The Zimbabwe Generic Tax File was updated with the ZiG Tax Tables and NSSA Insurable Earnings Limit that is effective April 2024.
Also included in this update is the Currency Conversion Changes for the USD Tax Credits, Pension Deductible Limit, Bonus Exemption and Retrenchment Package Exemption and the new ZIMDEF Return report layout.
Apply Zimbabwe Changes
To update your Sage 300 People application with the currency conversion and statutory changes, please import the new Zimbabwe generic tax file.
Note:
Before importing the new ZWE-GenericTax.xml file please ensure that the Sage 300 People application is updated to at least version 23.3.3.0.
The file must be imported before doing any payroll processing, printing payslips or reports or making any payments.
Do a general recalculation for all Zimbabwe Company Rules after importing the updated generic tax file.Once you have imported the updated generic tax file, apply the required setup changes and manual adjustments detailed in this document.
How do I add the Zimbabwe Gold (ZiG) currency to my system.
We created a script that can be applied to your data base to add the new currency. Alternatively, you can wait until our mid-year software update that will also include the new currency.
Click here to download the script to add the new Zimbabwe Gold currency (ZiG) to the system
Click here on How to Run a SQL Script in the Microsoft SQL Server Management Studio
Please check the Full release notes for more details
Please take note of the setup changes in the release notes that customers will have to apply on their Zimbabwe tax country setups that is required for the Currency Conversion Changes for the USD Tax Credits, Pension Deductible Limit, Bonus Exemption and Retrenchment Package Exemption.
If customers do not apply the setup changes, it will result in major tax differences.
Also because the new ZiG tax table is effective April 2024, customers must close employee tax records for 31 March 2024 and open a new tax record starting 01 April 2024 when they are in the April pay period.
Click here to download the Sage 300 People Release Notes Zimbabwe Statutory and Currency Update April 2024.
Click here to download the updated ZWE-GenericTax.xml file
Click here on steps to import the Generic Tax File