Page 46 - Profmark Africa Overview 2024

Zimbabwe (GMT +2)

General:
▪ Capital City: Harare
▪ Official Language: English
▪ Currency: U.S Dollar (USD)
▪ Main Exports: Tobacco, nickel, diamonds, platinum, ferrochrome, gold, textiles
▪ Surface Area: 390.8 sq. km (thousands)
▪ Population: 16,634 million (2024,est)
Key Economic Indicators:
▪ GDP: $26.53 billion (2023) / GDP Growth Rate: 5% (2023)
▪ CPI Inflation Rate (annual): 104.7% (2022)
▪ Sovereign Credit Rating: Moody’s: Currently no rating
▪ Indicator of Economic Freedom Score: 38.2/100
Exchange Controls:
▪ Exist, administered by the Reserve Bank of Zimbabwe (RBZ)
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Zimbabwe-source or deemed Zimbabwe-source income
▪ Non-residents: Zimbabwe-source or deemed Zimbabwe-source income
Tax Rates:
▪ Individuals: Progressive rates to 40% [the first ZWL 300,000 of taxable income - 0%]
▪ Companies: 25%
▪ Estate Duty: Varying rates apply
▪ Inheritance Tax: Estate tax of 5% on estates with a value exceeding $100,000
▪ VAT: 15%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): Varying rates apply
▪ Double Taxation Agreements: In place with several countries
Useful links:
▪ Reserve Bank of Zimbabwe http://rbz.co.zw
▪ Zimbabwe Revenue Authority http://www.zimra.co.zw
▪ Zimbabwe Investment and Development Agency https://zidainvest.com

44 45