IMTT Tax in Zimbabwe: Rates, Exemptions and How to Pay Less

Every time money moves through a bank or mobile money in Zimbabwe, IMTT takes a cut. It's 2% on US dollar transfers and 1.5% on ZiG, deducted automatically.

So sending US$100 costs US$2 in IMTT. Salaries and tax payments to ZIMRA are exempt, and on EcoCash, transfers of US$5 or less carry none. The government has said it may cut the rate further, but nothing has changed yet.

IMTT rates in Zimbabwe

Sources: The Herald, January 2023, for the USD cut from 4%; Mushoriwa Moyo's 2026 tax changes for the ZiG cut to 1.5%.

IMTT on common amounts

IMTT comes on top of the bank's or mobile money operator's own fee. On EcoCash, for example, sending US$100 costs a US$1.30 EcoCash fee plus US$2 IMTT, so US$3.30 in total; see our full breakdown of EcoCash charges.

What is IMTT and who charges it?

IMTT is a tax on money moved electronically through a financial institution. It is set out in the Thirtieth Schedule to the Income Tax Act and was introduced in October 2018. The financial institution deducts it from your account and pays it to the Zimbabwe Revenue Authority (ZIMRA) by the 10th of the following month, as the Financial Gazette explains.

The institutions that must charge it include:

• commercial banks and building societies,
• POSB and the IDBZ,
• mobile money and mobile banking operators (EcoCash, OneMoney and others),
• money transfer services registered under exchange control,
• licensed postal service providers, and
• microfinance institutions, which were added from 1 January 2026.

IMTT also applies when a Zimbabwean institution makes a payment abroad on your behalf: the institution withholds IMTT on the amount sent out.

Which transactions are exempt from IMTT?

The Thirtieth Schedule lists exempt transactions. The ones most relevant to individuals and small businesses:

• Salary and remuneration payments from an employer to employees
• Payments to and refunds from ZIMRA (tax payments)
• Buying or selling marketable securities and money market instruments (shares, treasury bills)
• Intra-company transfers between a company's treasury and trading accounts
• Payments to tobacco growers at auction floors, and purchases of cotton and cotton seed
• Fidelity Printers and Refiners (Fidelity Gold Refinery) payments to gold producers, and Minerals Marketing Corporation payments to mineral producers and exporters
• Social transfers by designated development partners, and transfers from Afreximbank, the Carbon Tax Sinking Fund and the Agricultural Development Fund

New from 1 January 2026: capital transfers from companies in an international financial services centre, and transfers from the Mutapa Investment Fund to government entities.

Small transfers on EcoCash: EcoCash's own tariff table shows no IMTT on transactions of US$5 or less, or ZWG 127.95 or less in ZiG. EcoCash also charges no IMTT on cash-in, cash-out, wallet-to-bank and bank-to-wallet transfers. Other institutions apply the statutory thresholds in their own systems, so check your statement.

IMTT is now tax-deductible for businesses

From 1 January 2026, IMTT paid is an allowable deduction for income tax. If you run a registered business that files income tax, the IMTT your business pays reduces your taxable profit, provided you keep the records. For a business moving US$20,000 a month through the bank, that's US$400 a month in IMTT, which is US$4,800 a year you can now deduct.

Is IMTT going to be cut again?

Possibly. On 20 October 2026, Finance Minister Mthuli Ncube said "consideration is in progress to further reduce IMTT", New Zimbabwe reported via AllAfrica. He said 43% of transactions on the national payments platform by August 2026 were settled in ZiG and that over 70% of IMTT collections are earmarked for infrastructure, health, education and social protection. No new rate or date has been announced. Until one is, the 2% and 1.5% rates apply.

How to pay less IMTT, legally

1. Use ZiG for local payments where the other side accepts it. You pay 1.5% instead of 2%: on US$1,000 worth of payments, that's about US$5 less a month.
2. Keep very small EcoCash payments at US$5 or under. They carry no IMTT.
3. Pay ZIMRA directly from your account. Tax payments are exempt, so don't route them through someone else's account first.
4. Avoid moving the same money twice. Every electronic hop (wallet to wallet, then wallet to bank, then bank to supplier) can attract IMTT again. Pay the final recipient directly.
5. If you're a business, claim the deduction. Since 2026, IMTT reduces taxable income; make sure your accountant includes it.
6. Invest through the exempt routes. Buying shares or treasury bills through securities and money market transactions is on the exempt list.

Ways people pay more IMTT than they need to

• Old rates online. Some sites still show 2% on ZiG or 4% on USD. The 2026 rates are 1.5% (ZiG) and 2% (USD).
• "IMTT-free" schemes. Anyone offering to move money "without IMTT" through informal channels or someone else's account is offering tax evasion, and you lose protection if the money disappears.
• Statements without an IMTT line. If your bank or wallet statement doesn't show IMTT, check that it isn't included in a combined "charges" line before you assume it wasn't charged.

IMTT is separate from income tax. If you supply goods or services to businesses, keep your ITF263 tax clearance valid, or customers can withhold 30% from what they pay you. For what's deducted from salaries, see ZIMRA's PAYE tax tables for 2026. More Zimbabwe guides are on our Zimbabwe page.

Frequently asked questions

What is the IMTT rate in Zimbabwe?

2% on US dollar and other foreign currency transfers, and 1.5% on ZiG transfers. The ZiG rate was cut from 2% in January 2026; the USD rate has been 2% since January 2023, when it was cut from 4%.

Is IMTT charged on salaries?

No. Payments of remuneration from an employer to employees are exempt from IMTT under the Thirtieth Schedule to the Income Tax Act.

Is IMTT charged on EcoCash cash-out?

No. EcoCash's tariff table shows no IMTT on cash-in, cash-out, wallet-to-bank or bank-to-wallet transactions. IMTT applies to sends, merchant and bill payments, and similar transfers.

What transactions are exempt from IMTT?

Salaries, tax payments to and refunds from ZIMRA, trades in marketable securities and money market instruments, payments to tobacco and cotton growers, gold and mineral producer payments, and several government and development transfers. On EcoCash, transactions of US$5 or less are also free of IMTT.

Who pays IMTT, the sender or the receiver?

The institution deducts it from the account it debits, which is usually the sender's. It then pays it to ZIMRA by the 10th of the following month.

Is IMTT tax-deductible?

Yes, from 1 January 2026 IMTT is an allowable deduction for income tax purposes, which helps businesses that pay a lot of it.