Draft:2024 Zimbabwe national budget
The 2024 Zimbabwe national budget is the Zimbabwe’s central government budget for the fiscal year 2024, which runs from January 1, 2024 upto December 31, 2024. Finance minister, Mthuli Ncube submitted the proposal for passing to the Zimbabwe’s tenth parliament on 30 November 2023.[1][2]
Budget proposals[edit]
MDAs proposed a total of ZWL110 trillion to fund their operations in fiscal year 2024.[3] Mthuli offered ZWL58.2 trillion to fund governmental programs.[3] MDAs proposals equates to approximately US$19 billion based on official rate of US$1:ZWL5790.05,[4] which is equivalent to 59% of the GDP. However, Mthuli’s allocations amounted to US$10 billion, about 31% of the GDP based on official exchange rates[4] or US$6.06 billion, about 19% of the GDP based on black market’s rate of ZWL9600:US$1 as of November 30.
| MDA | Presented budget | Finance ministry cap (ZWL) | Finance ministry cap (USD) Official rate | Finance ministry cap (USD) unofficial rate |
|---|---|---|---|---|
| Ministry of Defense | 2024 | 3.6 trillion | ||
| Ministry of Health and Childcare | 2024 | 6.3 trillion | ||
| Ministry of Home Affairs and Cultural Heritage | 2024 | 3.9 trillion | ||
| Office of President and Cabinet (OPC) | 2024 | 2.1 trillion | ||
| Ministry of Lands, Agriculture, Fisheries, Water and Rural Development | 2024 | 4.2 trillion | ||
Tax proposals[edit]
Personal income tax[edit]
The tax free threshold for personal income was raised to ZWL750,000 monthly (i.e. ZWL9,000,000 annually).
Annual tax threshold table[edit]
| Lower Limit (ZWL) | Upper Limit (ZWL) | Tax Rate (%) |
|---|---|---|
| 0 | 9,000,000 | 0 |
| 9,000,001 | 27,000,000 | 20 |
| 27,000,001 | 90,000,000 | 25 |
| 90,000,001 | 180,000,000 | 30 |
| 180,000,001 | 270,000,000 | 35 |
| 270,000,001 | infinite | 40 |
Corporate Tax[edit]
Increased corporate income tax rate from 24% to 25% with effect from 1 January 2024.[6]
Related legislations[edit]
Proposed measures are backed by 2024 Finance Act which is effective from 1 January 2024 to December 31, 2024 (fiscal year).[7]
Expenditures[edit]
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References[edit]
- ^ Kachiko, Mirriam Mangwaya and Tafadzwa. "2024 budget ED's project: Mthuli". NewsDay. Retrieved 2023-12-06.
- ^ Zimbabwe, Chronicles (2023-11-30). "National budget of Zimbabwe". Chronicles Zimbabwe. Retrieved 2023-12-06.
- ^ a b "Alpha Media Holdings". alphamedia.pressreader.com. Retrieved 2023-12-06.
- ^ a b "Exchange Rates 30 November 2023". RBZ. 2023-11-30. Retrieved 2023-12-06.
- ^ "Alpha Media Holdings". alphamedia.pressreader.com. Retrieved 2023-12-07.
- ^ "Zimbabwe National budget". Orbitax. 2023-11-30. Retrieved 2023-12-06.
- ^ "Fresh price hike hit Zim | Business Times". businesstimes.co.zw. 2024-01-11. Retrieved 2024-01-11.