{"id":13809,"date":"2019-09-20T18:18:01","date_gmt":"2019-09-20T16:18:01","guid":{"rendered":"https:\/\/www.africa-press.com\/zimbabwe\/?p=13809"},"modified":"2019-09-20T18:18:01","modified_gmt":"2019-09-20T16:18:01","slug":"tax-free-threshold-now-at-3-500","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/tax-free-threshold-now-at-3-500","title":{"rendered":"Tax-free threshold now at $3 500"},"content":{"rendered":"

THE Zimbabwe Revenue Authority<\/a> (ZIMRA) has broadened the tax-free threshold to $3 500 with effect from August 1, 2019 from $700 in a bid to improve disposable incomes in the face of rising prices.<\/span><\/p>\n

The tax agency has also lowered the highest taxable bracket from 45% to 40%.<\/p>\n

It also entails that civil servants, who were recently awarded a 76% salary increase which saw the lowest payed worker in this dimension earning about $1 023 will be able to take all their salaries tax- free.<\/p>\n

In a notice, Zimra said the necessary amending of the highest rate will be publicised in due course.<\/p>\n

\u201cThe Zimbabwe Revenue Authority hereby notifies its valued clients that the highest tax rate on taxable income earned from employment which was gazetted in the Finance Act (7) No 2 of the 2019nis being corrected to 40%,\u201d Zimra said.<\/p>\n

\u201cThe necessary legislation amending the highest rate from 45% to 40% will be promulgated in due course and will be with effect from August 1, 2019.\u201d<\/p>\n

Employees earning $3 500 and below will not be taxed, while those earning $3 501 to $15 000 will be taxed at a rate of 20%. Those earning between $15 001 and $50 000 will be taxed at a rate of 25% while a salary of between $50 001 and $100 000 will attract 30% tax; those earning between $100 001 and $150 000 will attract 35% tax, and salaries of $150 001 and above will be taxed 40%.<\/p>\n

Finance minister Mthuli Ncube previously indicated that the tax-free bracket was going to be increased for those paying income tax and pay as you earn (PAYE).<\/p>\n

He said the move was designed to give relief to those earning below the Poverty Datum Line because of the rising in inflation.<\/p>\n","protected":false},"excerpt":{"rendered":"

THE Zimbabwe Revenue Authority (ZIMRA) has broadened the tax-free threshold to $3 500 with effect from August 1, 2019 from $700 in a bid to improve disposable incomes in the face of rising prices. The tax agency has also lowered the highest taxable bracket from 45% to 40%. It also entails that civil servants, who […]<\/p>\n","protected":false},"author":84,"featured_media":4261,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[258,284,725],"class_list":{"0":"post-13809","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-civil-servants","10":"tag-prices","11":"tag-zimra"},"yoast_head":"\nTax-free threshold now at $3 500 - zimbabwe<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tax-free-threshold-now-at-3-500\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax-free threshold now at $3 500\" \/>\n<meta property=\"og:description\" content=\"THE Zimbabwe Revenue Authority (ZIMRA) has broadened the tax-free threshold to $3 500 with effect from August 1, 2019 from $700 in a bid to improve disposable incomes in the face of rising prices. 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