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Zimbabwe Tax Rate for 2017, 2016, 2015, 2014, 2013

Zimbabwe Income Tax Rate 2016-2017

Income Tax Rate w.e.f 1st January 2016

Annual Income $

Tax Rate

 

0 to 3,600

 

0%

 

3,601 to 18,000

 

20%

 

18,001 to 36,000

 

25%

 

36,001 to 60,000

 

30%

 

60,001 to 120,000

 

35%

 

120,001 to 180,000

 

40%

 

180,001 to 240,000

 

45%

 

240,001 and above

 

50%

Aids Levy for 2016 is 3% of the Individuals' Tax payable

 

 

Zimbabwe Income Tax Rate 2015-2016

Income Tax Rate w.e.f 1st January 2015

Annual Income $

Tax Rate

 

0 to 3,600

 

0%

 

3,601 to 18,000

 

20%

 

18,001 to 36,000

 

25%

 

36,001 to 60,000

 

30%

 

60,001 to 120,000

 

35%

 

120,001 to 180,000

 

40%

 

180,001 to 240,000

 

45%

 

240,001 and above

 

50%

Aids Levy for 2015 is 3% of the Individuals' Tax payable

Zimbabwe Income Tax Rates for 2014 and Deductions

Lowest Individual Tax Rate in Zimbabwe is 20% and Highest Rate is 50%

Zimbabwe Income Tax Rate 2014-2015

Income Tax Rate w.e.f 1st January 2014

Annual Income $

Tax Rate

 

0 to 3,000

 

0%

 

3,001 to 12,000

 

20%

 

12,001 to 24,000

 

25%

 

24,001 to 60,000

 

30%

 

60,001 to 90,000

 

35%

 

90,001 to 120,000

 

40%

 

120,001 to 240,000

 

45%

 

240,001 and above

 

50%

Aids Levy for 2014 is 3% of the Individuals' Tax payable

 

The current tax legislation provides for a number of tax concessions which are meant to provide tax relief to elderly persons. These tax concessions, which are mostly in the form of tax exemptions and credits, are contained in the Income Tax Act [Chapter 23:06], the Finance Act [Chapter 23:04] and the Capital Gains Tax Act [Chapter 23:01].

For the purposes of these concessions, an elderly person is a person aged 55years or more

Income Tax

Exemption from Income Tax of the first US$3 000.00 per annum on rental income

Exemption from Income Tax of the first US$3 000.00 per annum on income earned from bankers acceptances

Exemption from Income Tax of the first US$3 000.00 per annum on income earned from interest on deposits to financial institutions.

Entitled to an elderly persons’ credit of US$900.00 per annum.

Pension received from a pension fund or the Consolidated Revenue Fund is exempt from Income Tax.

Where an employer disposes of a motor vehicle to an employee whether on termination of employment or otherwise, the benefit is exempt from tax.

Capital Gains Tax

The full amount arising from the disposal of a Principal Private Residence (PPR) by persons who are 55 years or above on the date of the sale is exempt from Capital Gains Tax.
The first US$1 800.00 that accrues on the sale of any unlisted marketable security is exempt

Corporate Tax Rates in Zimbabwe

Standard rate is 25% and in addition there is a 3% AIDS Levy on the tax making the rate effectively 25.75%

Capital Gain Tax Rates in Zimbabwe

The Capital Gains Tax shall be calculated at a rate of 20% of the capital gain determined in accordance with the CGT Act. Where a specified asset that was acquired prior to 1 February 2009 is disposed of after that date, CGT shall be calculated at a rate of 5% of the selling price. The rate of capital gains withholding tax for unlisted securities was reduced from 10% to 5% with effect from 1st September 2010. In the case of a sale of a listed marketable security (e.g. listed shares), the rate of Capital Gains Withholding Tax shall be 1% of the price at which the security was sold. This is with effect from 1 August 2009.

Zimbabwe Dates of filing Returns / Reporting and Payment

Annual Returns

1. Income Tax Form 16 Return

Every registered employer is required to submit returns of all persons employed by him detailing the salaries, wages, allowances, benefits and pension deductions for each person so employed and this is in terms of Section 39(1) of the Income Tax Act.

The due date for submission of ITF16 is within 30 days after the end of the year of assessment and can be submitted electronically. (Please note that ITF16 returns are different from P2 returns that are submitted monthly with PAYE payments)

2. Income Tax Returns

All persons or representative taxpayers who have received or to whom income has accrued from a source within or deemed to be within Zimbabwe, are required to submit income tax returns for each tax year as follows:

Self Assessment Clients

Persons who have been specified in terms of Section 37A of the same Act as being on self assessment are required to furnish self assessment returns in duplicate by 30 April every year. This include clients who were registered or were required to have registered under Category “C” for Value Added Tax (VAT) in terms of the VAT Act (Chapter 23:12) as at 31st December 2007 and thereafter or were registered under the Banking Act (Chapter 24:20) or under the Insurance Act (Chapter 24:07).

Clients not yet on Self Assessment

All persons who have not been specified as being on Self Assessment are required to submit their income tax returns 30 days from the date of the Commissioner General’s public notice in terms of Section 37 of the Income Tax Act (Chapter 23:06). The income tax return for companies and trusts is ITF 12 and this return should be accompanied by financial statements.

Employment Income Cases

Persons in receipt of income which solely consists of remuneration which has been subjected to employees tax (PAYE) are not required to furnish income tax returns. Exceptions include those who left employment during the course of the year, received income from more than one source or changed employers during the course of the year. ITF1 – is the return for employment income to be completed by individuals on employment income. ITF1A – is a return by an individual of income from trade, investment or profession

 

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