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.
Related Articles
Tanzania Budget Speech 2023
The Minister of Finance delivered the Budget Speech for 2023/24 to parliament on 15 June 2023. In relation to payroll, the following tax measures were outlined: A proposal to reduce the Skills Development Levy (SDL) from 4% to 3.5%. A proposal to ...
Namibia - Budget Speech 2024 - Proposed change to income Tax threshold
The Minister of Finance and Public Enterprises, Honourable Ipumbu Shiimi, tabled the 2024/2025 National Budget during National Assembly on 28 February 2024. The Budget aimed to provide tax relief for taxpayers while still broadening the tax base with ...
Lesotho Budget Speech 2024
On February 21, 2024, the Budget Speech for the fiscal year 2024/2025 was presented by the Minister of Finance and Development Planning of Lesotho. During the budget speech, the following proposals affecting payroll were announced: Modifications to ...
Ghana | 2025 Budget Speech
On 11 March 2025, Ghana's Minister of Finance, Dr Cassiel Ato Forson, delivered the 2025 Budget Speech, outlining key measures to restore the economy. As part of these efforts, several taxes have been cancelled, including the Betting Tax, COVID-19 ...
Lesotho Budget Speech 2025
On 19 February 2025, the Minister of Finance and Development Planning of Lesotho delivered the Budget Speech for the 2025/2026 fiscal year. During the speech, the following payroll-related proposals were announced: The minimum income tax threshold ...