S R AUDITORS

Archive for Tax in Tanzania

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 […]

Statement of estimated tax payable

Every registered business (company and individuals) are required to prepare and file to TRA a statement which shows the estimated tax payable in each year of income. Forms Used by entities: ITX 202.01.E ESTIMATES – Entity form Statement of estimate/revised estimate of tax payable by installment made on behalf of an entity. Used by individuals: ITX […]

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 […]

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 […]

Income Tax rates for Tanzania 2015-2016

The Finance Act, 2015 has confirmed the new income tax rates (PAYE rates) for the fiscal year 2015-2016. Apart from a reduction of 1% in the second band, there is no change. This will result in a maximum saving of TZS 1,900 for employees who earn TZS 360,000 or above. For professional tax advice, connect […]

Certified Public Accountants | Tax Consultants | Business Advisory | Company Secretarial