On 30th June 2022, The Finance Act No. 5 of 2022 was ratified by the President of Tanzania Hon. Samia Suluhu Hassan to impose and to amend certain laws relating to the collection and management of public revenues effectively from 1st July 2022. Burhani Associates & Co have summarised a list of key amendments in […]
Highlights of the Finance Act 2022 Read More »
The Anti-Money Laundering Act of 8th March, 2022 was enacted to amend the Anti-Money Laundering Act and to make consequential changes to other related laws. We have summarised key notes for these amendments.
Legal Updates On The Anti Money Laundering Act 2022 Read More »
On 13/5/2022 The Bank of Tanzania (BOT) issued The Foreign Exchange Regulations, 2022 which was published in the Government Notice No. 294 under section 6 (1) of the Foreign Exchange Act, Cap 217 R.E. 2002 as amended.
Regulation of Foreign Exchange under the Foreign Exchange Regulations 2022 Read More »
TRA has rolled out an upgraded system for VAT electronic filing as part of its recent push to leverage technology and to enhance the tax compliance. The following are the additional guidelines issued by TRA to enhance the understanding of the users and the public at large.
Guidance on the usage of invoices under the upgraded VAT return e-filing system Read More »
We refer to the public notice issued by TRA on 3rd February 2022 and wish to inform all VAT registered traders that TRA has upgraded its electronic system for filing of VAT returns which will be effective from 1st March 2022 and therefore it shall become operational from the VAT returns for March 2022 that
Introduction of Upgraded VAT Electronic Filing System Read More »
On 14 May 2021, the Minister for Industry and Trade for Tanzania announced the mandatory requirement for companies incorporated or registered under the Companies Act in Tanzania to submit information concerning their beneficial owners. Burhani Associates & Co have compiled a summary of this requirement and how companies can comply before the deadline of 31st
Beneficial Ownership of Companies in Tanzania Read More »
An intangible asset is defined under International Financial Reporting Standards (IFRS®) as an identifiable, non-monetary asset without physical substance. Intangible assets are identified separately on a company’s financial statements, and come in two primary forms: Legal intangibles and competitive intangibles. Our recent article written by Irfan Ismail Sadik – available for download here – explores
Accounting Intangible Assets Read More »
A recent article by The Citizen citing data from the Central Bank of Kenya today mentions: The value of goods that Kenya imports from Tanzania — including cereals, wood, and edible vegetables — hit a high of Sh370 billion in the review period, according to data from the Kenya Revenue Authority (KRA) published by the
Tanzania Exports Overtake Kenya’s Imports Read More »
On 10th June, 2021, The Minister of Finance of the United Republic of Tanzania, Dr. Mwigulu Lameck Nchemba (Mb) presented the 1st Budget of the 6th Phase Government under the leadership of Her Excellency President Samia Suluhu Hassan, asserting the Government’s intention to sustain foundations set forth by previous regimes, to adopting the good practices
BAC Overview of Tanzania Budget Read More »
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