By Staff Writer
THE Finance Ministry has hiked the tax free threshold from ZW$91,666 to ZW$550,000 with effect from August 1 in a move aimed towards “providing relief to taxpayers.
The Highest tax rate of 40% will apply to those earning Z$15 million upwards.
Market watchers believe the move is aimed to woo voters ahead of the August 23 2023 polls.
However , the Zimbabwe Congress of Trade Unions (ZCTU) urgently dismissed the waiver and pressed on with the demand for US$ salaries.
“The Government has made an upward review of the tax free threshold from Z$91,666 to Z$550,000 with effect from August 1. premium tax rate of 40% applies to earners raking more than Z$15 million.
“We reiterate our demand for fair & reasonable wages in US$,” said ZCTU in an update.
