Archive for News

Eid Mubarak 1438 / 2017

Ali ibn Abi Talib (peace be upon him) on the occasion of Eid gave a sermon. The following is an extract: O people! Verily this day of yours is the day when the righteous are awarded and the wretched are losers. It is a day which is similar to the one on which you shall […]

Tanzania Budget 2017/18

Yesterday, Tanzania’s Minister for Finance & Planning, Hon. Dr. Philip Mpango, tabled at the Parliament of Tanzania, the estimates of government revenue and expenditure (national budget for Tanzania) for the fiscal year 2017/18. The Hon. Minister informed the Parliament that the Budget had taken on board the recommendations from various stakeholders, including business community and […]

Employer’s Return of Earnings – Workers Compensation Fund

Further to the requirement for all Employers to register and contribute to Workers Compensation Fund, employers are required to fill in and file an annual return called ‘EMPLOYER’S RETURN OF EARNINGS WCR- 3‘ Once filled, the same has to be filed with the Workers Compensation Fund at their offices and a stamped copy of the […]

Common Errors in Form 128 – Date

All limited liability companies are required to file, among other documents, an annual return at BRELA. This return is referred to as the Form 128 in forms schedule under the Companies Act, 2002. A lot of companies have been facing additional costs in having to re-file returns of previous years due to errors in the […]

VAT on International Transport for Goods in Transit

The VAT Act 2014, charges VAT at the rate of zero to the supply of services involving international transport of goods. Therefore, the transportation of goods to/from outside the United Republic of Tanzania is zero rated. However, this does not apply to ancillary services rendered on transit goods. The Act defines ancillary services to mean […]

Declaration of Head of Finance/Accounting

The National Board of Accountants and Auditors (NBAA) requires financial statements to be accompanied with a declaration issued by the Head of Finance/Accounting responsible for the preparation of financial statements of the entity concerned. All financial statements will be required to include the Declaration by Head of Finance/Accounting indicating name of the professional accountant, signature, […]

Verification of taxpayers’ records

TRA has announced that all Taxpayer Identification Number (TIN) holders are to report to any TRA offices for their records to be verified and updated. The implementation of the first phase will run from 15/08/2016 to 15/10/2016  30/11/2016  31/01/2017* for Dar es Salaam tax regions i.e. Kinondoni, Ilala and Temeke. You can download, print and […]

Income Tax rates for Tanzania 2016-2017

The Finance Act, 2016 has confirmed the new income tax rates (PAYE rates) for the fiscal year 2016-2017. Apart from a reduction of 2% in the second band, there is no change. This will result in a maximum saving of TZS 3,800 for employees who earn TZS 360,000 or above. For professional tax advice, connect […]

Tanzania’s Finance Bill, 2016 & Finance Act, 2016

Tanzania’s Finance Bill, 2016 is released to public on 13 June 2016. The following are summary of the proposals as per the first draft (as compared to and in addition to the Budget Speech): UPDATE: 23 June 2016 : The Tanzanian Finance Act, 2016 has been passed by parliament. The relevant changes are highlighted in […]

Tanzania Budget 2016-2017 – Proposed changes

Its that time of the year again when Ministers of Finance in the East African Countries pose for a photo with the famous Budget briefcases before addressing their respective national assemblies to unveil the proposed national budget. The Tanzanian Minister of Finance and Planning, Hon. Dr. Philip Mpango, gave a speech to introduce to the […]

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