GOVERNMENT has introduced a Youth Employment Incentive Tax (Yeti) to support employers who generate jobs for the youths.
Youths are seen as making an important contribution to the economy, and as a result the government has seen it fit to have them included in most economic development projects.
In the National Budget Statement of 2020 released Thursday by Finance minister Mthuli Ncube, it is said that the tax concession is only applicable to young job seekers.
“According to section 108 of the 2020 budget, a fiscal incentive has been introduced to support employers who generate jobs for the youths. Any additional jobs created will attract a percentage tax rebate to the employer, linked to the employee’s salary,” Ncube said.
Ncube also added that the measure would reduce employers’ cost of hiring young people through a cost-sharing mechanism with government.
“To operationalise Yeti, the Finance ministry would work closely with the Zimbabwe Revenue Authority, Justice and Labour ministries ,Employment Council of Zimbabwe and other relevant organisations to work out the respective legal and administrative framework,” he said.
