Govt revises tax-free income tax threshold

FINANCE, Economic Development and Investment Promotion minister Mthuli Ncube has raised the monthly tax-free income tax threshold to about Zimbabwe Gold (ZiG)1 356.

After the Zimbabwe dollar (ZWL) had depreciated by 261,28% during the first quarter of the year, the ZWL was scrapped, and the ZiG was adopted as the new currency on April 5.

However, with this depreciation, it meant that the monthly tax-free income tax threshold, at ZWL750 000, translated to US$28,39 at the end of the quarter, way below the cost of living.

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