Last reviewed - 22 July 2022

Zimbabwe, a landlocked country in Southern Africa, is bordered by Zambia to the northwest, Mozambique to the east, South Africa to the south, and Botswana to the southwest. Zimbabwe, which the United Kingdom annexed as Southern Rhodesia from the British South Africa Company in 1923, obtained its independence in 1980. It is divided into eight provinces and two cities with provincial status. Zimbabwe's capital is Harare, and the official languages are English, Shona, and Ndebele.

A new local currency, called the RTGS dollar (RTGS stands for Real Time Gross Settlement - a system for transferring funds electronically; note that the currency is also called ZWL), was introduced in February 2019, and the foreign exchange control regulations are occasionally modified by the Central Bank. While some concessions have been made to exporters to retain and utilise export earnings in order to import goods and services, a 30-day time limit has been imposed to use the funds, and failure to do so will mean that any remaining balance will be converted to ZWL at the ruling weighted auction rate (foreign currency is auctioned once a week by the Central Bank) together with funds that are sold at auction by the government of Zimbabwe. Businesses must show the prices of their goods and services in both RTGS and United States dollars (USD). Payment of various taxes (e.g. VAT, PAYE, and CIT) must be paid in foreign currency on earnings that are made in foreign currency. In addition, various statutory levies are denominated in US dollars.

Zimbabwe has had a troubled investment environment in the recent past. This was largely due to an unstable political situation and the land reform policy that the government embarked on. The land reform programme, in brief, entailed the grabbing of white-owned land to resettle landless black people. The government's position has been that the reform programme was agreed on with the former colonisers and compensation of USD 3.5 billion for the improvements and not the land is to be paid.

The political situation has relatively stabilised following the ruling party ousting the former President and replacing him with a former Deputy President. The ‘new’ government has been trying to attract foreign investment with limited success, whilst they are attempting to improve the country's investment policy (ease of doing business). Inflation has once again taken centre stage in our economy, as the costs of goods and services increase as the value of the local currency diminishes.

Zimbabwe opposes foreign domination of certain sectors of its economy. In this regard, the investment legislation, on the one hand, prescribes local participation requirements in most enterprises and, on the other hand, provides for limited investment protection and investment incentives. The indigenisation laws that used to require 51% ownership of all foreign-owned companies have been abolished.

Various tax incentives have been introduced in an attempt to grow foreign direct investment (FDI). A new Stock Exchange has recently been created at Victoria Falls, where their listed shares will be denominated in foreign currency. This is still in its infancy and is designed to attract foreign investors. No other significant developments have occurred.

PwC Zimbabwe supports clients with the local knowledge and skills of its people and with access to a broad range of other professionals across the PwC global network of firms. This is especially true regarding the close relationship that the Zimbabwe office has with other firms across Africa.

Quick rates and dates

Corporate income tax (CIT) rates
Headline CIT rate (%)


Corporate income tax (CIT) due dates
CIT return due date

30 April

CIT final payment due date

25 December (of current year)

CIT estimated payment due dates

First payment: 25 March;

Second payment: 25 June;

Third payment: 25 September;

Fourth payment: 20 December.

Personal income tax (PIT) rates
Headline PIT rate (%)


Personal income tax (PIT) due dates
PIT return due date

30 April (individuals who work for a full tax year and whose employers deduct employees tax on what is called the Final Deduction System are not required to file returns except in defined exceptions).

PIT final payment due date

Where a return is filed, usually within 30 days of the date of assessment.

PIT estimated payment due dates

Payments by 25 March (10%), 25 June (25%), 25 September (30%), and 20 December (35%) apply to individuals earning income from a trade, profession, or business as sole traders. Those in employment have the employer withhold on a monthly basis.

Value-added tax (VAT) rates
Standard VAT rate (%)


Withholding tax (WHT) rates
WHT rates (%) (Dividends/Interest/Royalties)

Resident: NA / 15 / NA;

Non-resident: 15 / 0 / 15

Capital gains tax (CGT) rates
Headline corporate capital gains tax rate (%)


Headline individual capital gains tax rate (%)


Net wealth/worth tax rates
Headline net wealth/worth tax rate (%)


Inheritance and gift tax rates
Headline inheritance tax rate (%)

There is no inheritance tax. However, there is an estate tax of 5%.

Headline gift tax rate (%)


NA stands for Not Applicable (i.e. the territory does not have the indicated tax or requirement)

NP stands for Not Provided (i.e. the information is not currently provided in this chart)

All information in this chart is up to date as of the 'Last reviewed' date on the corresponding territory Overview page. This chart has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this chart without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this chart, and, to the extent permitted by law, PwC does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this chart or for any decision based on it.