2019 Mid-Year Supplementary Budget - Departmental Draft of Finance (No. 2) Bill, 2019

This Departmental Draft - i.e. a rough draft still to be completed and polished  - of the Finance (No. 2) Bill was tabled by the Minister of Finance and Economic Development when be presented his 2019 Mid-Year Budget Review and Supplementary Budget to the National Assembly on Thursday 1st August 2019.  

Parts II to IV of the Bill set out proposed amendments to the Income Tax Act, Capital Gains Tax Act and the main Finance Act's Chapter VII [mining royalties].    Clause19 and a related Schedule delete references to US dollar amounts iin the Income Tax Act and the Customs and Excise Act and the Customs and Excise (General) Regulations of 2001 and substitute references to amounts in Zimbabwe dollars.  

Part V of the Bill [clauses 14 to 18] incorporates, with some confusing differences, the contents of the recently [23rd July] gazetted Reserve Bank of Zimbabwe Amendment Bill.  The objectives are the same as those of the RBZ Amendment Bill - (1) to confirm and re-enact Statutory Instruments 33 and 142/2019, and (2) to empower Ministers to make statutory instruments changing any statutory fines, statutory monetary penalties and statutory monetary thresholds and statutory fees.   

The last two pages of the Bill contain an incomplete provision to convert the special excise duty on second-hand imported motor vehicles into amounts denominated in Zimbabwe dollars.    


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