Zimbabwe Government Gazette dated 2012-06-29 number 36

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%