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29 June 2012

Zimbabwe Government Gazette dated 2012-06-29 number 36

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                                                     ZIMBABWEAN



      GOVERNMENT GAZETTE
                                                        Published by Authority


  Vol. XC, No. 36                                         29th JUNE, 2012                                                          Price US$2,00

General Notice 277 of 2012.                                                As a result of such approval the receipts and accruals of the
                                                                         expatriate employees of Nathan Associates Inc. are exempt from
              INCOME TAX ACT [CHAPTER23:06]                              incometax.
     Exemption from Income Tax: Expatriate Employees of                                                                                     T. BITI,
              International Relief and Development                       29-6-2012.                                            Minister of Finance.

   IT is hereby notified that, in terms of paragraph 4(a)(iv) ofthe      General Notice 280 of 2012.
Third Schedule to the Income Tax Act [Chapter 23:06], the Minister       INDIGENISATION AND ECONOMIC EMPOWERMENT ACT
of Finance approves the exemption of amounts accruing by way of                           [CHAPTER 14:33]
salaries and emolumentspaid in respectoftheir offices to expatriate
employeesof International Relief and Development, in terms of the
Economics and Technical Related Assistance Agreement concluded           Net Asset Value, Lesser Share and Maximum Period for Businesses
                                                                          to Indigenise in the Finance, Tourism, Education and Sport, Arts,
between the Government of Zimbabwe and the Government of the
United States of America, effective from 25th June, 2009.                Entertainment and Culture, Engineering and Construction, Energy,
                                                                            Services, Telecommunications, Transport and Motor Industry
  As a result of such approval the receipts and accruals of the                                      Sectors
expatriate employees of International Relief and Development are
exempt from incometax.                                                     IT is hereby notified that the Minister of Youth Development,
                                                            T. BITI,     Indigenisation and Empowerment has, in terms of section 5(4)
29-6-2012.                                     Minister of Finance.      as read with section 5A(4) of the Indigenisation and Economic
                                                                         Empowerment (General) Regulations, 2010 (“the principal
General Notice 278 of 2012.                                              regulations”), prescribed with respect to the Finance, Tourism,
                                                                         Education and Sport, Arts, Entertainment and Culture, Engineering
              INCOME TAX ACT [CHAPTER 23:06]                             and Construction, Energy, ‘Services, Telecommunicationss, Transport
                                                                         and Motor.IndustrySectors the— |
:~Exerhption from:Income Tax:Expatriate Employees ‘ofCatholic.            “fay? ‘appropriate ininimuninetassetvalueabove whichraBusiness a
                          Relief Services                                       is required to comply with the principal regulations, and
                                                                            (b) lesser share than the minimum indigenisation and
  IT is hereby notified that, in terms of paragraph 4(a) (iv) of the
                                                                                empowerment quota that indigenous Zimbabweans may
Third Schedule to the Income Tax Act [Chapter 23:06], the Minister
of Finance approves the exemption of amounts accruing by wayof                  hold; and
salaries and emoluments paid in respectoftheir offices to expatriate        (c) maximum period a business may continueto operate before
employees of Catholic Relief Services, in terms of the Economics                it attains the minimum indigenisation and empowerment
and Technical Related Assistance Agreement concluded between                        quota,
the Government of Zimbabwe and the Government of the United               as indicated in the Schedule.
States of America, effective from 20th December, 2001.
   As a result of such approval the receipts and accruals of the                                                        G. MAGOSVONGWE,
 expatriate employees of Catholic Relief Services are exempt from                                      Acting Secretary for Youth Development,
imcome tax.
                                                                          29-6-2012.                          Indigenisation and Empowerment.
                                                             T. BITI,                                      SCHEDULE
 29-6-2012.                                     Minister of Finance.
                                                                                                              Part I

 General Notice 279 of 2012.                                                                           FINANCE SECTOR
             INCOME TAX ACT [CHAPTER 23:06]                                 Sub-sector                Minimum net
                                                                                                       asset value
                                                                                                                      Lesser share for
                                                                                                                       non-indigenous
                                                                                                                                                 Years to
                                                                                                                                                 comply
                                                                                                           US$           businesses
  Exemption from Income Tax: Expatriate Employees of Nathan
                                                                            All financial        AS per minimum capital             51%        Ist year=S1%
                       AssociatesInc.                                        institutions       prescribed by the Reserve
                                                                                                    Bank of Zimbabwe
    IT is hereby notified that, in terms of paragraph 4(a) (iv) of the                                         Part IL
 Third Schedule to the Income Tax Act [Chapter 23:06], the Minister
 of Finance approves the exemption of amounts accruing by wayof                                              TOURISM
 salaries and emoluments paid in respectoftheir offices to expatriate        Sub-sector               Minimum net           Lesser share for     Years to
 employees.of Nathan Associates Inc., in terms of the Economics                                        asset value           non-indigenous      cemply
                                                                                                           US$                 businesses
 and Technical Related Assistance Agreement concluded between
 the Government of Zimbabwe and the Government of the United               Accammodation (Hotels accarding to stars and value }~
 States of America, effective from 1st October, 2001.                      1 star                      2 500 000,00                 351%       Ist year=51%

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