Significant Changes. The tax rate has been reduced from 25% of taxable income to 24% effective from 1 January 2020. An AIDS levy of 3% is imposed on top of the basic tax, giving an effective rate of 24.72% (previously 25.75%). Taxes on Cooperate Income. As of 1 January 2020, the corporate income tax (CIT) rate …
What is Payroll Tax? A payroll tax is a tax withheld from an employee’s salary by an employer who pays it to the government on their behalf. The tax is based on wages, salaries, and tips paid to employees. Payroll taxes are deducted directly from the employee’s earnings and paid directly to the Internal Revenue Service …
Income Tax Act (Chapter 23:06) Thirteenth Schedule requires an employer to withhold and remit employees tax (PAYE) in accordance with the tax deduction tables as prescribed. The current tax tables are published by ZIMRA annually or periodically as may be necessary and can be downloaded using this link. The tax tables make it easier for …