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 fin...

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 fr...

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 maxi...

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): UPDA...

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 unv...

How to Register your tax payment with TRA

Tanzania Revenue Authority (TRA) have introduced an Online Payment Registration Gateway. Taxpayers are required to register their intent to make a payment online on the TRA gateway. The gateway issues...

Application for customs licenses for the year 2016 – Tanzania

Eligible firms wishing to operate during the year 2016 as Customs Agents, Customs Bonded Warehouses/Manufacture Under Bond Operators, Transporters of Goods under Customs Control or Inland Container De...

The Workers Compensation Fund – How to register and contribute

The Workers Compensation Act, 2008 announced a fund called The Workers Compensation Fund. All employers are required by law to contribute to this fund. You can read more about this Act here. How t...

VAT Registration threshold – TZS 100,000,000

The much awaited Value Added Tax (General) Regulations, 2015 have finally been published detailing the procedures and operations for the VAT Act, 2014. Among the changes is the sales threshold that w...

Notification of Input tax credit at the commencement of VAT Act, 2014

As per regulation 34 of the Value Added Tax (General) Regulations, 2015, a notification has to be filed by all VAT registered traders who have Input tax credit dated before July 1, 2015 that they wish...