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Finance (No. 2) Act, 2006
January 05, 2007
Gazetted and into operation on 5th January, 2007

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ACT

To make further provision for the revenues and public funds of Zimbabwe and to provide for matters connected therewith or incidental thereto.

ENACTED by the President and the Parliament of Zimbabwe.

PART I
PRELIMINARY

1 Short title and interpretation

(1) This Act may be cited as the Finance (No. 2) Act, 2006.
(2) For the avoidance of doubt it is declared that amounts which are expressed in terms of the old currency system in any enactment referred to in this Act are re-denominated in this Act in accordance with the new currency system.

In this subsection “new currency system” and “old currency system” have the meanings given to those terms in section 2(1) of Statutory Instrument 199 of 2006.

PART II
INCOME TAX
Amendments to Chapter I of Finance Act [Chapter 23:04]

2 Amendment of section 14 of Cap. 23:04
With effect from the year of assessment beginning on the 1st January, 2007, section 14 (“Income tax for periods of assessment after 1.4.88”) of the Finance Act [Chapter 23:04] is amended in subsection (2)—

(a) by the deletion of “1st January, 2006,” and the substitution of “1st January, 2007,”;
(b) by the repeal of paragraph (a) and the substitution of—

“(a) in the case of a person other than a company, a trust or a pension fund, at the specified percentage of each dollar of each of the following parts of his taxable income from employment—

(i) so much as does not exceed one million two hundred thousand dollars;

(ii) so much as exceeds one million two hundred thousand dollars but does not exceed two million four hundred thousand dollars;

(iii) so much as exceeds two million four hundred thousand dollars but does not exceed three million six hundred thousand dollars;

(iv) so much as exceeds three million six hundred thousand dollars but does not exceed twelve million dollars;

(v) so much as exceeds twelve million dollars but does not exceed thirty-six million dollars;

(vi) so much as exceeds thirty-six million dollars but does not exceed sixty million dollars;

(vii) so much as exceeds sixty million dollars;”.

3 Amendment of section 22B of Cap. 23:04
With effect from the 1st January, 2007, section 22B (“Automated financial transactions tax”) of the Finance Act [Chapter 23:04] is amended by the deletion of “ten dollars” and the substitution of “fifty dollars”.

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