2024 Zimbabwe budget major highlights: More taxes

Zimbabwe’s Minister of Finance Prof Mthuli Ncube has introduced the price range for 2024.

And listed below are some main highlights:

• Tax-free threshold reviewed to ZWL750,500 per 30 days
• Bonus tax free bow ZWL75 million
• Withholding tax at USD5,000 every year
• New Home Minimal Topup Tax (DMTT)
• Toll charges for premium roads to go up efficient 1 January 2024.
• Improve passport and CVR charges from 1 January 2024
• 2 cents levy per each gramme of sugar in drinks from 1 January 2024.
• Strategic Reserve Levy goes up by US$0.03 and US$0.05 per litre of diesel and petrol, respectively, with impact from 1 January 2024
• New 1% Wealth Tax on residential properties with a minimal worth of USD100k
• Solely licensed and registered companies allowed to acquire from producers
• Civil Servants Covid-19 and cushioning allowance value USD300 to be transformed to pensionable wage efficient 1 January 2024.