Intermediated Money Transfer Tax (IMTT) Calculator
2% on local currency transfers, 2% on foreign currency transfers (with a per-transaction cap), 0% on a defined exempt list. Calculate IMTT on a single payment or a batch.
Transaction details
IMTT is collected by the financial institution at the time of transfer and remitted to ZIMRA monthly.
Common exemptions include: salary credits to a personal account, transfers between an account holder's own accounts at the same bank, payments to ZIMRA, payments of pension benefits, and bond/treasury bill purchases. Always check the IMTT (Exemption) regulations for the current list.
Step-by-step walkthrough
Confirm the transfer is taxable
IMTT applies to transfers through a financial institution — not to cash withdrawals over the counter, internal book entries within an account, or transfers on the exempt list.
Identify the rate
Standard local-currency rate is 2%. FCA rate is 2% with a per-transaction cap. A small number of transaction classes carry concessional rates.
Apply the rate to the gross transfer
IMTT = Amount × 2%, then take the lower of the computed IMTT and the cap (FCA only).
Bank deducts and remits
The intermediary debits IMTT on the same value date as the transfer and remits to ZIMRA monthly with a return.
Don't claim it back as a tax cost
Specifically disallowed as a deduction by s.16(1)(q) of the Income Tax Act. Reflect it as a finance cost in management accounts only.
Statutory anchors
- Income Tax Act [Chapter 23:06] — Thirtieth Schedule (IMTT)
- Finance Act 2026 — current rate and cap
- IMTT (Exemption) Regulations — current SI