Zimbabwe | Finance Bill 2024
The Zimbabwe Finance Bill, 2024, introduces the following key changes:
- Amendments to the Reserve Bank Act to recognize the new local currency, Zimbabwe Gold (ZWG), as legal tender, which was introduced on April 5, 2024, through the Presidential Powers (Temporary Measures) Regulations.
- An increase in the Bonus Tax-Free Threshold from US$400 to US$700.
- Two tax reviews due to the change in currency from RTGS to ZiG(ZWG).
- RTGS era: 1 January 2024 to 4 April 2024.
- ZiG (ZWG) era: 5 April 2024 to 31 December 2024.
Even though these changes haven't been promulgated into law, our in-country advisors recommend applying the bonus exemption (effective August 2024) outlined in the Finance Bill 2024. Historically, these measures have been accepted prior to being promulgated.
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