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*Treasury Reviews PAYE And Personal Income Tax*

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George Guvamatanga, the Secretary for Finance and Economic Development, has sent a formal letter to the Zimbabwe Revenue Authority (ZIMRA) informing them about the review of Pay as You Earn (PAYE) and personal income tax tables. The letter, addressed to ZIMRA’s Commissioner General, Regina Chinamasa, states the following:

*RE: REVIEW OF PAY AS YOU EARN/ PERSONAL INCOME TAX TABLES*

> I am writing to discuss the matter mentioned above.

> As you are aware, the local currency Pay as You Earn (PAYE) tax table, which includes a tax-free threshold of ZW$91,666 per month and a highest marginal tax rate of 40% on incomes exceeding ZW$1,000,000 per month, was last reviewed on 1 January 2023. However, recent macroeconomic changes have led to salary adjustments, resulting in many employees falling into higher tax brackets. Consequently, some salaries and wages are subject to higher tax rates.

> To provide relief to taxpayers and stimulate demand for goods and services, Treasury has approved a review of the local currency tax tables, effective from 1 August 2023. The tax-free threshold has been increased from ZW$91,666 per month to ZW$500,000 per month, and the highest marginal tax rate of 40% now applies to incomes above ZW$15,000,000 per month.

*See the detailed monthly tax below:*

Current Monthly Local Currency Tax Band (CMLCTB): 0 to 91,666

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Approved Monthly Local Currency Tax Bands: 0 to 500,000

Tax Rate (%): 0

Current Monthly Local Currency Tax Band (CMLCTB): 91,667 to 320,000:

Approved Monthly Local Currency Tax Bands: 0 to 500,000
Tax Rate (%): 20

Current Monthly Local Currency Tax Band (CMLCTB): 320,001 to 548,000:

Approved Monthly Local Currency Tax Bands: 0 to 500,000
Tax Rate (%): 25

Current Monthly Local Currency Tax Band (CMLCTB): 548,001 to 776,000:

Approved Monthly Local Currency Tax Bands: 0 to 500,000
Tax Rate (%): 30

Current Monthly Local Currency Tax Band (CMLCTB): 776,001 to 1,000,000:

Approved Monthly Local Currency Tax Bands: 0 to 500,000
Tax Rate (%): 35

Current Monthly Local Currency Tax Band (CMLCTB): 1,000,001 and above:

Approved Monthly Local Currency Tax Bands: 0 to 500,000
Tax Rate (%): 40

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