The Tanzania Revenue Authority (TRA) has recently introduced an upgraded electronic tax system in order to enhance the user experience and integration of all systems into single e-filing system. The new electronic tax system is effective from February 2023. Download guidance here:
Upgraded Electronic Tax Systems Read More »
The government of Tanzania has through the Government Notice No. 687 of 25th November 2022 decreed minimum wage for the private sector which is to be enforced with effect from January 1, 2023. The regulations apply to all private sector employees and repeals the Minimum Wage Regulations for the private sector of 2013.
Minimum Wage Regulations No. 45 of 2022 Read More »
As per Section 45A of the Tax Administration Act, 2015 as amended by The Finance Act, 2022, any person who establishes a storage facility with the aim of keeping goods for business purposes is required to register such facility with the Commissioner General. Burhani Associates & Co provides details on these requirements and the relevant
New Storage Facility Requirements Read More »
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 »
