Normal rate remains at 25 and an additional 3 for

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Normal rate remains at 25% and an additional 3% for Aids Levy (effective rate of 25.75%) illustration for individual. Also earning special rate income as dividends.
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18 TAX EXEMPTIONS (INCLUDE) Bonus. Severance pay. For elderly persons (aged 55), USD 3 000 of interest on deposits with financial institutions (w.e.f. 1/1/09) . For elderly persons, USD 3 000 of income on bankers’ acceptances, treasury bills and other discounted instruments (w.e.f. 1/1/09). For elderly persons, USD 3 000 of rental income (w.e.f. 1/1/09). For elderly persons, pensions paid by a pension fund or the consolidated revenue fund.
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19 TAX EXEMPTIONS (INCLUDE) Refund of pension contributions previously not allowed as a deduction (illustration). Value of medical treatment and medical aid contributions paid by an employee for the benefit of an employee. An amount received or accrued to an employee from an employee share ownership scheme on sale or redemption (also exempt from Capital Gains Tax). Generally, remuneration earned in Zimbabwe and paid by non-Zimbabwean employers to residents of countries that have tax treaties with Zimbabwe where the period of stay in Zimbabwe is less than 183 days.
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20 TAX DEDUCTIONS (INCLUDE) General deduction formula (test 2, question 2). Pension contributions to pension funds, NSSA and RAF- USD5 400 or 7.5% of annual emoluments (illustration). Repairs. Capital allowances and treatment for miners. Provisions and provision for doubtful debts. Donations – also note limits per paragraph. Export market development expenditure. Exchange rate losses. Special deductions for farmers.
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21 DEDUCTIONS Deduction owing to variation of exchange rates. Compute a foreign exchange gain or loss - ruling exchange rates on the transaction date and the translation date (if the exchange item has not been settled at the end of the year of assessment); or the translation date and the realization date using the ruling exchange rates.
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22 DEDUCTIONS Computation of exchange gain/loss depends on; acquired and realized during the current year of assessment (realized gain/loss). acquired but not realized during the current year of assessment (unrealized gain/loss). acquired in an earlier year of assessment and realized in the current year of assessment (realized gain/loss). acquired in an earlier year of assessment but not realized during the current year of assessment (unrealized gain/loss).
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