OrbitaxZimbabwe Publishes Finance Act 2020
|Approved Changes|Zimbabwe
The Zimbabwe Revenue Authority has published the Finance Act 2020 (Act No. 8 of 2020), which was promulgated on 3 November 2020.
One of the main measures of the Finance Act is the introduction of new individual income tax tables for employment income in Zimbabwe dollar (ZWD) or foreign currency (USD reference) with effect from 1 August 2020:
- Employment income in ZWD:
- up to ZWD 25,000 - 0%
- ZWD 25,001 to 75,000 - 20%
- ZWD 75,001 to 150,000 - 25%
- ZWD 150,001 to 300,000 - 30%
- ZWD 300,001 to 500…