November 25, 2024
Government Reviews 2% Tax Thresholds For Individuals & Businesses
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:
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.
Also read: Here Is How Some People Are Dodging Paying The 2% Tax
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