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FINANCE ACT (CHAPTER 23:04)

FINANCE ACT

Acts 30/1965, 4/1966, 41/1966, 56/1966 (s. 7), 65/1966, 4/1967 (s. 35), 6/1967, 29/1967 (s. 32), 35/1967, 30/1968,

37/1968, 10/1969, 36/1969 (s. 3), 39/1969, 49/1969 (ss. 16-19), 58/1969, 10/1970, 21/1970, 23/1970 (s. 56),

32/1970, 43/1970, 6/1971 (s. 67), 41/1971, 42/1971 (s. 4), 1/1972 (s. 91), 20/1972, 33/1972 (s. 18), 8/1973 (Part

1), 21/1973, 27/1973 (s. 102), 23/1974, 32/1975, 38/1976, 22/1976 (ss. 2 and 3), 16/1977, 27/1977, 12/1978 (s. 4),

23/1978, 35/1978, 22/1979, 1/1980, 11/1980, 10/1981, 55/1981, 30/1982, 19/1983, 32/1983, 7/1984, 24/1984,

19/1985, 20/1986, 17/1987, 4/1988, 16/1988, 22/1989, 10/1990, 19/1990, 21/1991, 17/1992, 12/1993, 19/1994,

4/1995, 17/1995, 23/1995, 4/1996, (modified by SI 94/1996), 10/1996 (modified by SI 94/1996), 13/1996, 17/1997, 23/1997, 29/ 1998, 9/1999, 21/1999 ,22/1999 ,18/2000, 27/2001, 12/2002, 14/2002, 15 /2002, 10/2003,16/2004, 17/2004, 18/2004, 29/2004, 2/2005, 8/2005, 6/2006, 12/2006, 8/2007, 16/2007, 3/2009, 5/2009,.10/2009. 

SIs. 136/2007, 46A/2008, 63/2008, 90/2008, 111/2008, 132/2008, 133/2008, 149/2008, 166/2008, 45/2009, 91/2009, 149/2009.

ARRANGEMENT OF SECTIONS

PRELIMINARY Section

  1. Short title.

CHAPTER I

INCOME TAX AND OTHER TAXES LEVIED IN TERMS OF THE INCOME TAX ACT

PART I

PRELIMINARY

  1. Interpretation in Chapter I.

4A.  Payment of certain taxes in foreign currency.

PART II

CREDITS TO BE DEDUCTED FROM INCOME TAX

  1. Credits to which section 7 of Taxes Act relates.
  2. [Repealed]
  3. [Repealed]
  4. [Repealed]
  5. [Repealed]
  6. Taxpayers over 55 years of age.
  7. Blind persons.
  8. Invalid appliances and medical expenses.
  9. Mentally or physically disabled persons.

PART III

RATES OF INCOME TAX AND OTHER TAXES LEVIED IN TERMS OF THE INCOME TAX ACT

  1. Income tax for periods of assessment after 1.1.10.
  2. Non-resident shareholders’ tax. 16. [Repealed]
  3. Resident shareholders’ tax. 18.[Repealed]
  4. Non-residents’ tax on fees.
  5. Non-residents’ tax on remittances.
  6. Non-residents’ tax on royalties.
  7. Residents’ tax on interest. 22A. Tobacco levy.

22B. Automated financial transactions tax.

22C. Presumptive tax.

22D. Demutualisation levy. 22E. Carbon Tax.

22F. [Repealed]

22G. Intermediated money transfer tax.

22H. NOCZIM debt redemption levy.

22I. Property or insurance commission tax.

22J. Tax on non-executive directors’ fees.

22K. Tax on exercise of share options granted before 1st February, 2009.

PART IV

EMPLOYEES TAX

  1. Matters to be regarded by Commissioner in relation to employees tax.

Schedule to Chapter I: Credits and rates of income tax.

CHAPTER II

STAMP DUTIES

  1. Interpretation in Chapter II.

24A. Payment of certain stamp duties in foreign currency.

  1. Duties prescribed.

Schedule to Chapter II: Stamp duty on instruments and other matters.

CHAPTER III

LICENCES TARIFF

  1. Interpretation in Chapter III.
  2. Imposition of fees for certain licences.

Schedule to Chapter III: Licence Fees.

CHAPTER IV

VALUE ADDED TAX

  1. Interpretation in Chapter IV.
  2. Rates of value added tax.
  3. Amendment of rates imposed by section 29.
  4. Adjustments of tax.

Schedule to Chapter IV: Rates of value added tax.

CHAPTER V

BETTING AND GAMING TAX

  1. – 33[Repealed]

CHAPTER VI

ESTATE DUTY

  1. Interpretation in Chapter VI.
  2. Rate of estate duty.

Schedule to Chapter VI: Rate of estate duty.

CHAPTER VII

MINING ROYALTIES,DUTY AND FEES

  1. Interpretation in Chapter VII.
  2. Rates of mining royalties, duty and fees.

37A. Collection of mining royalties

Schedule to Chapter VII: Rates of mining, royalties duty and fees.

CHAPTER VIII

CAPITAL GAINS TAX

37A. Interpretation in Chapter VIII.

  1. Rates of capital gains tax.
  2. Rates of capital gains withholding tax.

39A. Payment of capital gains tax in foreign currency in certain circumstances

CHAPTER IX

CUSTOMS AND EXCISE

RATE OF SPECIAL EXCISE DUTY ON SALES OF SECOND-HAND MOTOR VEHICLES

  1. Interpretation in Chapter IX.
  2. Rate of special excise duty.

CHAPTER X

RENTALS FOR STATE LAND ALLOCATED FOR AGRICULTURAL PURPOSES

  1. Interpretation in Chapter X
  2. Rentals payable in respect of Model A2 farms.
  3. Public Assistance to Model A2 farmers conditional on full payment of rentals.

CHAPTER XI

STATUTORY FEES AND CHARGES

  1. Interpretation in Chapter X.

AN ACT to make provision for the revenues and public funds of Zimbabwe and to provide for matters connected therewith or incidental thereto.

[Dates of commencement: Chapter I, 1st April, 1988; Chapter II, 5th July, 1965; Chapter III, 23rd February, 1966; Chapter IV, 1st April, 1967; Chapter V, 1st April, 1967; Chapter VI, 1st February, 1968; Chapter VII, 6th September, 1968; Chapter VIII, 1st August, 1981.]

PRELIMINARY

  • Short title

This Act may be cited as the Finance Act [Chapter 23:04].

  • Interpretation
    • In this Act—
    • any reference to a Chapter shall be construed as a reference to a Chapter of this Act;
    • any reference to a Schedule shall be construed as a reference to a Schedule to the Chapter in which the reference appears.
    • Subsection (4) of section 10 of the Interpretation Act [Chapter 1:01] shall apply in construing this Act as if the

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