Fees & Taxes
SwitchLock includes a centralized fee calculation engine that evaluates both your platform fees and statutory taxes, such as Zimbabwe's IMTT.
The Fee Engine
Whenever an escrow is settled or a payout is initiated, the system automatically calculates deductions using basis points (1 bp = 0.01%). The engine computes two separate deductions:
This is your revenue. By default, the system charges 100 bps (1.00%). However, you can configure custom rates per tenant (company), and the engine will automatically override the global default with your custom system_fee_basis_points.
Intermediated Money Transfer Tax is legally required on electronic transfers in Zimbabwe. The engine applies different statutory rates based on the currency:
- USD Transactions200 bps (2.0%)
- ZIG Transactions150 bps (1.5%)
How it splits
When the fee engine calculates a transaction, it splits the total deduction into a fee and a tax. These amounts are directed to separate ledger accounts so that tax liabilities are clearly separated from your realized revenue.
| Deduction | Destination Account Type | Destination Ledger |
|---|---|---|
| fee | REVENUE | Company Ledger |
| tax | TAX_PAYABLE | System Ledger |
Internal: Seed Configs
If you are deploying a new environment, you must initialize the global fee configurations before processing transactions. This creates the active PLATFORM_FEE and IMTT_TAX rules in the database.
curl -X POST "https://api.switchlock.co.zw/v1/treasury/seed-configs" \
-H "x-api-key: zl_sk_your_key_here" \
-H "x-company-id: cmp_01HXYZ..."