{"id":63636,"date":"2022-07-31T17:25:13","date_gmt":"2022-07-31T15:25:13","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/finance-minister-ignores-calls-by-ccz-to-review-tax-free-thresholds-by-wider-margins"},"modified":"2022-07-31T19:46:54","modified_gmt":"2022-07-31T17:46:54","slug":"finance-minister-ignores-calls-by-ccz-to-review-tax-free-thresholds-by-wider-margins","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/finance-minister-ignores-calls-by-ccz-to-review-tax-free-thresholds-by-wider-margins","title":{"rendered":"Finance Minister Ignores Calls By CCZ To Review Tax-free Thresholds By \u201cWider Margins\u201d"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>Finance and Economic Development Minister Mthuli Ncube on Thursday proposed to review the tax-free threshold on local currency remuneration from the current $25 000 to $50 000 per month.<\/p>\n

The Consumer Council of Zimbabwe (CCZ) had proposed that a tax-free threshold of over $100 000 would be appropriate considering that consumers are battling serious inflationary pressures.<\/p>\n

Ahead of the announcement, Rosemary Mpofu, an executive director at the Consumer Council of Zimbabwe (CCZ) told the Standard:<\/p>\n

We hope that there will be a review of tax-free thresholds by wider margins. An amount in excess of $100 000 or more will do because the $25 000, when it was announced, would buy much more commodities than it can by today. They must take into account low income and consumer buying power.<\/p>\n

In his presentation, Ncube raised the tax-free threshold to $300 000 or US$1 200 per annum for remuneration earned in local and foreign currency, respectively, with effect from 1 January 2022.<\/p>\n

He proposed to review the tax-free threshold on local currency remuneration from $300 000 to $600 000 per annum and also adjust the tax bands to end at $12 million from the current $6 000 000 per annum, above which tax will be levied at a rate of 40 per cent, with effect from 1 August 2022.<\/p>\n

Ncube\u2019s proposed $50 000 free tax threshold, which is equivalent to about US$50 at black market rates is likely to further plummet considering continued inflationary pressures that continue to affect the economy.<\/p>\n

These shocks have dislocated the income tax regime, plunging millions into abject poverty, according to the Confederation of Zimbabwe Industries (CZI).<\/p>\n

Former finance minister and Harare East legislator Tendai Biti said Ncube\u2019s measures had failed to address Zimbabwe\u2019s problems.<\/p>\n

Ncube revised the civil service allocation for employment costs from $492,8 billion to $832,8 billion.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. Finance and Economic Development Minister Mthuli Ncube on Thursday proposed to review the tax-free threshold on local currency remuneration from the current $25 000 to $50 000 per month. The Consumer Council of Zimbabwe (CCZ) had proposed that a tax-free threshold of over $100 000 would be appropriate considering that consumers are […]<\/p>\n","protected":false},"author":84,"featured_media":63635,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35,15],"tags":[11065,11018,1493,2189,807,1164,19],"class_list":{"0":"post-63636","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"category-homepage-english","10":"category-twitter","11":"tag-2022-mid-term-budget-review","12":"tag-2022-mid-term-monetary-policy-statement","13":"tag-africa-press","14":"tag-africa-press-zimbabwe-2","15":"tag-mthuli-ncube","16":"tag-tendai-biti","17":"tag-zimbabwe"},"yoast_head":"\nFinance Minister Ignores Calls By CCZ To Review Tax-free Thresholds By \u201cWider Margins\u201d - zimbabwe<\/title>\n<meta name=\"description\" content=\"Finance and Economic Development Minister Mthuli Ncube on Thursday proposed to review the tax-free threshold on local cu ...\" \/>\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\/finance-minister-ignores-calls-by-ccz-to-review-tax-free-thresholds-by-wider-margins\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finance Minister Ignores Calls By CCZ To Review Tax-free Thresholds By \u201cWider Margins\u201d\" \/>\n<meta property=\"og:description\" content=\"Finance and Economic Development Minister Mthuli Ncube on Thursday proposed to review the tax-free threshold on local cu ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/finance-minister-ignores-calls-by-ccz-to-review-tax-free-thresholds-by-wider-margins\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-31T15:25:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-31T17:46:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2022\/07\/postQueueImg_18-62e6bff1bdeae.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1008\" \/>\n\t<meta property=\"og:image:height\" content=\"567\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/finance-minister-ignores-calls-by-ccz-to-review-tax-free-thresholds-by-wider-margins\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/finance-minister-ignores-calls-by-ccz-to-review-tax-free-thresholds-by-wider-margins\",\"name\":\"Finance Minister Ignores Calls By CCZ To Review Tax-free Thresholds By \u201cWider Margins\u201d - 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