Provided further that in respect of any income chargeable to tax under section 115a, 115ab, 115ac, 115aca, 115ad, 115b, 115ba, 115bb, 115bba, 115bbc, 115bbd, 115bbda, 115bbf, 115bbg, 115e, 115jb or 115jc of the incometax act, the amount of incometax computed under this subsection shall be increased by a surcharge, for the. Zimbabwe amendments to the income tax act and introduction of new transfer pricing regulations. All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and imposition of tax act, 2015 central boards of revenue act, 1963 charitable and religious trusts act, 1920 charitable endowments act, 1890. Home resources digital legal library income tax act. To make further provision for the revenues and public funds of zimbabwe and to provide for matters connected therewith or incidental thereto. The corporate tax rate in zimbabwe stands at 25 percent. Income tax is levied on earnings income of an individual or a business. Notice by commissioner requiring returns for assessment under this act and manner of. Enacted by the president and the parliament of zimbabwe. Special circumstances in which income is deemed to.
An act to provide for the taxation of incomes and matters connected therewith. Click download or read online button to get zimbabwe income tax book now. Understanding zimbabwe capital gains tax startupbiz zimbabwe. The consolidated income tax act is available, in a pdf version, under the tax heading on the university of pretoria, laws of sa consolidated legislation website. The consolidated income tax act is available, in a pdf version, under the tax heading on the university of pretoria, laws of. Car benefit section 8 of the finance act confirms the new motoring benefit values as tabulated below. Section page contents division one 111 incometax act, 1961 page u arrangement of sections i3 u text of the incometax act, 1961 as amended by the finance act, 2011 1.
A survey of income tax, social security tax rates and tax legislation impacting expatriate employees working in zimbabwe. Zimbabwe amendments to the income tax act and introduction of new transfer pricing regulations february 2019 the new minister of finance issued a number of proposals to the income tax act chapter 23. Did you know that section 80 of the income tax act chapter 23. Apply tax principles in computing the corporation tax liability of a company and outline the administration of corporation tax in zimbabwe. The book is useful for students and serves as a basic guide to those interested in taxation. Zimbabwe amendments to the income tax act and introduction. Act to be income derived from a source within zimbabwe, at the specifiedpercentage of each united states dollar of that income. Income tax, revenue, amnesty, special circumstances. Read all news including political news, current affairs and news headlines online on income tax act today. The searchable database contains laws, reports, and other civil society legal resources from countries around the world. Get all the latest news and updates on income tax act only on. Bonus section 1b of the finance act confirms that the tax free bonus has increased to zwl5 000 usd320.
Visit this page for an executive summary of zimbabwes tax structure and rates, by salestaxhandbook. The administration of income tax is governed by the income tax act of zimbabwe, chapter 23. For optimal readability, we highly recommend downloading the document pdf, which you can do. Textbook explaining corporate and individual income tax in zimbabwe, including withholding taxes, capital gains tax and estate duty. Mar 06, 2018 the main laws for revenue collection in zimbabwe include the income tax act, capital gains act, the finance act, the estate duties act and the customs and excise act. Short title this act may be cited as the income tax act. Aids levy equal to 3% of the basic tax also payable. The tax year in zimbabwe runs from 1 january to 31 december. Mar 03, 2008 annually updated handbook on the tax laws and regulations in zimbabwe including the income tax act, plus basic information on starting a business. This site is like a library, use search box in the widget to get ebook that you want. Part i preliminary 1 short title and date of commencement 1 this act may be cited as the value added tax act chapter 23.
Click download or read online button to get income tax in zimbabwe book now. Zimbabwe personal income tax rate 20042020 data 2021. The current legislation requires registered businesses to withhold and remit to zimra, 10. Other changes to the income tax act include the following.
An act to consolidate and amend the law relating to the imposition, assessment and collection of tax on incomes. What are the current income tax rates for residents and non residents in zimbabwe. We are grateful to the institute of chartered accountants of zimbabwe icaz. Zimbabwe has a national valueadded tax vat of 15% as of 2020, administered by the commissioner general, zimbabwe revenue authority zimra. This page provides zimbabwe corporate tax rate actual values, historical data, forecast, chart, statistics, economic calendar and news. Part i preliminary 1 short title this act may he cited as the finance act, 20 4. Zimbabwe income tax kpmg global kpmg international. Bonus section 1b of the finance act confirms that the taxfree bonus has increased to zwl5 000 usd320. Special provisions in connection with income derived from sale of mining claims. The main laws for revenue collection in zimbabwe include the income tax act, capital gains act, the finance act, the estate duties act and the customs and excise act. Apply tax principles in computing the income tax liability of an individual and outline the administration of paye and tax on trade and investment income in zimbabwe.
This is the easiest way to handle your income tax in zimbabwe, but contractors may not be offered this service because of their short stay with each employer. Zimbabwe income tax download ebook pdf, epub, tuebl, mobi. With effect from the year of assessment beginning on the 1st january, 2019, the schedule credits and rates of income tax to chapter i of the finance act. What categories are subject to income tax in general situations. Act to be income derived from a source within zimbabwe, at the. Enacted by the parliament and president of zimbabwe. After the introduction of what is now commonly referred to as the 2% tax, many in zimbabwe do not want to hear about another tax, ever. Rulings the commissioner general may issue an advance tax ruling on any provision in the income tax act, whether on his own initiative or upon application by a taxpayer or class of taxpayers on a transaction that is or may be liable to tax. Lowest individual tax rate in zimbabwe is 20% and highest rate is 50%.
Interpretation in this act, unless the context otherwise requires. Zimbabwe amendments to the income tax act and introduction of. This course will help tax accountants, tax clerks, bookkeepers, tax payers, business owners etc to confidently explain and apply the principles and policies of income tax law in zimbabwe guided by the income tax act chapter 23. Annually updated handbook on the tax laws and regulations in zimbabwe including the income tax act, plus basic information on starting a business. Your income tax, public health insurance, social security and other deductions will all be covered by this payment. Aids levy for 2015 is 3% of the individuals tax payable. The following tax rates and allowances are to be used when answering the questions. Tax rates individuals employment income year ended 31 december 2017.
Section 12a of the income tax act provides for taxation of certain income deemed to be. Finance act, 2018 zimbabwe legal information institute. Withholding tax on tenders with effect from 1 january 2018 payments for tobacco purchased on both the auction and contract floors are exempt from 10% withholding tax. In the proposed finance bill, clause 9 proposes to tax certain income deemed to be from within zimbabwe. Taxed on income from a zimbabwean source or from a deemed zimbabwean source. Zimbabwe corporate tax rate 20062018 data 20192020. Zimbabwe vat value added tax the standard rate of vat in zimbabwe is 15%.
Therefore all income that accrues or is deemed to have accrued in zimbabwe is taxed in zimbabwe. If its any comfort the capital gains tax existed well before the 2% tax and is quite a different tax. Executive certificate in tax accounting zimbabwe institute. Income tax in zimbabwe download ebook pdf, epub, tuebl, mobi.