close
Share with your friends

Zimbabwe: Tax measures in 2019 budget

Zimbabwe: Tax measures in 2019 budget

Zimbabwe’s budget for 2019 was presented on 22 November 2018, and includes measures to introduce an “intermediated money transfer tax” (IMTT) to be imposed at a rate of 2%.

1000

Related content

The budget proposals generally aim for increased government revenues. Among the tax provisions in the budget are the following:

  • Clarification of the tax exemption on interest income earned on treasury bills
  • Amendments to the 2% IMTT exemptions list
  • Deemed taxable income for satellite broadcasting services and electronic commerce platform providers
  • Reduction in the employment tax rates
  • Extension of joint and several tax liability for directors in certain circumstances
  • Revision of duties and an extension in rebates in the productive sectors
  • Publication of the tax penalty loading model
  • Payment of taxes in the underlying currency
  • Increase in the excise duty with respect to fuel and cigarettes
  • Payment of customs duty in foreign currency for certain specified goods including motor vehicles
  • Requirement for filing an annual transfer pricing return and documentation
  • Change to definition of “time of supply” that may result in an earlier payment of value added tax (VAT)

 

Read a November 2018 report [PDF 1.6 MB] prepared by the KPMG member firm in Zimbabwe

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal