By Own Correspondent| Government collected $166.15 million during the last three months of 2018 from the two percent per dollar transacted tax (Intermediate Money Transfer Tax).

Finance minister Professor Mthuli Ncube introduced the 2% per every dollar transaction tax in October last year as part of his “austerity for posterity” measures in a development which saw him receiving heavy criticism from all sections of Zimbabweans.

Zimra revealed that Government collected $177.27 million with $11.12 million collected at the previous rate of $0.05 per transaction during the first nine months.

Zimra said in its performance report that revenue grew by 848.30 percent from $18.69 million collected in 2017. ZIMRA said it was able to reach the $5 billion mark, in part due to the revision of the Intermediated Money Transfer Tax (IMTT).