‘IMTT overshadows banking reforms’

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TREASURY’S move to introduce zero-cost bank accounts for micro, small and medium enterprises (MSMEs) has been overshadowed by the ‘burdensome’ intermediated money transfer tax (IMTT), an industry expert has warned. The digital tax, which attracts a 1,5 percent and two percent charge on ZiG and foreign currency trans­actions, respectively, has been a major deterrent to…