Global tax guide to doing business in Zimbabwe
Zimbabwe generally levies income tax on companies and individuals under the Income Tax Act [Chapter 23:06] in respect of income earned from sources within or deemed to be within Zimbabwe. A Capital Gains tax is also levied on gains made on sales or disposals of specified assets from a source within Zimbabwe.
The Income Tax Act also imposes withholding taxes on resident shareholders’ dividends, non-resident shareholders’ dividends, non-residents’ fees, non-residents’ remittances, non-residents’ royalties, non-residents’ interest, automated financial transactions, intermediated money transfers, and non-executive directors’ fees. Presumptive taxes are also levied under the Income Tax Act in respect of income earned by small to medium enterprises. All taxes levied under the Income Tax Act are, however, subject to the provisions of applicable double taxation agreements. Read more about issues and opportunities on Dentons website
For legal advice on issues and opportunities in Zimbabwe, please contact our Tax team.