Restaurants operator,
Under the regulations enshrined in Statutory Instrument 92 of 2022 (SI 92) a 4% Intermediated Money Transfer Tax (IMTT) is required on all domestic foreign currency remittances.
Customers will now be charged 4% when they cash-in, or deposit money into their wallet, another 4% when they send the money to another person, and another 4% for cashing-out or withdrawing their money, bringing the total IMMT burden to 12%.
In addition, customers will also fork out 3% in transactional fees.
Put simply, a customer depositing into his wallet to send
Again, the receiving customer upon withdrawing the money is slapped by another 4% (amounting to
Considering that companies have the capacity to move large volumes of money there is a possibility of losing more through the tax measure.
Presenting the group performance for the year ended
"It is the Boards' hope that the prudent and pragmatic regulation of the fiscal space will continue and usher in a more stable and predictable economic environment in
"There is a dire and urgent need to address the current and unnecessarily punitive Taxation laws in particular Intermediated Money Transfer Tax (IMTT)," he said.
Meanwhile, during the period, Simbisa continued to record strong year-on-year growth in customer counts. Restaurants served over 52,3
million customers, up 28,6% from the prior year. The group opened 86 new stores.
In
Delivery sales grew by 45% against the same period last year, contributing significantly to Simbisa' s overall financial performance.
The group also won "The Best Tangible Returns' award at the 2022
"The performance for the period is a testament to the dedication of the extraordinary people employed by the Group who share a common passion and enthusiasm for the group's brands," added Chinake.
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