Govt increases tax-free threshold

GOVERNMENT has increased the tax-free threshold to $500 000 from $91 000 with effect from August 1 to boost Zimbabweans’ disposable incomes who earn in local currency in the face of a rising cost of living.

In a letter addressed to Zimbabwe Revenue Authority (Zimra) Commissioner-General Regina Chinamasa dated August 4, Finance ministry secretary George Guvamatanga said the review was in response to recent economic realities that had left many sinking in poverty and failing to make ends meet.

“Due to recent macroeconomic changes that necessitated salary reviews, a significant number of employees are caught up in a bracket creep.

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