Tanzania Budget Speech - Proposed changes for the 2024/2025 tax year
The Minister of Finance
delivered the Budget Speech for the 2024/2025 tax year to the National Assembly
on 13 June 2024. The budget marks a significant step towards implementing
priorities identified in the Third Five-Year National Development Plan (2021/22
– 2025/26).
The following proposed tax
measure was outlined that impact payroll for the 2024/2025 tax year:- A proposed SDL
exemption for casual workers employed in water projects managed by Water
Authorities.
Notable administration
changes:- Empowerment of
the Tax Ombudsman to address complaints related to tax decisions, procedures,
services, and administrative matters.
- Raising the
currency point value (which the Tanzania Revenue Authority uses to calculate
penalties for non-compliance and offences) from 15,000 TZS to 20,000 TZS to
accurately reflect current penalty values, given the long period without
adjustment.
The proposed budget tax
measures are set to take effect from 1 July 2024, subject to approval by the
President and the publication of the Finance Act.
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