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Finance (No. 2) Act, 2012
Parliament of Zimbabwe
December 28, 2012

Act No. 6 of 2012
Gazetted: Friday 28th December 2012.

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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 Parliament of Zimbabwe.

PART I

PRELIMINARY

1 Short title

This Act may be cited as the Finance (No. 2) Act, 2012.
PART II
INCOME TAX

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

2 Amendment of section 22 of Cap. 23:04

With effect from the year of assessment beginning on the 1st January, 2013, section 22 of the Finance Act [Chapter 23:04] is repealed and the following is substituted-

“22 Residents’ tax on interest

The residents’ tax on interest chargeable in terms of section 34 of the Income Tax Act shall be calculated at the rate of -

(a) five per centum of each dollar of the interest from which such tax is to be withheld and paid in terms of the Twenty-First Schedule to the Income Tax Act, in the case where the interest is earned on a fixed-term deposit with a tenure of at least ninety days; or

(b) fifteen per centum of each dollar of the interest from such tax is to be withheld and paid in terms of Twenty-First Schedule to the Income Tax Act, in every other case.”.

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