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 TZS 100m from TZS 20m.
The Finance Act 2019 introduced changes on the presumptive tax rates which will now apply to individuals with annual turnover up to TZS100m (previously presumptive tax only applied to individuals with annual turnover between TZS 4m to TZS 20m). In addition, the presumptive tax rates have been amended as indicated below:
Last Reviewed - 11 September 2019