Currency Conversion (USD ↔ ZiG) for Tax Purposes
Convert between USD and ZiG using the prescribed rate published by the Reserve Bank of Zimbabwe and gazetted by the Minister of Finance. Use this rate for tax declarations.
Convert
For tax purposes: use the official auction / interbank rate on the date of the transaction or, where the Finance Act prescribes a specific rate (e.g. for VAT or CGT on dual-currency disposals), use that rate.
When to convert for tax
Income arising in either currency
Recognise income in the currency in which it accrues; convert only when the law requires aggregation.
Use the date-of-transaction rate
Default for revenue and capital items: the rate on the day the income accrues or the disposal occurs.
Period averaging
Some returns (e.g. annual ITF12C) accept a period-average where transactions are too numerous to convert daily.
Document the rate used
Keep a screenshot of the RBZ rate page or the Public Notice citing the prescribed rate as audit evidence.
Statutory anchors
- Reserve Bank of Zimbabwe Act — auction / interbank rate
- Finance Act 2026 — prescribed rate provisions
- ZIMRA Public Notices on dual-currency reporting