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.
Here is the list of transactions where the 2% IMT Tax applies or does not apply.
N.B: The list above also highlight transactions where you are exempt from the abovementioned tax;
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All tax payments destined for ZIMRA accounts will be exempted.
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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.
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All taxablePaynet payments will be expected to be done through other accounts that are not designated as non-taxable.
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If clients do not provide accounts for purposes of non-taxable payments then all their payments will be subject to the 2% IMT tax.
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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.
