Zimbabwe Will Introduce 1% Tax on Foreign Payments From June 1

Tax to help Treasury raise resources against foreign-currency denominated debt and stabilize the economy, Finance Minister Mthuli Ncube says in a statement on Monday.

• Other measures include:
  • Mandatory payment of all excise duties on fuel now in foreign currency
  • Treasury funding the Zimbabwe dollar component of the 25% foreign currency surrendered by exporters, in order to check excess money supply
  • Plans to introduce a system to manage traceability of gold from its origin, in line with international standards
  • Banks no longer withholding any foreign currency surrendered by exporters, and all the liabilities to the banks to be settled through Treasury ...