SI 2022-212 Income Tax (Rate of Interest) Notice, 2022

Gazetted on 16th December 2022

THE Minister of Finance and Economic Development, in terms of sections 71 and 73 of the Income Tax Act [Chapter 23:06], hereby makes the following notice:—
1. This notice may be cited as the Income Tax (Rate of Interest) Notice, 2022.
2. This notice shall be effective from 1st December, 2022.
Rate of interest on unpaid or overpaid income tax
2. (1) Subject to subsection (2), the rate of interest for any month or part thereof during which tax remains unpaid shall, for the purposes of section 71 or paragraph 3(1) of the Thirteenth Schedule to the Act, be two hundred per centum per annum as revised from time to time to align with and be the same as the bank policy rate for unpaid or overpaid income tax in Zimbabwe dollars and ten per centum for unpaid or overpaid income tax in foreign currency.

 

 

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