Zimbabwe introduces a wealth tax on the  rich

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Tax
Tax

Zimbabwe’s Minister of Finance, Economic Development and Investment Promotion Mthuli Ncube on Thursday proposed a “wealth tax” that targets the country’s super-rich intending to use the funds earned from the new measure to upgrade urban infrastructure.

Presenting the 2024 national budget statement to Parliament, Ncube said the current tax structure was benefiting the rich at the expense of those who earned less.

He said the tax policy is aimed at redressing that fact that individuals in a low-income category paid a higher percentage of their income compared to individuals in higher income brackets.

Because of the old tax policy, “the tax incidences fall disproportionately on the low-income groups resulting in inequality,” he said.

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