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Transactions Using The ‘EcoCash Foreign Currency Wallet’ Are Not Charged The 2% Tax Too

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EcoCash Debit Card

As I said earlier on, you can use the EcoCash FCA wallet to make forex payments. Remember that Intermediated Money Transfer Tax ( IMTT) charged on electronic transactions that was introduced last month?

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You were probably thinking that  making electronic payments using the EcoCash FCA wallet gets you taxed the 2% IMTT . But no, all transactions (payments or sending money) are exempted from that tax. You are only charged the EcoCash fees only when make a payment and not that absurd 2% IMTT. Talking about this Cassava Smartech (EcoCash parent company) CEO, Mr Chibi said;

All Ecocash foreign currency transactions will not attract the new transaction tax, presenting both our individual and corporate customers a real opportunity for value protection and preservation

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Its quite logical for the EcoCash FCA wallet holders to enjoy this exemption since companies also are exempted from this 2% IMTT when they transfer or make payments. The exemption somewhat makes having using the EcoCash FCA to transact as good (not equally good though) as having a Nostro Foreign currency account.

 

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