Zimbabwe – Proposed Changes 2024 National Budget and draft Finance Bill:
On Thursday 30 November 2023, the National Budget of
Zimbabwe was presented by the Honourable Minister Mthuli Ncube, Minister of
Finance, Economic Development and Investment Promotion at the Parliament.
This summary includes the key highlights on employment tax from
the 2024 National Budget Statement with the corresponding draft Finance Bill.
- The
Minister proposed to review the Tax-Free Threshold to Z$750 000 per month
or Z$9 000,000 per annum, and adjust the tax bands to end at Z$270 million
per annum, above which tax will be levied at a rate of 40%, with effect
from 1 January 2024.
- The Minister proposed to
review Bonus Tax Free Threshold - the local currency Tax-Free Bonus Threshold
from Z$500,000 to Z$7 500 000, with effect from 1 November 2023.
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