Zimbabwe: 2022 Mid-Term Budget Proposals
The 2022 Mid-Term Budget and Economic Review & Supplementary Budget Speech was presented to Parliament by the Minister of Finance and Economic Development on Thursday 28th July 2022.
With regards to Pay As You Earn, the Minister proposed to review the tax-free threshold on local currency remuneration from ZWL$300,000 to ZWL$600,000 per annum and also adjust the tax bands to end at ZWL$12 million from the current ZWL$6,000,000 per annum, above which tax will be levied at a rate of 40 percent, with effect from 1 August 2022.
The Minister further proposed to review the local currency tax-free bonus threshold from ZWL$100,000 to ZWL$500,000, with effect from 1 November 2022.
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