Zimbabwe published the Finance Act No. 8 of 2022 in the Official Gazette on 24 October 2022. One of the main measures of the Act provides for the amending of the individual income tax brackets with effect from 1 August 2022 in the year of assessment beginning on 1 January 2022, which generally reduces the bracket thresholds, except for the first bracket. The tax brackets are as follows for remuneration earned in Zimbabwean Dollars (ZWD):

• up to ZWD 375,000 - 0%
• ZWD 375,001 to 715,000 - 20%
• ZWD 715,001 to 1,300,000 - 25%
• ZWD 1,300,001 to 2,400,000 - 30%
• ZWD 2,400,001 to 5,000,000 - 35%
• ZWD 5,000,001 and more - 40%

For the avoidance of doubt, it is specified that these tax levels are effective from 1 August 2022. For remuneration earned in U.S. Dollars (USD), no new brackets are set.

Click the following link for Finance Act No. 8 of 2022 as published by a third party.