":["post-33873","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-parties","category-twitter","tag-africa-press","tag-africa-press-zimbabwe-2","tag-zimbabwe"],"yoast_head":"\nChamisa Wants 2% Tax Scrapped, Upset Over Govt\u2019s Failure To Support Businesses - zimbabwe<\/title>\n<meta name=\"description\" content=\"By Alois Vinga - MDC Alliance President Nelson Chamisa Thursday called for the immediate scrapping of government\u2019 ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/chamisa-wants-2-tax-scrapped-upset-over-govts-failure-to-support-businesses\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chamisa Wants 2% Tax Scrapped, Upset Over Govt\u2019s Failure To Support Businesses\" \/>\n<meta property=\"og:description\" content=\"By Alois Vinga - 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