2c Intermediated Money Transfer Tax gazetted
THE Intermediated Money Transfer Tax (now commonly known as the 2 cents tax) announced by Government last week, came into effect yesterday. This was announced through Statutory Instrument 205 of 2018 published in the Government Gazette on Friday. The new tax has been introduced by way of amendments to section 22G of the Finance Act (Chapter 23:04) and the Thirteenth Schedule of the Income Tax Act (Chapter 23:06).
The All Share index came off by 8.02 points (3,85 percent) to close the week at 200.29 points. Old Mutual led the shakers with a $2,5000 loss to trade at $10,2000, PPC was down $0,4406 to $1,7894 and Innscor traded $0,2865 lower at $2,1460. Delta also dropped $0,1234 to end at $4,2401 and OK Zimbabwe lost $0,0890 to $0,3565.
Losses were partially offset by gains in SeedCo International which added $0,1450 to $0,8750, Zimplow recovered $0,0445 to settle at $0,2670 and Nampak was up by $0,0360 to $0,2160. First Capital Bank also increased by $0,0124 to $0,0750 and Unifreight was $0,0060 stronger at $0,0420.