Zimbabwe to reduce transaction tax to promote local currency use

HARARE, Nov. 27 (Xinhua) -- Zimbabwe will reduce tax on electronic transactions conducted in the Zimbabwe Gold (ZiG) currency from January next year to Kenya breaking news | Kenya news today |..

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Zimbabwe’s Finance Minister Mthuli Ncube announced a reduction in transaction tax on local currency payments to bolster its use. This move aims to promote the ZiG currency while maintaining fiscal stability.

The intermediated money transfer tax (IMTT) on ZiG transactions will decrease from 2 percent to 1.5 percent.
To offset potential revenue loss, the value added tax (VAT) rate will increase by 0.5 percent to 15.5 percent, effective January 1, 2026.
This measure is part of the Zimbabwean government's efforts toward de-dollarization by 2030, as it currently operates a multi-currency system including the U.S. dollar.

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