Taxable Income Bracket Raised From ZWL$350 To ZWL$700

In his Midterm Budget Review statement, Finance and Economic Minister Mthuli Ncube announced that the tax-free threshold has been raised from the current ZW$350 to ZW$700 as a way of cushioning taxpayers against bracket creep and also stimulate aggregate demand for goods and services. He said:

  • In order to cushion taxpayers against bracket creep & also stimulate aggregate demand for goods and services, we propose to review the tax-free threshold from the current ZW$350 to ZW$700, further widen the tax bands to a maximum of ZW$30 000, above which income is taxed at the marginal tax rate of 40%, with effect from 1 August 2019.
  • In view of the changes in the macroeconomic conditions, we propose to review the tax-free threshold from the current ZWL$10 to ZW$20 & the maximum tax payable per transaction by corporates from the current ZWL$10 000 to ZW$15 000 for transactions with a value exceeding ZWL$750 000.

 


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