Zimbabwe: Finance Act, 2022 (No. 8 of 2022)
Following the 2022 Mid-Term Budget and Economic Review & Supplementary Budget Speech, after much delay, the Finance Act, 2022 Act No. 8 of 2022 brings the following amendments into effect for the 2022 tax year:
- Update in the tax tables for ZWL (for the period 1 August to 31 December 2022)
- Change in bonus exemption threshold to ZWL 500,000.00 effective 01 November 2022
- Change in elderly, blind person’s and mentally or physically disabled persons credit to ZWL 450,000.00
- Change in ZWL determination table for motor vehicle fringe benefit
- Change in retrenchment exemption threshold: where the package is in ZWL, the exempt portion is the greater of ZWL 5,000,000.00 or one third of the package up to a maximum of ZWL 18,750,000.00
- Change in pension allowable limit to ZWL 1,500,000.00
The year of assessment beginning on the 1st January 2022, in respect of the taxable income from employment of a person other than a company, a trust or a pension fund, consists of the following two periods:
A. the seven-month period beginning on the 1st January 2022 and ending on the 31st July 2022
B. the five-month period beginning on the 1st August 2022 and ending on the 31st December 2022.
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