We use cookies to personalise content, provide social media features, and analyse traffic.
To disable cookies, this can be configured via the web browser. However this can limit your experience with our website.

Accept Cookies Learn More

Tax Professional usually responds in minutes

Our tax advisers are all verified

Unlimited follow-up questions

  • Ask a question
  • Sign in
    •

    ARTICLE - Zimbabwe

    Zimbabwe 2024 Tax Strategy

    19 Feb

    Zimbabwe 2024 Tax Strategy - Introduction

    In an ambitious stride towards enhancing self-reliance, Zimbabwe has unveiled a comprehensive set of tax measures for 2024 aimed at bolstering domestic resources. This initiative reflects the nation's commitment to unlocking the full potential of its development while diminishing its dependency on external funding sources.

    An Array of Tax Measures

    The tax reforms introduced encompass a variety of sectors, each tailored to maximize revenue generation without stifling economic growth:

    Sugar Tax

    A levy of 0.02 cents per gram on beverages with added sugar, promoting healthier consumption while generating revenue.

    Intermediated Money Transfer Tax (IMTT)

    A 1% tax on outbound payments made in foreign currency, leveraging transactions within the Reserve Bank of Zimbabwe (RBZ) auction or interbank market.

    Mining and Quarrying Levy

    Implementing a 1% levy on the gross sales of specific minerals and quarry products, targeting lucrative sectors with minimal impact on production costs.

    Corporate Tax Increase

    A modest hike from 24% to 25%, balancing the need for revenue with the importance of corporate investment.

    Wealth Tax

    A 1% tax on the value of residential properties exceeding USD 250,000, encouraging equitable wealth distribution.

    VAT Measures

    Reduction of the VAT registration threshold and revision of VAT exemptions aim to broaden the tax base and ensure essential goods remain accessible.

    Special Capital Gains Tax

    A 20% tax on the transfer of mining titles, ensuring that the nation benefits from its natural resource wealth.

    Domestic Minimum Top-Up Tax (DMTT)

    Aligning with global efforts to ensure multinational enterprises contribute fairly to local economies.

    Enhanced Tax Administration

    To support these measures, Zimbabwe's tax administration system, under the Zimbabwe Revenue Authority (ZIMRA), will see significant enhancements. These include expanded enforcement powers, stricter compliance mechanisms for manufacturers, and innovative approaches to incorporating the informal sector into the tax system. Furthermore, the integration of customs and excise systems with financial institutions aims to streamline processes and reduce evasion.

    A Transformative Fiscal Landscape

    Zimbabwe's tax reforms for 2024 represent more than a fiscal adjustment; they signify a transformative shift towards sustainable development and self-sufficiency. By tapping into domestic resources, the nation seeks to lessen its reliance on external financing, fostering a resilient economy poised for growth.

    Zimbabwe 2024 Tax Strategy  - Conclusion

    For businesses and individuals alike, these changes offer both challenges and opportunities. Adapting to the new tax environment will require flexibility and innovation, but it also opens the door to participating in Zimbabwe's journey towards a more self-reliant and prosperous future.

    Final thoughts

    If you have any queries relating to Zimbabwe 2024 Tax Strategy, or tax matters in Zimbabwe generally, then please get in touch.
    Economic events

    RELATED TO THIS ARTICLE

    Europe

    Haworth v HMRC: UT Confirms Tax Treaty Residence

    Europe

    Irish Participation Exemption for Foreign Dividends

    Asia

    Private Client Tax in India… From the Secret Private Client Adviser Files

    View all articles

    Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus ut semper risus. Fusce ac pharetra sem. Praesent vitae eros a quam fermentum dignissim.

    MR BLAKEFIELD. REGAL CAPITAL. FLORIDA.

    Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus ut semper risus. Fusce ac pharetra sem. Praesent vitae eros a quam fermentum dignissim.

    MR BLAKEFIELD. REGAL CAPITAL. FLORIDA.

    Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus ut semper risus. Fusce ac pharetra sem. Praesent vitae eros a quam fermentum dignissim.

    MR BLAKEFIELD. REGAL CAPITAL. FLORIDA.

    1/3

    Contact us

    If you’re having any problems with your membership, account, or just generally loving Tax Natives. Drop us a line here and we’ll get back to you.

    Contact

    We collect personal information when you enquire about our services. We will use this information to provide the services requested, maintain records and, if you agree below, to send you marketing information. We will not share your infromation for marketing purposes with any other companies. For more information explaining how we use your information please see our Privacy Policy(Required)
    This field is for validation purposes and should be left unchanged.