Tax-free Threshold Raised To ZWL$5 000
The government has raised the tax-free threshold to 5 000 Zimbabwe dollars per month, while mining companies have been directed to pay royalties in foreign currency.
This was revealed by Finance and Economic Development Minister Mthuli Ncube during the second reading of The Finance Bill in Senate on Wednesday.
Ncube told the Senators that the upward review of the tax-free threshold was aimed at cushioning workers from Coronavirus induced challenges. He said:
In view of the Covid-19 triggered financial meltdown, employees earning less than five thousand dollars per month will not pay taxes starting from the month of August until the end of the year.
Ncube also said the Finance Bill seeks to increase foreign currency inflows into government coffers by charging mining royalties in foreign currency. Said Ncube:
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One of the provisions of the finance bill is to allow mining companies to pay royalties in foreign currency unless requirements do not apply where they will continue paying in local currency.
