Categories: Finance

Government Reviews 2% Tax Thresholds For Individuals & Businesses

Share

Barely 3 months after reviewing the thresholds of the controversial 2% tax, Finance Minister has again reviewed upwards the tax-free thresholds for both individuals and corporates 2%. This was revealed during this afternoon’s 2020 Budget Statement presentation where the Minister said:

advertisement

I propose to review the Tax-Free Threshold from the current ZWL$20 to
ZWL$100 and the maximum tax payable per transaction by corporates from the current ZWL$15 000 to ZWL$25 000 for transactions with values exceeding ZWL$1 250 000.

For individuals, this means only transactions over $100 will be taxed the 2% tax, up from the previous $20. For corporates, the maximum 2% tax they can pay is $25000, up from the previous $15000. The 2% tax, also known as Intermediated Money Transfer Tax (IMTT) has been controversial ever since it was introduced by the Finance Minister.

advertisement

Also read: Here Is How Some People Are Dodging Paying The 2% Tax


Quick NetOne, Telecel, Africom, And Econet Airtime Recharge

If anything goes wrong, click here to enter your query.

Recent Posts

Startups, Apply For The GSMA Innovation Fund & You Could Pocket US$120k-US$300k

Sub-saharan African and Asian startups helping people get online for the first time using mobile…

April 6, 2020

[Video] No. Corona Virus Is Not A Cover For 5G

A message has been circulating on WhatsApp claiming that there is a relation between COVID_19…

April 6, 2020

Applications Open For Female Entrepreneurs Incubation Program

LeadTech is an intensive 6-month incubation program dedicated to early-stage women-owned or women-led tech start-ups. The program aims…

April 6, 2020

New Skype Feature Allows People Without Accounts To Join Video Calls

Innovation is pretty hard and I'm sure we've all heard the cliche there's nothing new…

April 6, 2020

[Video] Tesla Turning Car Parts Into Ventilators

Tesla engineers have been making ventilators using car parts and here's a video where they…

April 6, 2020

Download Google’s Movement Trends In Zimbabwe During COVID-19

At the time of writing, there have been 1.2 million COVID-19 cases with 64 972…

April 5, 2020