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Govt To Increase Minimum Income Tax Threshold

5 years agoThu, 22 Nov 2018 19:57:14 GMT
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Govt To Increase Minimum Income Tax Threshold

The government will increase the minimum income tax threshold from the current $300 to $350. For those who earn monthly salaries of over $20 000, they will pay 45% in income tax.

This was revealed by the Minister of Finance Mthuli Ncube while presenting the national budget in Parliament today. Minister Ncube said

 In order to attract and retain skilled human capital and also cushion low-income taxpayers against rising prices of basic goods, I propose to review the tax-free threshold from the current US$300 to US$350 and further widen the tax bands from US$351 to US$20,000, above which income is taxed at the highest marginal tax rate of 45%, down from 50%.

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