To reduce the administrative burden for sole traders and improve voluntary compliance, the Finance Act 2019 has increased the turnover threshold required for a taxpayer to submit audited financial statements with the revenue authority. The annual turnover threshold is increased to 100 million Tanzanian shillings (TZS) from TZS 20 million.
The Finance Act 2019 introduced changes on the presumptive tax rates, which will now apply to individuals with annual turnover up to TZS 100 million (previously presumptive tax only applied to individuals with annual turnover between TZS 4 million and TZS 20 million). In addition, the presumptive tax rates have been amended as indicated below:
Last Reviewed - 22 November 2019