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The country is under sanctions by the United Nation’s Security Council and/or the UK Government. Currently B2B Hub is not providing legal and financial services for the present country.

Zimbabwe

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About

Zimbabwe

Capital
Official languages
Population 
Currency

ISO 4217

Harare

English, Shona, and Ndebele

14,638,000 (as of 2019)

Zimbabwean Dollar

ZWL

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Economy

"Zimbabwe's economy has been struggling in recent years, with the World Bank estimating that the country's GDP per capita was only $1,077 in 2019. This is a significant decrease from the $1,821 GDP per capita in 2017. The country's unemployment rate is also high, with the International Labour Organization estimating that it was at 94.5% in 2019. Inflation has also been a major issue, with the International Monetary Fund estimating that it was at 786.5% in 2019.

The country's economic outlook is not particularly optimistic, with the World Bank predicting that the economy will contract by 6.5% in 2020. This is due to the effects of the COVID-19 pandemic, as well as the country's ongoing political and economic instability. The World Bank also estimates that poverty levels will increase, with the poverty headcount ratio expected to reach 66.7% in 2020.

Despite the difficult economic situation, the government of Zimbabwe has taken steps to improve the country's economic outlook. In 2019, the government implemented a new currency, the Zimbabwean dollar, which has helped to stabilize the economy. The government has also implemented a number of reforms, such as the Zimbabwe Investment and Development Agency, which is aimed at attracting foreign investment.

Overall, Zimbabwe's economy is in a difficult situation, but the government is taking steps to improve the country's economic outlook."

Taxation

In Zimbabwe, both corporate and personal income are taxed. The corporate income tax rate is 24% for resident companies and 20% for non-resident companies. Personal income tax rates are progressive, ranging from 0% to 40%. There are also value-added tax (VAT), capital gains tax, and withholding tax on certain types of income.


The process of tax payment in Zimbabwe involves the submission of tax returns and payment of taxes to the Zimbabwe Revenue Authority (ZIMRA). Tax returns are usually due on the 30th of April for individuals and the 30th of June for companies. The tax year runs from 1st January to 31st December.


Employers are required to withhold taxes from their employees' salaries and remit them to ZIMRA on a monthly basis. In addition, companies and individuals are required to make provisional tax payments twice a year, with the first payment due by the 30th of June and the second by the 31st of December.


Late payment of taxes may attract penalties and interest, while failure to pay taxes altogether may result in legal action by ZIMRA. It is important for taxpayers to comply with their tax obligations and submit their returns on time to avoid penalties and other consequences.

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