Tanzania: 2024 Finance Act Introduces Significant Tax Reforms
The Tanzanian Official Gazette has announced the enactment of the 2024 Finance Act, effective immediately.
Key measures include:
- VAT exemption or zero percent rate on specified manufacturing inputs.
- VAT zero-rating on select goods from July 1, 2024, to June 30, 2025.
- New tax rates applied per vehicle for resident individuals transporting passengers or goods.
- Withholding tax rates set at 5 percent for payments to resident digital content creators, 3 percent on industrial minerals purchases, and 3 percent on income from digital asset transfers.
- Expansion of VAT exemption to include aircraft manufacturers and assemblers for domestic aircraft maintenance and supply.
Source: tra.go.tz
