Income Tax Rate 2020 Zimbabwe

Payment of certain taxes in foreign currency it appears the payment of tax in foreign currency now include the payment of.

Income tax rate 2020 zimbabwe. Sec 3 of fin no. Follow these simple steps to calculate your salary after tax in zimbabwe using the zimbabwe salary calculator 2020 which is updated with the 2020 21 tax tables. August to december 2020 paye usd tax tables. What categories are subject to income tax in general situations.

Income of special economic zones after the first 5 years of operation. The income tax rates and personal allowances in zimbabwe are updated annually with new tax tables published for resident and non resident taxpayers. A 3 of tax liability aids levy must be added to the total tax liability calculated. Tax measures proposed in 2020 budget zimbabwe.

Aug dec 2020 tax tables usd pdf. As of 1 january 2020 the corporate income tax cit rate for companies other than mining companies with special mining leases but including branches is reduced to 24 72 previously 25 75. The tax tables below include the tax rates thresholds and allowances included in the zimbabwe tax calculator 2020. How to calculate your salary after tax in zimbabwe.

Sec 3 of fin no. Enter your salary and the zimbabwe salary calculator will automatically produce a salary after tax illustration for you simple. Rate is based on tax chargeable. Will a non resident of zimbabwe who as part of their employment within a group company is also appointed as a statutory director i e.

The 3 aids levy still applies. It is proposed to review the corporate income tax rate from 25 to 24. Personal income tax rate in zimbabwe averaged 40 76 percent from 2004 until 2020 reaching an all time high of 51 50 percent in 2015 and a record low of 24 72 percent in 2020. Member of the board of directors in a group company situated in zimbabwe trigger a personal tax liability in zimbabwe.

Income of special economic zones for the first 5 years of operation. That together with the aids levy gives an overall effective rate of 24 72. This rate includes a base rate of 24 plus a 3 aids levy. Tax measures proposed in 2020 budget the national budget for 2020 presented on 14 november 2019 includes proposals concerning the corporate income tax value added tax vat capital gains tax certain indirect and excise taxes among other provisions.

Inclusive of the aids levy the top effective rate for employment income is 46 35 and the top effective rate for other income is 24 72. Income tax zimbabwe 2020 national budget statement. The personal income tax rate in zimbabwe stands at 24 72 percent. Zimbabwe presently operates on a source based tax system.