Tax-free Bonus Threshold Raised To $100 000
Finance and Economic Development Minister Mthuli Ncube has raised the local currency tax-free bonus threshold from ZWL$25 000 to ZWL$100 000.
Presenting the 2022 national budget statement in Parliament on Thursday afternoon, Ncube also announced an increase in the foreign currency tax-free bonus threshold from US$320 to US$700.
I also propose to review the local currency tax-free bonus threshold from ZWL 25 000 to ZWL 100 000 and the foreign currency tax-free bonus threshold from US$ 320 to US$ 700, with effect from 1 November 2021.
Ncube also proposed to raise the excise duty on cigarettes, saying this will help to curb illicit flows and also mobilise additional revenue to the Fiscus. He said:
In order to benchmark excise tax rates with the practice in the region, thereby curbing illicit flows and also mobilise additional revenue to the Fiscus, I propose to increase excise duty on cigarettes from 20% + US$5.00/1000 cigarettes to 25% + US$5.00/1000.
I, further, propose to introduce a flat rate of excise duty on energy drinks at a rate of US$0.05/litre, or the local currency equivalent.
Incidents of non-communicable diseases, in particular, cancer, diabetes and hypertension are on the increase.
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