The 2020 national monetary policy budget was presented yesterday at parliament by the minister of Finance Professor Mthuli Ncube. Just like most people expected there were no significant changes from the previous budget except for a few perks. Speculation is high that Zimbabweans might have to brace themselves for another tough year. These are the major highlights of the budget.
1 Tax free bonus was upped from ZWL $1000 to ZWL$ 5000 starting this November.
2 Civil servants were given 100% bonus inclusive of benefits.
3 The tax free threshold was uppedgo ZWL$2000 form ZWL 700.
4 Subsidies on roller meal,cooking oil, bread and Zupco buses to remain in 2020.
5 Non taxable portion of the retrenchment package was upped from ZWL $10 000 to 50 000 or one third of the package.
6 Corporate income tax rate reviewed to 24% from 25% with effect from 1 January 2020.
7 Value added tax was lowered to 14,5% from 15% starting January 2020.
8 BEAM beneficiaries were increased to 1,2 million.
9 Over 7 million people to be assisted with food aid.
10 The 2% tax minimum threshold was upped to ZWL$ 100