Finance minister Mthuli Ncube who is currently presenting the Mid Term Budget in Parliament says the bulk of the Supplementary Budget (53%) is going towards employment costs to cushion public servants against increasing cost of living.

He also proposes to review the local currency tax-free bonus threshold from ZW$100,000 to ZW$500,000 with effect from 1 November 2022.

Ncube says the threshold on local currency remuneration from ZW$300,000 to ZW$600,000 per annum & also adjust the tax bands to end at ZW$12 million from the current ZW$6,000,000 per annum, above which tax is levied at a rate of 40% with effect from 1 August 2022.

He also says tax Relief Measures
Tax-Free Threshold was increased to ZW$300,000 or USD1,200 per annum for remuneration earned in local and foreign currency, respectively, with effect from 1 January 2022.

Meanwhile, Ncube says Zimbabwe’s public and publicly guaranteed debt stood at ZW$1.3 trillion as at the end of June 2022.

He commends Zimbabwe for being ranked third in Africa, after South Africa and Benin, for transparency in the budgeting process.