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.
| 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 |
| ZINARA | Yes |
| Airtime purchase of $10 and above (CBZ Touch) | Yes |
| Intra-company transfer of funds including transfer from intermediary accounts | No |
| Transfer of funds on purchase or sale of marketable securities | No |
| Transfer of funds on purchase or redemption of money market instruments | No |
| 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 accounts | No |
| 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 transactions | No |
| Transfer of Money to any pension fund or beneficiaries of such fund | No |
| 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 Cleared | No |
| Bank to Ecocash Transfer | No |
| 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;
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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.
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