The minister of finance of Zimbabwe has delivered the 2023/2024 budget speech on 30 November 2023.

The following changes have been proposed during the budget speech: 

Bonus exemption:

• The tax-free ZWL bonus threshold is increased from ZWL500 000 to ZWL7 500 000.

 This is effective from 1 November 2023.  

Other proposed changes:

• The monthly tax-free threshold is increased to ZWL750 000 (ZWL9 000 000 per annum).
• The highest tax bracket will be applicable to annual income exceeding ZWL270 000 000 (ZWL22 500 000 per month).

The proposed effective date for these measures is 1 January 2024. 

System changes on Sage VIP Premier:

• A  new tax file for Zimbabwe is scheduled to  be available as from Tuesday 12 December 2023 on the Sage Portal, for the bonus exemption changes
• For the proposed tax changes effective January 2024, we await the new tales to be published, and the updated tax file for these changes is scheduled mid-January 2024 (subject to publication).