News FlashesAugust 17, 2023

CRS News Flash 16 August 2023 – ZIMBABWE – New tax rates with effect from 1 August 2023

AUGUST 2023 – ZIMBABWE

NEW TAX RATES WITH EFFECT FROM 1 AUGUST 2023
It is important that employers note the following:

Local currency employment tax bands and tax rates reviewed to provide relief

Public Notice No. 51/2023 was issued on 10 August 2023 on the Zimbabwe Revenue Authority (ZIMRA) website to inform taxpayers that the Minister of Finance and Economic Development has reviewed local currency employment tax bands and tax rates with effect from 1 August 2023 in a bid to provide relief to taxpayers.

The tax tables applicable for the period 1 August 2023 to 31 December 2023 are as follows:

The changes apply to the local currency tax table only. The USD tax tables remain the same.

PAYE remains payable in local currency for remuneration in local currency, and in foreign currency for remuneration in foreign currency or where there is a combination of foreign and local currency.

Credits and allowable deductions limits applied on calculation of PAYE remain the same as no changes were made.

Monthly tables from 1 January 2023 to 31 December 2023 – Foreign Currency:

To view Public Notice No. 51/2023, follow the link.

Contact our legislation team on info@crs.co.za if you require any additional information.
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