intermediated money transfer tax

HH 605-2019 Mlilo v Minister of Finance & Economic Development - Judgment by Zhou J invalidating SI 205/2019 re Intermediated Money Transfer Tax as unconstitutional - 18 September 2019

In this important judgment Justice Zhou decided that both SI 205/2018 [changing the rate and incidence of the Intermediated Money Transfer Tax] and the policy decision it gave effect to [as stated in the Minister's Supplementary Budget Presentation on 1st August 2019] were inconsistent with the Constitution and therefore void of legal effect.  He cited inconsistency with section of the Constitution 134(a) - which bars Parliament from delegating its primary law-making power - and the constitutional principle of Separation of Powers.

Grant Thornton: Analysing the Impact of the Intermediary Financial Transactional Tax

The government recently increased the intermediary financial transactions tax from USD0.05 per transaction ta USD0.02 per every dollar transacted. This article tries to analyse the impact of the new financial transaction tax on consumption (that is, demand and supply). What is the 2% intennediary financial transactions tax?
 

Bill Watch 32 - 2018 Electronic Money Transfer Tax: Still Illegal

BILL WATCH 32/2018

[23rd October 2018]

Electronic Money Transfer Tax:  Still Illegal

At the beginning of this month the Minister of Finance and Economic Development announced an increase in the Intermediated Money Transfer Tax [i.e. the tax on electronic money transfers] from five cents per transaction to two cents per dollar transferred.  The increase, he said, would become effective immediately. 

SI 2018-205 New Rate for Intermediated Money Transfer Tax in effect Saturday 13 October

Finance (Rate and Incidence of Intermediated Money Transfer Tax) Regulations, 2018

These regulations, made by the Minister of Finance in terms of section 3 of the Finance Act [Chapter 23:04]. were promulgated (published in the Government Gazette) on Friday 12th October.  Sections 2 and 3 of the regulations amend section 22G of the Finance Act and the Thirtieth Schedule to the Income Tax, respectively. 

Subscribe to RSS - intermediated money transfer tax