Ecobank to backdate collection of 2% tax

Ecobank Zimbabwe will be backdating collection of 2% tax on all applicable Forex and ZWL $ local card transactions made between August 2020 and March 2021.

The 2% tax charged on all electronic transactions was introduced last year by Finance Minister Mthuli Ncube through a Statutory Instrument (SI) 205/2018 to help government cushion its revenue.

The bank sent a message to its clients announcing that it will backdate the collection of the 2% tax.

“Dear customer, be advised that Ecobank will be backdating collection of the 2% tax on all applicable Forex and ZWL $ local card transactions made between August 2020 and March 2021. Should you require further clarity, call or whats app [sic] 07711397171 or contact your Relationshp Manager. Stay Safe,” reads the SMS.

Last year, Standard Chartered Bank announced that it too would be backdating the collection of the 2% Tax (over a period spanning from 1 November 2018 to 1 November 2020) through payment plans that would bring the least inconvenience to its customers.

Ecobank’s announcement had the bank’s customers in an uproar on social media questioning why the bank had not been collecting the tax as usual and were fearful that once the back collection happened their entire salaries would be wiped away this month-end.

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