Government clarifies capital gains tax changes

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THE government has cleared the air on confusion that had been created by an error in President Emmerson Mnangagwa’s capital gains tax (CGT)N review pronouncement last weekend.
The President had said capital gains tax on shares held for less than 270 days was being raised from 20 percent to 40 percent to deter short term speculation on the market, but Statutory Instrument 96 of 2022, which was published after the pronouncement, said the tax was, in fact, being raised from two percent to four percent.

The initial pronouncement had created confusion within the market.