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Herald Reporter
The Zimbabwe Revenue Authority (Zimra) yesterday clarified that the tax-free threshold of $3 500 is applicable for the period of five months to December 2019. This means the tax-free threshold remains $700 per month.
Zimra’s head corporate communications Mr Francis Chimanda said the Finance Act No 2 of 2019 that was gazetted on August 21, 2019, pronounced changes in the tax bands and tax rates on employment income.
“These new tax bands and tax rates are applicable for the period of five months from 1 August to 31 December 2019. The daily, weekly, monthly tax bands and tax rates are extracted from these five month rates,” said Mr Chimanda.
Government has reduced the highest tax rate on taxable income to 40 percent from 45 percent and Statutory Instrument 205 of 2019 was gazetted yesterday, to amend that.
Online Reporter