The recent introduction of the Zimbabwean Gold (ZIG) currency on April 5, 2024, has prompted significant changes across Zimbabwe’s financial landscape. Among these is the proposed adjustment to the year of assessment for taxable income from employment. This proposal, put forth by the Minister of Finance, Economic Development, and Investment Promotion, seeks to divide the 2024 tax year into two dis ...
Fuel Transit Rules Threaten Business Liquidity
A bold policy from Zimbabwe's Minister of Finance, Economic Development and Investment Promotion’s Mid-Term Budget Review on how duty and levies on fuel imported under Removal in Transit (RIT) are handled came into effect on 10 August 2024, following the Zimbabwe Revenue Authority (ZIMRA) public announcement. According to the new regulation, duty and levies on fuel must be paid upfront at the port ...
Tougher VAT deferment Rules looming
In a significant move to tighten tax regulations, Zimbabwe’s Finance Ministry has proposed amendments to the regulations governing the deferment of Value Added Tax (VAT). These changes introduce new penalties aimed at ensuring that businesses and individuals promptly adhere to their tax obligations, reduce tax evasion, and enhance revenue collection.The proposal introduces two key penalties. First ...
New VAT Exemptions on Livestock Products
In a significant move aimed at bolstering economic growth and improving the affordability of essential goods, Zimbabwe has announced substantial reforms to its Value Added Tax (VAT) system, exempting certain products from VAT effective 1 August 2024. This article explores the details of this shift, explaining the intricacies of moving from standard-rated to exempt goods, the motivations behind the ...