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Finance (No. 2) Act, 2007 (Act 16, 2007)
December 18, 2007

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Note by Veritas

The Bill gazetted on 5th December (H.B. 17, 2007) contained 28 clauses against the 27 clauses of the Departmental Draft Bill (DDB) made available at the time the Budget Statement was presented on 29th November. The additional clause was clause 23 of the gazetted Bill, which provides for the exclusion of the family motor vehicle from a deceased person's estate for estate duty purposes.

There were other differences between the two versions, for example:

  • in clause 9 of gazetted Bill (9 in DDB also) amending the definition of "year of assessment" for 2007
  • in clause 15 of gazetted Bill (15 in DDB also) dealing with deductions for buildings and improvements.

The gazetted Bill was the Bill presented to the House of Assembly. It underwent further changes in its passage through the House, emerging as H.B. 17A with 26 clauses against the 28 clauses of the gazetted Bill – clauses 6 (increase in NOCZIM redemption levy) and 8 (increases in rentals for State land allocated for agricultural purposes) of the gazetted Bill having been removed from the Bill during the Committee Stage on the motion of the Minister of Finance. No other amendments were made by the House.

This document reflects the text of H.B. 17A, i.e., the Bill as passed by the House of Assembly.


Arrangement of Sections

PART I
PRELIMINARY
1. Short title

PART II
INCOME TAX

Amendments to Chapter 1 of Finance Act [Chapter 23:04]

2. Amendment of section 14 of Cap. 23:04.
3. Amendment of section 22B of Cap. 23:04.
4. Amendment of section 22C of Cap. 23:04.
5. Amendment of section 22E of Cap. 23:04.
6. Amendment of Schedule to Chapter I of Cap. 23:04.

Amendments to Income Tax Act [Chapter 23:06]

7. Amendment of section 2 of Cap. 23:06.
8. Amendment of section 8 of Cap. 23:06.
9. Amendment of section 15 of Cap. 23:06.
10. Amendment of section 72 to Cap. 23:06.
11. Amendment of section 80 to Cap. 23:06.
12. Amendment of Third Schedule to Cap. 23:06.
13. Amendment of Fourth Schedule to Cap. 23:06.
14. Amendment of Sixth Schedule to Cap. 23:06.
15. Amendment of Twenty-First Schedule to Cap. 23:06.
16. Amendment of Twenty-Sixth Schedule to Cap. 23:06.

PART III
STAMP DUTIES
17. Amendment of Schedule to Chapter II of Cap. 23:09.

PART IV
VALUE ADDED TAX
Amendments to Chapter IV of Finance Act [Chapter 23:04]
18. Amendment of Schedule to Chapter IV of Cap. 23:04.
Amendments to Value Added Tax Act [Chapter 23:12]
19. Amendment of section 6 of Cap. 23:12.

PART V
ESTATE DUTY
Amendments to Finance Act [Chapter 23:04]
20. Amendment of Schedule to Chapter VI of Cap. 23:04.
Amendment to Estate Duty Act [Chapter 23:03]
21. Amendment of section 5 of Cap 23:03.

PART VI
CAPITAL GAINS TAX
22. New section substituted for section 26 of Cap 23:11.
23. Amendment of section 22C of Cap 23:11.
24. Amendment of section 22D of Cap 23:11.
25. Amendment of section 22E of Cap 23:11.

PART VII
AMENDMENT OF CHAPTER 8:10
26. Amendment of Cap. 8:10.

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 Parliament of Zimbabwe.

PART I
PRELIMINARY
1 Short title
This Act may be cited as the Finance (No. 2) Act, 2007.

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