Income Tax Act Zimbabwe 2017

2 interpretation 1 in this act affiliate in relation to a petroleum operator has the meaning given by subsection 4 of section thirty two.

Income tax act zimbabwe 2017. It has been indicated that zimbabwe is considering moving to a residence based system during the current tax reform exercise. Income tax act 1 1 2017 thin capitalisation payment of tax on deemed dividend zimbabwe currently a thin capitalization rule which effectively can result in a tax disallowance of borrowing costs relating to the portion of debt. The zimbabwe income tax act chapter 23 06 was amended with effect from 1 january 2016 to incorporate section 98a and 98b which provide for the commissioner general s power to make appropriate adjustments where the arms length principle is deemed not to have been observed. Zimbabwe s finance act 2 of 2017 took effect upon its publication government gazette no.

This requirement extended to payments made to non residents. Zimbabwe s finance act 2 of 2017 took effect upon its publication government gazette no. 18 of 24 march 2017. Tax rates individuals employment income.

The act contains provisions concerning individuals that affect the taxation of severance rental income pension pay outs various tax credits employee fringe benefits nonresident directors fees and permanent establishment. Income derived or deemed to be derived from sources within zimbabwe is subject to tax. The current legislation requires registered businesses to withhold and remit to zimra 10 of the payment of usd 1 000 in aggregate per annum made to a local business not in possession of a tax clearance certificate itf 263. The act contains provisions concerning individuals that affect the taxation of severance rental income pension pay outs various tax credits employee fringe benefits nonresident directors fees and permanent establishment.

This act may be cited as the income tax act chapter 23 06. 2 of 2017 0 income of.