Finance (Amendment of Section 14(2)(a) and Schedule to Chapter I) Regulations, 2024
PAYE for 2024 is split in two: ZWL bands to 4 April 2024, then ZiG bands from 5 April — tax-free up to ZiG12 204 a year, rising through 20%, 25%, 30% and 35% to 40% above ZiG366 120.
These regulations rewrite the employment income tax tables for the 2024 year of assessment to cope with the currency change. The year is cut into two periods with separate bands and separate currencies.
For 1 January to 4 April 2024 the bands stay in Zimbabwe dollars: nothing on taxable employment income up to ZWL$2 336 065; 20 per cent from there to ZWL$7 008 196; 25 per cent to ZWL$23 360 655; 30 per cent to ZWL$46 721 311; 35 per cent to ZWL$70 081 967; and 40 per cent above that.
From 5 April to 31 December 2024 the bands are restated in Zimbabwe Gold: nothing up to ZiG12 204; 20 per cent from ZiG12 204,01 to ZiG36 612; 25 per cent to ZiG122 040; 30 per cent to ZiG244 080; 35 per cent to ZiG366 120; and 40 per cent above ZiG366 120. The rate structure is unchanged — six bands topping out at 40 per cent — it is the currency and the thresholds that move.
The amendments apply to a person other than a company, a trust or a pension fund, so this is the individual PAYE table, not corporate tax.
Payroll administrators need to run two calculations for 2024: the ZWL table up to 4 April and the ZiG table from 5 April. The regulations amend both section 14(2)(a) of the Finance Act and Part II of the Schedule to Chapter I, so the change is carried through the statute consistently.
The figures are annual taxable income amounts; the regulations do not restate the monthly or weekly equivalents, which ZIMRA publishes separately.
What changed
- The 2024 year of assessment is split at 4/5 April for employment income tax purposes
- For 1 January to 4 April 2024 the ZWL bands run tax-free to ZWL$2 336 065, then 20, 25, 30, 35 and 40 per cent up to and above ZWL$70 081 967
- For 5 April to 31 December 2024 the bands are restated in Zimbabwe Gold, tax-free to ZiG12 204 and 40 per cent above ZiG366 120
- The 20, 25, 30 and 35 per cent bands run to ZiG36 612, ZiG122 040, ZiG244 080 and ZiG366 120 respectively
- The bands apply to persons other than companies, trusts and pension funds
Who this affects
- employers running PAYE payrolls
- salaried employees paid in ZWL or ZiG during 2024
- payroll bureaux and accountants
- ZIMRA assessors and tax advisers
Plain-language summary — not legal advice. Always read the full instrument.