Following the promulgation of the Finance (No. 2) Act, 2022, the ZWL tax threshold has increased from ZWL 900 000.00 to ZWL 1 100 000.00 along with consequential amendments to the tax bands, with effect from 01 January 2023.
No changes on USD tax thresholds were announced.
Click here to access the Finance (No. 2) Act, 2022 (No.10 of 2022).
Tax Table Changes 2023
The new thresholds and rates, as set out below, are applicable from 01 January 2023 to 31 December 2023.
Annual Tax Tables in ZWL:
No changes were made to the USD Tax Tables.
Impact of the Zimbabwe Finance Act changes on PaySpace
• All changes are effective 01 January 2023.
• All Zimbabwe payrolls have been recalculated.
• If the January payroll is already closed, create an interim run attached to January. Please note that month-to-date and year-to-date PAYE will be suppressed to zero if negative.
• No other statutory changes were announced.
Should you have any questions regarding the Zimbabwe Finance Act changes, please feel free to visit our Support page for more ways to get in touch, or email us at [email protected]
The PaySpace Team