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State gazettes Finance Bill 2006
The Herald (Zimbabwe)
August 07, 2006

GOVERNMENT has 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 debt.

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 Gazette.

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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