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Tanzania Corporate - Significant developments

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Some of the significant changes brought in by the Finance Act 2018 are:

  • Reduced corporate income tax (CIT) rate for new manufacturers of pharmaceutical or leather products who have a performance agreement with the Tanzanian government from 30% to 20% for the first five years from commencement of operations to encourage manufacturers in these two sectors.
  • The Tanzanian government, in an attempt to increase tax revenue, has increased the rate for alternative minimum tax (AMT) from 0.3% to 0.5% of turnover. This tax is applicable to entities in their third consecutive year of recording tax losses.
  • Introduction of a tax amnesty (under The Tax Administration [Remission of Interest and Penalty] Order, 2018) providing an opportunity for remission of interest and penalties on certain taxes that are administered by the Tanzania Revenue Authority (TRA) such as CIT, value-added tax (VAT), pay-as-you-earn (PAYE), skills and development levy, withholding tax (WHT), and excise duty. The amnesty is not applicable to custom duties and other non-tax revenues collected by the TRA on behalf of local governments/other government institutions.

    Taxpayers who voluntarily declare their unpaid principal tax liabilities and the resultant interest and penalties in an amnesty application get waiver of the interest and penalties and are only liable to pay the principal tax.

    Application for the amnesty must be filed by 30 November 2018 and payment of principal tax liabilities by 30 June 2019.

These changes are effective since 1 July 2018.


Last Reviewed - 18 December 2018

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