Treasury has raised the tax free threshold from Z$91,666 to Z$550,000 with effect from 1st of August 2023 a move it says is aimed at providing relief to taxpayers.

Apparently, this means the highest tax rate of 40 percent will apply to those earning Z$15 million upwards.

Meanwhile, this is coming after the government has been burying its heads in the sand and refusing to come to terms with the devastating impact of inflation.

However, ZW$500 000 remains US$75 on the parallel market.