Standard Chartered customers got a little bit of a rude awakening with a message saying the bank will be collecting 2 years worth of 2% Tax or IMTT over the next three months.
The message reads as follows:
Dear Values Client
Please be advised we shall be recovering uncollected 2% IMTT for Zimswitch and online banking transactions done from your account between 1 November 2018 to 1 November 2020.
No action shall be required from you to prompt recovery of the above-mentioned charges which shall commence from the 27th of November 2020.
Processing shall be done over a period of three months depending on the amount until we have fully recovered.
Kindly accept our sincere apologies for the inconvenience this process may cause.Standard Chartered
This isn’t a very good look for Standard Chartered because they are putting an immense burden on their clients. Depending on the amount that the customer has accrued for the 2% Tax, Standard Chartered is significantly altering the cash flow of its clients in a year that has had depressed levels of business and lower than usual returns.
The bulk payment over a short period of time also throws any plans that it’s individual and business clients may have had for 2021. Thinking about next year might be jumping too far because of the pandemic most people haven’t been able to plan any further than a few weeks at best.
This also raises the question as to how the bank was “allowed” not to remit the 2% Tax to the relevant authorities for 2 years. Did they shell out on the customers’ behalf and are now seeking that money or is this an obligation they now have to meet?
No story can of course be told from one perspective. We reached out to Standard Chartered for a comment but we haven’t heard back. In the event that they do respond we will be sure to let you know.