Harare, (New Ziana) – The Zimbabwe National Chamber of Commerce (ZNCC) has called for sweeping tax reforms aimed at easing the burden on formal businesses and enhancing the country’s competitiveness.
In a comprehensive proposal submitted to fiscal authorities, Government said the ZNCC urged it to overhaul the Value Added Tax (VAT) system to allow refunds to offset other tax obligations and to enable cross-currency tax offsets — measures expected to ease financial pressure on companies operating in a multi-currency environment.
The chamber also proposed reforms to the Intermediated Money Transfer Tax (IMTT), recommending that the rate be gradually reduced to 1 percent on US dollar transactions and 0 percent on ZiG transactions by 2027. This, the ZNCC argued, would boost liquidity, lower transaction costs, and promote the use of digital payment platforms.
To strengthen the financial sector, the organisation wants the reinstatement of interest expense deductions as legitimate costs of sales for banks and other financial institutions. This move, it argued, would encourage lending, enhance financial intermediation, and rebuild confidence among depositors and investors.
The chamber further proposed simplifying tax procedures through the establishment of One-Stop Business Formalisation Centres in every province, alongside mobile platforms for business registration and tax payment with the goal being to make it easier for informal enterprises to formalize and expand the country’s tax base.
ZNCC said the proposed measures would create a more predictable and growth-oriented tax environment — one that rewards compliance, stimulates investment, and supports sustainable economic growth.
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