{"id":87645,"date":"2023-12-01T16:20:23","date_gmt":"2023-12-01T14:20:23","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-2024-national-budget-passport-vehicle-registration-toll-fees-raised-tax-for-soft-drinks"},"modified":"2023-12-01T19:39:50","modified_gmt":"2023-12-01T17:39:50","slug":"zimbabwe-2024-national-budget-passport-vehicle-registration-toll-fees-raised-tax-for-soft-drinks","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/zimbabwe-2024-national-budget-passport-vehicle-registration-toll-fees-raised-tax-for-soft-drinks","title":{"rendered":"Zimbabwe 2024 National Budget: Passport, Vehicle Registration, Toll Fees Raised, Tax For Soft Drinks"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>On November 30, 2023, Professor Mthuli Ncube, the Minister of Finance, Economic Development, and Investment Promotion, delivered the 2024 National Budget Speech titled \u201cConsolidating Economic Transformation.\u201d Ncube raised taxes and introduced more new ones. The ZW$40 trillion budget is still awaiting adoption. The budget will be debated and passed or rejected by Parliament. Here are some key points from the speech:<\/p>\n

\u2013 Ncube suggested that the Tax-Free Threshold should be reviewed to Z$750,000 per month or Z$9,000,000 per year. Additionally, the tax bands will be adjusted to end at Z$270 million per year. Any income above this amount will be taxed at a rate of 40%. These changes are proposed to take effect from January 1, 2024.<\/p>\n

\u2013 The tax-exempt threshold on withholding tax for agricultural commodities like soya beans, sunflower, groundnuts, and cotton seed will be increased from US$1,000 to US$5,000 per year.<\/p>\n

\u2013 Safari and Tour Operators will continue to have a duty suspension on new motor vehicles imported for another 2 years starting from January 1, 2024.<\/p>\n

Screws On Tax Evaders:Get Pindula News on our WhatsApp Channel<\/b><\/p>\n

Subscribe here: https:\/\/whatsapp.com\/channel\/0029Va84dngJP21B2nWeyM3v<\/p>\n

\u2013 Only licensed and tax-compliant operators will be allowed to procure goods from manufacturers and wholesalers to restore the supply chain.<\/p>\n

\u2013 Traders must be registered for VAT and possess a valid Tax Clearance Certificate to buy goods from manufacturers.<\/p>\n

\u2013 The VAT registration threshold will be lowered to US$25,000 from January 1, 2024, and businesses meeting this threshold must register and account for VAT.<\/p>\n

\u2013 The Domestic Minimum Top-Up Tax (DMTT) will be introduced to prevent ceding taxing rights to foreign jurisdictions on tax incentives given to investments.<\/p>\n

\u2013 A 30% surcharge on high-value motor vehicles will continue for wealth redistribution purposes.<\/p>\n

Mining:<\/b><\/p>\n

\u2013 All documents or agreements for the transfer, disposal, or lease of mineral rights must be reviewed and approved by the State before concluding the transaction.<\/p>\n

\u2013 Mining rights cannot be transferred without paying capital gains tax, stamp duty, or other applicable taxes.<\/p>\n

\u2013 Revenue from privately disposed mining rights will be shared equally with the State.<\/p>\n

\u2013 Measures will be introduced to track the movement of mining rights, and a register of mining rights will be maintained by the Zimbabwe Revenue Authority.<\/p>\n

\u2013 The Strategic Reserve Levy on diesel and petrol will be increased, as well as toll fees on premium roads.<\/p>\n

Need a new Passport or Register a Vehicle?<\/b><\/p>\n

\u2013 Passport and Central Vehicle Registry fees will be increased.<\/p>\n

\u2013 A wealth tax of 1% will be levied on residential properties with a minimum value of US$100,000, with exemptions for principal private residential properties owned by elderly persons above 70 years.<\/p>\n

\u2013 A digital platform will be explored to combat illicit trade in cigarettes and provide real-time data on locally manufactured goods.<\/p>\n

\u2013 A digital platform will be explored to combat illicit trade in cigarettes and provide real-time data on locally manufactured goods.<\/p>\n

\u2013 Additional revenue generated from the proposed measures will be allocated to road infrastructure development.<\/p>\n

Do you own a home? There\u2019s a Tax now:<\/b><\/p>\n

\u2013 A wealth tax of 1% will be imposed on the market values of residential properties with a minimum value of US$100,000, with exemptions for elderly individuals above 70 years.<\/p>\n

\u2013 The growth of illicit trade, particularly in cigarettes, has negatively impacted revenue growth, and a digital platform will be explored to address this issue.<\/p>\n

Do you drive a car? Fuel has gone up!<\/b><\/p>\n

\u2013 The Strategic Reserve Levy has been raised by US$0.03 and US$0.05 per litre of diesel and petrol, respectively, with effect from 1 January 2024.<\/p>\n

