The Finance Act 2023
This Article is an update after the release of the Finance Act 2023 and it summarizes some of the major changes of the Finance Act, 2023 that came into force and operation as of 01st July 2023.
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Tanzania Budget 2023-24 -Highlights
The Honorable Minister of Finance presented Tanzania’s Economic updates, Government budget and Tax reforms for the 2023/24-year fiscal year on Thursday, 15 June 2023. The Budget has been set at Tsh 44.39 trillion which is a 7% increase from prior year’s Tsh 41.48 trillion. Our recent article provides an insight on how our economy has
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Upgraded Electronic Tax Systems
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:
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Minimum Wage Regulations No. 45 of 2022
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.
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New Storage Facility Requirements
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
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Highlights of the Finance Act 2022
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
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Legal Updates On The Anti Money Laundering Act 2022
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.
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Regulation of Foreign Exchange under the Foreign Exchange Regulations 2022
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.
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Guidance on the usage of invoices under the upgraded VAT return e-filing system
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.
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Introduction of Upgraded VAT Electronic Filing System
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
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