Zimbabwe 2024 Budget Measures Include Corporate Tax Rate Increase and Introduction of Domestic Minimum Top-Up Tax

The Zimbabwe Parliament has published the 2024 Budget Statement, which was delivered by Minister of Finance Mthuli Ncubeon on 30 November 2023. Some of the main tax measures noted in the statement include:

• Changes in personal income tax, including:
  • an increase in the monthly tax-free threshold from ZWD 500,000 per month to ZWD 750,000 per month, or ZWD 9,000,000 annually;
  • the adjustment of the annual tax bands as follows:
    • ZWD 0 to 9,000,000 - 0%
    • ZWD 9,000,001 to 27,000,000 - 20%
    • ZWD 27,000,…