Want to buy Soft Drinks (Kambucha, coke, etc) there is a tax now!<\/b><\/p>\n

Ncube introduced a levy on the sugar content of beverages saying it was in response to concerns about the negative effects of consuming sugary drinks, which are linked to health problems. He said:<\/p>\n

\u2013 The aim is to discourage the consumption of high-sugar beverages.<\/p>\n

\u2013 The proposed levy is US$0.02 per gram of sugar in beverages, excluding water.<\/p>\n

\u2013 The levy will take effect from January 1, 2024.<\/p>\n

\u2013 The funds generated from this levy will be used specifically for cancer therapy and the procurement of diagnostic equipment.<\/p>\n

Are you a civil servant? Your $300 Covid allowance is now taxable!<\/b><\/p>\n

\u2013 As part of the remuneration review process for civil servants, the Government will convert the current COVID and Cushioning allowances, aggregating to US$300, to be part of the pensionable. This means that these allowances will now be considered when calculating the pension benefits for civil servants, potentially increasing their retirement benefits and tax too.<\/p>\n

Want to travel out of town? Toll Fees doubled with effect from 1 January 2024!<\/b>
\n\u2013 Light Motor-Vehicles:<\/b><\/p>\n

\u2013 Current fee: US$2<\/p>\n

\u2013 Proposed fee on Premium roads: US$5<\/p>\n

\u2013 Proposed fee on other roads: US$4<\/p>\n

\u2013 Minibuses (kombi):<\/b><\/p>\n

\u2013 Current fee: US$3<\/p>\n

\u2013 Proposed fee on Premium roads: US$8<\/p>\n

\u2013 Proposed fee on other roads: US$6<\/p>\n

\u2013 Buses:<\/b><\/p>\n

\u2013 Current fee: US$4<\/p>\n

\u2013 Proposed fee on Premium roads: US$10<\/p>\n

\u2013 Proposed fee on other roads: US$8<\/p>\n

\u2013 Heavy Vehicles:<\/b><\/p>\n

\u2013 Current fee: US$5<\/p>\n

\u2013 Proposed fee on Premium roads: US$15<\/p>\n

\u2013 Proposed fee on other roads: US$10<\/p>\n

\u2013 Haulage Trucks:<\/b><\/p>\n

\u2013 Current fee: US$10<\/p>\n

\u2013 Proposed fee on Premium roads: US$25<\/p>\n

\u2013 Proposed fee on other roads: US$20<\/p>\n

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

Africa-Press – Zimbabwe. On November 30, 2023, Professor Mthuli Ncube, the Minister of Finance, Economic Development, and Investment Promotion, delivered the 2024 National Budget Speech titled \u201cConsolidating Economic Transformation.\u201d Ncube raised taxes and introduced more new ones. The ZW$40 trillion budget is still awaiting adoption. The budget will be debated and passed or rejected by […]<\/p>\n","protected":false},"author":84,"featured_media":87644,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[15697,1493,2189,15837,807,15838,19],"class_list":{"0":"post-87645","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-2024-national-budget","10":"tag-africa-press","11":"tag-africa-press-zimbabwe-2","12":"tag-high-taxes","13":"tag-mthuli-ncube","14":"tag-taxes-and-duties","15":"tag-zimbabwe"},"yoast_head":"\nZimbabwe 2024 National Budget: Passport, Vehicle Registration, Toll Fees Raised, Tax For Soft Drinks - zimbabwe<\/title>\n<meta name=\"description\" content=\"On November 30, 2023, Professor Mthuli Ncube, the Minister of Finance, Economic Development, and Investment Promotion, d ...\" \/>\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\/zimbabwe-2024-national-budget-passport-vehicle-registration-toll-fees-raised-tax-for-soft-drinks\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zimbabwe 2024 National Budget: Passport, Vehicle Registration, Toll Fees Raised, Tax For Soft Drinks\" \/>\n<meta property=\"og:description\" content=\"On November 30, 2023, Professor Mthuli Ncube, the Minister of Finance, Economic Development, and Investment Promotion, d ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-2024-national-budget-passport-vehicle-registration-toll-fees-raised-tax-for-soft-drinks\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-01T14:20:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-01T17:39:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/12\/sm_1701435957.278618.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\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=\"4 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\/zimbabwe-2024-national-budget-passport-vehicle-registration-toll-fees-raised-tax-for-soft-drinks\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-2024-national-budget-passport-vehicle-registration-toll-fees-raised-tax-for-soft-drinks\",\"name\":\"Zimbabwe 2024 National Budget: Passport, Vehicle Registration, Toll Fees Raised, Tax For Soft Drinks - 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