Zimbabwe has introduced a new currency, the ZiG, as announced by the new Reserve Bank of Zimbabwe (RBZ) Governor, John Mushayavanhu in the 2024 Monetary Policy Statement.
One of the most notable features of the ZiG is its backing by gold, a move aimed at providing a stable and secure foundation for the currency.
This gold-backed approach is expected to enhance the currency’s credibility and attractiveness to both local and international investors.
Statutory Instrument 60 of 2024, the legal framework for ZiG, was released on Friday, 5 April 2024.
The Zimbabwe Revenue Authority (ZIMRA) has released ZiG PAYE tax tables.
ZiG tax tables for the 9-month period: 5 April 2024 to 31 December 2024
From | To | Â | Rates | Â | Â |
                                –  | 12,204.00 | multiply by | 0% | Deduct |                                 – |
12,204.01 | 36,612.00 | multiply by | 20% | Deduct | 2,441 |
36,612.01 | 122,040.00 | multiply by | 25% | Deduct | 4,271 |
122,040.01 | 244,080.00 | multiply by | 30% | Deduct | 10,373 |
244,080.01 | 366,120.00 | multiply by | 35% | Deduct | 22,577 |
366,120.01 | and above | multiply by | 40% | Deduct | 40,883 |
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The PaySpace Team
