The Government has reviewed the PAYE tax-free threshold with effect from 1 January 2024. This has been viewed as an attempt to provide relief to taxpayers whose incomes had been eroded by inflation while enhancing the capacity of the Government to generate additional revenue.
The monthly tax-free threshold will be increased from Zwl$500 000 to Zwl$750 000 resulting in an annual tax-free threshold of Zwl$9 million. The Government also proposed to adjust other tax bands with the highest tax band of 40% being applied to annual income exceeding $270 million.
The Government also reviewed the local currency Tax-Free Bonus Threshold from Zwl$500,000 to Zwl$7 500 000 with effect from 1 November 2023. The widening of the bonus tax bands will provide much-needed relief for employees especially the low income earners as it allows them to retain a larger portion of their bonuses therefore boosting their spending power.
Below are the 2024 Annual and Monthly PAYE tax tables:
|
2024
Annual PAYE Tax Tables |
2024
Monthly PAYE Tax Tables |
||||
|
Lower limit in ZWL$ |
Higher limit in ZWL$ |
% |
Lower limit in ZWL$ |
Higher limit in ZWL$ |
% |
|
- |
9 000 000 |
0 |
- |
750 000 |
0 |
|
9
000 001 |
27 000 000 |
20 |
750 001 |
2 250 000 |
20 |
|
27 000 001 |
90 000 000 |
25 |
2 250 000 |
7 500 000 |
25 |
|
90 000 001 |
180 000 000 |
30 |
7 500 001 |
15 000 000 |
30 |
|
180 000 001 |
270 000 000 |
35 |
15 000 001 |
22 500 000 |
35 |
|
270 000 001 |
ABOVE |
40 |
22 500 001 |
ABOVE |
40 |
The following survey reports are available
- Sectorial-Based Salary Survey Reports
- National Salary Survey Report (Consolidation of 13 Sectors)
- Non-executive Directors Fees Survey Report
- Human Resource Policy Documents