Finance Bill 2024

By Goodluck Temu (Dr.Jur)

The Tanzanian government has introduced the Finance Bill for 2024, aiming to enact the Finance Act, 2024. This Bill proposes amendments to various tax and non-tax laws to implement reforms through the imposition and alteration of certain taxes, duties, levies, and fees. The objective is to stimulate economic growth, particularly in strategic sectors such as industries, agriculture, livestock, fisheries, energy, transport infrastructure, education, and health. The Bill also seeks to enhance domestic revenue mobilization and improve tax administration.

Key highlights include;

1. Amendments to banking laws to facilitate interest-free lending services.
2. Introduction of an emergency repair fund for deteriorating road infrastructure.
3. Allocation of export levy revenues to the Cashewnut Board to boost the cashewnut subsector.
4. Imposition of excise duties on betting, gaming, and commercial advertisements related to these activities, with funds directed to the Universal Health Insurance Fund.
5. Reduction of excise duty on locally produced bottled water to support small-scale factories.
6. New levies on imported goods to promote domestic production and protect local industries.
7. Amendments to the Income Tax Act to enhance tax compliance and expand the tax base.
8. Amendments to the Land Act and Local Government Act to enhance local government revenue collection.

The Bill, divided into 26 Parts, addresses multiple sectors to ensure a robust framework for economic development and revenue generation.

Kindly follow this news later for more detailed information on the proposed changes and their implications.

Disclaimer

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