Zimbabwe: Tax measures in 2024 mid-term budget review
2024 mid-term budget review proposes addition of proposed tax measures to 2024 national budget statement and corresponding draft finance bill
Tax measures in 2024 mid-term budget review
The 2024 mid-term budget review, which was presented on July 25, 2024, proposes the addition of the following proposed tax measures to the 2024 national budget statement and corresponding draft finance bill, which were presented in November 2023. Read TaxNewsFlash
- Amendments to the Reserve Bank Act (Chapter [22:15]) to provide for the use of local currency (Zimbabwe Gold (ZWG)) as legal tender, which was introduced on April 5, 2024 through the Presidential Powers (Temporary Measures) Regulations
- Promoting local currency with increased proportions of taxes to be paid in ZWG
- Reducing presumptive tax rates
- Adding the following sectors to the reserved sector listing under Schedule 1 of the Indigenisation and Economic Empowerment Act (Chapter [22:14])
- Haulage and logistics
- Borehole drilling
- Shipping and forwarding
- Clearing and customs
- Pharmaceutical retailing
The proposed tax measures are subject to change before they may be promulgated into law, which is expected to occur later in August 2024.
Read a July 2024 report prepared by the KPMG member firm in Zimbabwe
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