Government has announced that the controversial 2 percent transaction tax initiated in October last year has helped towards the recruitment of the 3 000 additional teachers and 350 university personnel.
According to the Minister of Finance and Economic Development Minister, Professor Mthuli Ncube, the tax revenue is also covering the $310 million cost for devolution which was announced in the 2019 Budget.
“The 2 % transaction tax initiated in October 2018 has started bearing positive results on the economy.
“So far, the tax revenue has helped Zimbabwe on recruitment of 3 000 additional teachers; recruitment of 350 university personnel and covering the $310 million announced in the 2019 Budget cost for devolution,”he said.
In December Government collected $572,40 million through the 2 percent tax, exceeding the monthly target by $129,1 million.