The government has revealed to the International Monetary Fund (IMF) that the two percent electronic transaction tax will realise over US$600 million this year as authorities forge ahead with economic reforms.

This was said by Finance and Economic Development Minister Professor Mthuli Ncube in the government progress report on economic reforms submitted to the IMF.

As part of the widening of revenue base, in October 2018, government introduced a 2 percent tax per USD value transacted, replacing a previous tax of 5 cents per transaction.

Already, US$52.5 million was raised in November and US$103.8 million in December 2018, giving a total of US$166.2 million for 2018.

In January this year, the Electronic Transactions Tax raised US$98.5 million and it is anticipated that US$600 million will be raised during 2019.