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%; but a single FCA transfer of US$500,000 or more attracts a flat IMTT of US$10,150 instead (Finance Act s.22G).
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)(d1) 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