Intermediated Money Transfer Tax is a tax collected in terms of Section 36G as read with the Thirtieth Schedule of the Income Tax Act [Chapter 23:06]. This tax has been in place since 2003 and an amendment was made by Statutory Instrument 205 of 2018 on 12 October 2018 and effective from 13 October 2018. The major change is on the rate of tax and exemptions of certain transactions from the tax.


Financial institutions collect Intermediated Money Transfer Tax. This includes banks, building societies, and mobile banking service providers.



(1) Whenever a financial institution mediates the transfer of money not by cheque—

(a) between two persons; or

(b) from one person to two or more persons; or

(c) from two or more persons to one person;

The financial institution concerned shall pay to the ZIMRA Commissioner General an intermediated money transfer tax on each such transaction.



The following transactions are not subject to Intermediated Money Transfer Tax:

  1. a)The transfer of money for the purchase or sale of marketable securities
  2. b)The transfer of money for the purchase or redemption of money market instruments
  3. c)The transfer of money on payment of remuneration
  4. d)The transfer of money to or from Zimbabwe Revenue Authority for the payment or refund of any tax, duty or other charges
  5. e)The intra-corporate transfer of money, that is to say, transfer of money between the treasuryaccount and any trading account held in the name of the same company
  6. f)The transfer of money from (but not into) specified trust accounts
  7. g)The transfer of money into and from nostro foreign currency accounts
  8. h)The transfer of money by Government from Consolidated Revenue Fund or from funds established in terms of Section 18 of the Public Finance Management Act
  9. i)The transfer of money to any pension fund or the beneficiaries of such pension fund
  10. j)The transfer of money for the procurement, production or sale (wholesale or retail) of a petroleum product by a petroleum company licenced in terms of Part VI of the Petroleum Act [Chapter 13:22]
  11. k)The transfer of money involving a transaction other than one mentioned in the foregoing paragraphs, if the value of the transaction is ten United States Dollars and below.



With effect from the day after the promulgation of the regulations in SI 205 of 2018, that is with effect from 13 October 2018, the intermediated money transfer tax chargeable is:

  • Not chargeable if the value of the transaction is ten United States Dollars and below for each transaction;
  • Calculated at US$0.02 (two United States Cents) on every dollar transacted for each taxable transaction.
  • For a single transaction equal to or exceeding US$500,000.00 a flat intermediated money transfer tax of US$10,000.00 shall be chargeable




For more information, please approach your nearest ZIMRA Office.



This article was compiled by the Zimbabwe Revenue Authority for information purposes only. ZIMRA shall not accept responsibility for loss or damage arising from use of material in this article and no liability will attach to the Zimbabwe Revenue Authority.


To contact ZIMRA:

WhatsApp line : +263 782 729 862

Visit our website : www.

Follow us on Twitter : @Zimra_11

Like us on Facebook :

Send us an e-mail : This email address is being protected from spambots. You need JavaScript enabled to view it. / This email address is being protected from spambots. You need JavaScript enabled to view it.

Call us (Head Office) : 04 –758891/5; 790813; 790814; 781345; 751624; 752731

e-TIP :



Please note that all ZIMRA services are free of charge!!


My taxes, my duties – building my Zimbabwe!!