Zimbabwe – Promulgation of Finance Act 2023
Following the promulgation of the Finance Act, 2023, the following are a summary of changes affecting payroll:
- the ZWL tax threshold has increased from ZWL 750 000.00 per month to ZWL 9 000 000.00 per month, and adjust the tax bands to end at ZWL270 million per annum, above which tax will be levied at a rate of 40%, with effect from 1 January 2024.
- Bonus Tax Free Threshold - the local currency Tax-Free Bonus Threshold from ZWL 500,000 to ZWL 7 500 000, with effect from 1 November 2023.
- an exemption in respect of such receipts or acc salary and emoluments in terms of any agreement entered into by the Government of Zimbabwe with any other government, which agreement has been adopted by the Government of Zimbabwe on the recommendation of the Public Agreements Advisory Committee in accordance with the International Treaties Act.
No changes on USD tax thresholds were announced.
Changes to the ZWL tax tables will be implemented on the system soon!
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