Finance (No. 2) Bill, 2012 – H.B. 6, 2012 PRESENTED BY THE MINISTER OF FINANCE BILL To make further provision for the revenues and public funds of Zimbabwe and to provide for matters connected therewith or incidental thereto. ENACTED by the President and Parliament of Zimbabwe. PART I PRELIMINARY 1 Short title This Act may be cited as the Finance (No. 2) Act, 2012. PART II INCOME TAX Amendments to Chapter I of Finance Act [Chapter 23:04] 2 Amendment of section 22 of Cap. 23:04 With effect from the year of assessment beginning on the 1st January, 2013, section 22 of the Finance Act [Chapter 23:04] is repealed and the following is substituted— “22 Residents’ tax on interest The residents’ tax on interest chargeable in terms of section 34 of the Income Tax Act shall be calculated at the rate of— (a) five per centum of each dollar of the interest from which such tax is to be withheld and paid in terms of the Twenty-First Schedule to the Income Tax Act, in the case where the interest is earned on a fixed-term deposit with a tenure of at least ninety days; or (b) fifteen per centum of each dollar of the interest from such tax is to be withheld and paid in terms of Twenty-First Schedule to the Income Tax Act, in every other case.”. Amendments to Income Tax Act [Chapter 23:06] 3 Amendment of section 8 of Cap. 23:06 With effect from the year of assessment beginning on the 1st January, 2013, section 8 (“Interpretation of terms relating to income tax”)(1) of the Income Tax Act [Chapter 23:06] is amended in the definition of “gross income” in paragraph (f)I(a) by the insertion of the following subparagraph after subparagraph (v) in the definition of “advantage or benefit”— (vi) in the case of an employee who is a member of the teaching or non-teaching staff of a “school” as defined in the Education Act [Chapter 25:04], the waiver of the whole or any portion of the amount of tuition fees, levies and boarding fees (hereinafter called a “school benefit”) that would otherwise be payable by the employee for any child of his or hers who is a student at that or another school;”. 4