How does remittance tax work and are there diaspora incentives?

The Diaspora Remittance Incentive Scheme (DRIS) was discontinued in February 2019. Currently, remittances into Zimbabwe are not taxed — receiving money from abroad is not taxable income. In 2024, Econet partnered with Sasai Money Transfer to offer zero-fee remittances from the UK and South Africa to EcoCash, removing both sending and cash-out fees. Domestically, mobile transfers attract a 2% Intermediated Money Transfer Tax (IMTT), reduced from 4% in 2023. EcoCash charges approximately 4% total including IMTT; InnBucks about 5%. Sending through formal channels is always advisable for transaction records, consumer protection, and regulatory oversight. The trend is toward cheaper formal remittances, aligning with ZimX Finance's mission of reducing UK-Zimbabwe corridor costs from around 9.2% to 1-2%.