Further to our newsletter dated Friday, 14th June 2024 after the budget speech, we provide below an overview of the additional changes and clarifications assented in the Finance Act on 30th June 2024.

While the Finance Act entails changes in various laws, we have only covered the changes in tax laws in this newsletter.

Key changes  and clarifications  include:

  • Mandatory retention of electronic fiscal /virtual fiscal receipts for expenses to claim tax deduction;
  • 10% withholding tax on rent of construction equipment and machinery;
  • 3% Capital Gains Tax rate restricted to individuals;
  • Automatic deregistration from VAT upon failure to reach the registration threshold;
  • Expansion of official communication with TRA to include emails and fax;
  • Revised penalty for EFD offences;
  • Deemed admission of objection upon fulfilment of deposit requirement; and
  • 60 day time limit for amicable tax cases settlements
     

Find below the link to download the Tanzania Finance Act, 2024 Newsletter.

Download here: RSMEA Newsletter_ Overview of The Tanzania Finance Act, 2024