Short title this act may be cited as the income tax act. Part i preliminary 1 short title this act may he cited as the finance act, 20 4. International taxation double taxation avoidance agreements. The new minister of finance issued a number of proposals to the income tax act chapter 23. Temporary exemption of manufacturers of wine from fruit grown in zimbabwe and manufacturers of opaque beer. These regulations, made by the minister of finance in terms of section 3. 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 income tax act, the amount of income tax computed under this subsection shall be increased by a surcharge, for the. Income tax, revenue, amnesty, special circumstances. With acts you are guaranteed the latest and most up to date resource for your legislative needs.
Income tax is levied on earnings income of an individual or a business. 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. Zimbabwe individual income tax rate table and zimbabwe corporate income tax tds vat table provides a view of individual income tax rates and corporate income tax rates in zimbabwe. Zimbabwe amendments to the income tax act and introduction of.
The consolidated income tax act is available, in a pdf version, under the tax heading on the university of pretoria, laws of. Click download or read online button to get zimbabwe income tax book now. Finance rate and incidence of intermediated money transfer tax regulations, 2018. Special circumstances in which income is deemed to.
The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. Other changes to the income tax act include the following. Did you know that in terms of section 80 of the income tax act chapter 23. The tax year in zimbabwe runs from 1 january to 31 december. Enacted by the president and parliament of zimbabwe. Zimbabwe personal income tax rate 20042020 data 20212022. Car benefit section 8 of the finance act confirms the new motoring benefit values as tabulated below. Annually updated handbook on the tax laws and regulations in zimbabwe including the income tax act, plus basic information on starting a business. To acquire expert knowledge of practical and procedural aspects relating to direct tax laws, service tax and vat. Understanding zimbabwe capital gains tax startupbiz zimbabwe. Part i preliminary 1 short title this act may be cited as the finance no. Section amendments to chapter i of finance act chapter 23. To make further provision for the revenues and public funds of zimbabwe and to provide for matters connected therewith or incidental thereto. We are the leading resource for freely available legislation in south africa and are used daily by thousands of professionals and industry leaders.
Zimbabwe income tax kpmg global kpmg international. Capital gains tax cgt cgt is levied on taxable gains from a source within zim from the sale or deemed saleof immovable property and any marketable security specified asset according to the capital gains tax act. By a company listed on the zimbabwe stock exchange 10 by any other company 15 informal traders 10 foreign dividends 20 nonresidents tax %. The personal income tax rate in zimbabwe stands at 24. A satellite broadcasting service provider or any person who delivers goods or services through an electronic commerce platform in receipt of. Income tax act 58 of 1962 south african government. Basics and definitions income tax act, 1961 background, concept and mechanism of income tax definitions, concept of income, previous year, assessment year, distinction between capital and revenue receipts and expenditure, residential status basis of charge and scope of total income 2. Zimbabwe reintroduces the zim dollar zimbabwe hikes. Bonus section 1b of the finance act confirms that the tax free bonus has increased to zwl5 000 usd320. The administration of income tax is governed by the income tax act of zimbabwe, chapter 23.
Taxed on income from a zimbabwean source or from a deemed zimbabwean source. Click download or read online button to get income tax in zimbabwe book now. Domestic tax laws uganda 1 disclaimer this reproduction of ugandas tax legislation is the personal effort of. This site is like a library, use search box in the widget to get ebook that you want.
Certain types of income arising outside zimbabwe may, in the hands of a zimbabwean tax resident, be deemed to arise in zimbabwe and be. Home income tax service tax vat central excise online forms bare acts companies act cpc crpc ipc formats. Definition as inserted by section 2 of act 17 of 2002. An act to provide for the taxation of incomes and matters connected therewith. These regulations may be cited as the double taxation agreement. Textbook explaining corporate and individual income tax in zimbabwe, including withholding taxes, capital gains tax and estate duty. President may suspend, rebate or remit duties payable under agreement. A survey of income tax, social security tax rates and tax legislation. It is administered under income tax act ita cap 52. The reprint consolidates the income tax act, cap 340, the value added tax act, cap 349 and statutory instruments made thereunder since the revised edition of the laws of uganda 2000.
Income tax and vat acts online the income tax act, 1962, valueadded tax act, 1991 and other tax acts may be accessed on the sars website. 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. 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. An act to make provision for the revenues and public funds of zimbabwe and to provide for matters connected therewith or incidental thereto. What are the current income tax rates for residents and non residents in zimbabwe. The tax rates and legislation in this reckoner are applicable from 1 january 2016 to 31 december 2016. Aids levy equal to 3% of the basic tax also payable. The book is useful for students and serves as a basic guide to those interested in taxation. Practitioners act, estate agents act and estate administration act. Provisions of agreements and regulations to prevail when inconsistent with this act or any other law. Microsoft office document icon income tax act 2306updated.
Students are permitted to take in their zxnet amended zimbabwe taxation statutes provided, of course, that no notes or commentaries are included. Income tax act 90 of 1988 income tax amendment act 99 of 1988 income tax act 70 of 1989. Interpretation in this act, unless the context otherwise requires. This page provides zimbabwe personal income tax rate actual values, historical data, forecast, chart, statistics, economic calendar and news. Acts online provides legislation, including amendments and regulations, in an intuitive, online format. Zimbabwe income tax download ebook pdf, epub, tuebl, mobi. Income tax is a direct tax that is levied on persons income and gains for each tax year. It is source based, this means that tax is levied on income generated or deemed to be generated in botswana. Special provisions in connection with income derived from sale of mining claims. If its any comfort the capital gains tax existed well before the 2% tax and is quite a different tax. An act to establish the zimbabwe revenue authority for the collection of certain revenues of the. Zimbabwe personal income tax rate 20042020 data 2021. Zimbabwe amendments to the income tax act and introduction of new transfer pricing regulations.
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