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gazettes Finance Bill 2006
August 07, 2006
gazetted the Finance
Bill 2006 which seeks to amend different sections of the Finance,
Income Tax, Value Added Tax, Capital Gains Tax, Customs and Excise,
General Law Amendment and the Africa Export-Import Bank Acts.
On income tax, the Bill seeks to increase from $84 million to $240
million a year, the minimum level of income that will attract tax.
The new bands would apply for the period from September 1, 2006
to December 31, 2006.
The proposed law also seeks to increase the rate of tax payable
on cash withdrawals effected through an Automated Teller Machine
(ATM) from $500 to $10 000 per withdrawal.
The Bill also seeks to increase the National Oil Company of Zimbabwe
(Noczim) debt redemption levy from $110 per litre to $25 000 per
litre of petroleum products purchased by oil companies from Noczim
or imported by an oil company.
The Noczim debt redemption levy was introduced by the Finance Act
in 2003 to assist the State oil procurer in amortising its accumulated
Meanwhile, the Appropriation (Suppleme-ntary), 2006 Bill that seeks
to apply a further sum of money for the service of Zimbabwe during
the year ending on December 31, 2006 was also published in the Government
The Consolidated Revenue Fund was charged with $211,8 trillion as
may be required for the service of Zimbabwe during the year ending
December 31, 2006.
Of the expenditure to be defrayed from the Consolidated Revenue
Fund, the Ministry of Finance has the highest share of $73 trillion,
followed by Education, Sport and Culture with $30,9 trillion and
Ministry of Home Affairs with $21 trillion.
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