Zimbabwe – Proposed Changes 2024 National Budget and draft Finance Bill:

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.
  1. 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.
  2. 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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