Ncube Defends 2% Tax Amid Backlash

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Finance Minister Mthuli Ncube is resisting calls from businesses and his own ZANU PF party to scrap Zimbabwe’s 2% electronic transactions tax. He insists the levy, which contributes about 8% of national revenue, is vital to funding government operations. Business groups warn the tax is driving informality, hurting banks, and inflating prices. Ncube has hinted at a possible compromise—cutting the levy slightly while raising VAT to offset lost income.