Payment of Pay As You Earn (PAYE) in foreign and local currency

Payment of Pay As You Earn (PAYE) in foreign and local currency

Tax
Zimra advises its valued clients that Section 4A of the Finance Act (Chapter 23:04) states that a person whose taxable income from employment is earned in whole or in part in a foreign currency shall pay tax in the same or another specified foreign currency on so much of that income as is earned, received or accrued in that currency. In line with these provisions, clients are hereby reminded that where remuneration is paid in foreign currency, the PAYE arising from this income should be in foreign currency. What is Remuneration Remuneration means any amount of income which is paid or payable to any person by way of any salary, leave pay, allowance, wage, overtime pay, bonus, gratuity, commission, fee, emolument, pension, superannuation allowance, retiring allowance, stipend or commutation of…
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