Column - Tanzanians will once again receive formal information today regarding the type of budget they will have for 2024/25 from Dr Mwigulu Lameck Nchemba, the Minister for Finance.
Tanzania ns will once again receive formal information today regarding the type of budget they will have for 2024/25 from Dr Mwigulu Lameck Nchemba, the Minister for Finance.
The main proposed measures in the national budget speech of the previous year included, among other things, changing the EFD penalty to 3.0m/- or 20 per cent of the tax if fiscalised invoices or receipts are not issued and removing local share issuance and transfer transactions from the purview of section 56 of the Income Tax Act.
And, above all--maintaining foreign reserves large enough to cover at least four months of importation. Here is a quick summary of the many components that were part of the budget from the previous year. The purpose of this modification was to eliminate direct transfers of local firm shares as they were already subject to section 90 of the ITA's taxation.
In this line, a proposal was also made about the people's withholding responsibility, which was implemented in July 2022 to exclude individuals from the need to withhold tax on rental income for non-commercial properties--such as residential properties. Will the budget that we hear about today address these issues, and will we know whether the execution has been successful or not?
These measures included eliminating the daily charge levied on each SIM card based on users' capacity to recharge the balance, raising the tax on withdrawals by 50 per cent, and eliminating the tax on electronic money transfers.
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