Africa: Statutory Changes

The Minister of Finance published the Income Tax (Amendment of Monetary Amounts) Regulation containing the new tax rates effective 1 April 2020.

 

More details can be found here.

 

Annual tax table for 2020/2021 effective 1 April 2020:

 

 

The Pension Tax Deductible Limit increased effective 1 January 2020.

 

The Finance Act No3 of 2019, Amendment to the First and Sixth Schedules of the Income Tax Act, states that:

 

• The tax deduction for pension contributions has increased from ZWL43 200 to ZWL54 000 per year.

• The tax deduction for arrears pension contributions has increased from ZWL14 400 to ZWL18 00 per year (this is not accommodated in the payroll).

 

The AFRTAX File version is now 202003 and has been updated as follows:

 

• TD001 - M Tax Deductible NSSA/Pens/Annuity - maximum amount changed from 3 600.00 to 4 500.00

• TD002 - A Tax Deductible NSSA/Pens/Annuity – maximum amount changed from 43 200.00 to 54 000.00

• TD003 - W Tax Deductible NSSA/Pens/Annuity – maximum amount changed from 830.77.00 to 1 038.46

• TD004 - B Tax Deductible NSSA/Pens/Annuity – maximum amount changed from 1661.54 to 2 076.92