Zimbabwe: Bonus-tax free threshold revision

Zimbabwe: Bonus-tax free threshold revision

Zimbabwe Revenue Authority (ZIMRA) has issued public notice 09 of 2024, dated 24 January 2024, stating that the bonus tax-free threshold for ZWL bonuses increased to ZWL 7,500,000 with effect from 1 November 2023 to 31 December 2023, and that the new bonus exemption threshold is USD 400 or ZWL equivalent with effect from 1 January 2024.

Therefore, from 1 January 2024,
  1. bonuses paid in ZWL is subject to a bonus exemption threshold of USD 400 * the prevailing exchange rate on the date of payment of the bonus, and
  2. bonuses paid in USD is subject to a bonus exemption threshold of USD 400.

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