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Check Out CBZ’s List Of All Transactions Which Are Charged And Exempted The ‘2% Tax’

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CBZ just like many banks has published an informative guideline concerning the recently introduced 2% tax. In its guideline, CBZ lists all the transactions that are both charged and exempted from the 2% tax.

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Here is the list of transactions where the 2% IMT Tax applies or does not apply.

Internal Transfer to different CBZ Account (CBZ Touch, Internet, Branch)Yes
Outgoing RTGS (CBZ Touch, Internet, Branch )Yes
ZIPIT of $10 and above (CBZ Touch)Yes
Paynet Transfers (corporate payments and debit orders )Yes
Merchant POS (including Cash Back)Yes
Bill Payments of $10 and above (CBZ Touch)Yes
One money (ZIPIT through CBZ Touch)Yes
Telecash (ZIPIT through CBZ Touch )Yes
ZESA (CBZ Touch, Branch, ATM)Yes
ZINARAYes
Airtime purchase of $10 and above (CBZ Touch)Yes
Intra-company transfer of funds including transfer from intermediary accountsNo
Transfer of funds on purchase or sale of marketable securitiesNo
Transfer of funds on purchase or redemption of money market instrumentsNo
Transfer of funds on payment of remuneration e.g. Payment of salaries customers, HRD
related payments to staff accounts,
staff loans disbursement
No
Transfer of funds for payment or refund of taxes - All transfers to and from ZIMRA accountsNo
Transfer of money from (but not into) specified trust accounts to intermediary accounts,
e.g. conveyancers
No
Transfer of funds in respect of foreign currency related payments - OTT, ITT transactionsNo
Transfer of Money to any pension fund or beneficiaries of such fundNo
Transfer of money for the procurement, production or sale (wholesale or retail) of a
petroleum product by petroleum company licensed in terms of Part V1 of Petroleum Act
(Chapter 13:22)
No
Transfer of Funds by Government.No
Cash Withdrawal (Branch POS, ATM, Branch)No
Cheque ClearedNo
Bank to Ecocash TransferNo
Balance enquiry (CBZ Touch)No
Mini statement (CBZ Touch)No

N.B: The list above also highlight transactions where you are exempt from the abovementioned tax;

  • All tax payments destined for ZIMRA accounts will be exempted.

  • All salary payments coming through thePAYSAL module will be exempted.

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  • Clients are requested to submit to the Bank the account numbers of the accounts from which they will initiate other non-taxablePaynet batches so that the accounts are designated accordingly.

  • All taxablePaynet payments will be expected to be done through other accounts that are not designated as non-taxable.

  •  If clients do not provide accounts for purposes of non-taxable payments then all their payments will be subject to the 2% IMT tax.

  • Transactions for procurement of fuel and those debiting trust accounts can also be submitted to your nearest branch for manual processing.

In the event that you were charged the 2% IMT Tax on exempted transactions, please notify the Bank in writing to have the tax reversed.

Kindly make provisions for the 2% IMT Tax where applicable and get in touch with your nearest (CBZ) branch should you need any further clarification or contact our 24 Hour Contact Centre on 08677004050.


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