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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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