The Income Tax (Transfer Pricing) Regulations, 2014 (The Regulations), in effect since 7 February 2014, explicitly require taxpayers with related party transactions to have contemporaneous transfer pricing documentation in place at the time of filing their income tax return. The transfer pricing documentation should be provided to the TRA within 30 days of it being requested.
Following the entry into force on 1 July 2015 of the VAT Act 2014 (“The Act”), the Value Added Tax (General) Regulations 2015 (“the Regulations”) have recently become publicly available.
This newsletter is an update on our newsletter issued on 12 June 2015, which was based on the Budget speech read by the Minister for Finance. It summarises additional points arising from our review of the Finance Act 2015.
This tax data card provides an overview of the main taxes applicable in Tanzania (both direct and indirect) including tax rates, tax depreciation rates, filing obligations, and the basis for interest and penalties. It reflects the law as at 1 July 2014 including changes introduced by the Finance Act 2014. This data card has been prepared for quick reference and so is not a substitute for professional advice. Accordingly action should not be taken solely on the strength of the information contained in the card.
The Tax Administration Act (“TAA”) 2015 came into force on 1 July 2015. The new Act modernizes the tax administration provisions and consolidates these within one piece of legislation.
Tanzania is subject to the Workers compensation Fund tariff. The tariff is payable on a monthly basis and is calculated as a percentage of cash sums paid to employees. Employers are also required to file a new monthly return form.
This newsletter is an update on the PwC newsletter issued in June 2014 based on the 2014 / 2015 Tanzania Budget speech, and summarises additional points arising from our review of the subsequently assented Finance Act 2014.
The Finance Act 2014 has introduced an amendment to the provisions dealing with relief for bad debts of financial institutions to introduce an additional condition for claiming such relief.
The Finance Act 2014 has extended the 5% final withholding tax regime applied to resident providers of technical services and management services in the mining sector to apply to similar service providers in the oil and gas sector.
PwC public sector practitioners describe best practices and future-focused service delivery in Africa. Publication produced by PwC Africa.PwC public sector practitioners describe best practices and future-focused service delivery in Africa. Publication produced by PwC Africa.
The much anticipated Tanzania Transfer Pricing Regulations (“the Regulations”) were publicly released in May 2014. The relevant instrumentis Government Notice No 27 (“The Income Tax (Transfer Pricing) Regulations, 2014) published on and effective from 7 February 2014.
The ability of consumer and industrial products companies to identify, react to and take advantage of competition, cost inflation and globalisation will determine the future likely winners and losers in the market place.
Tanzania Tax Data 2013/2014
High levels of growth, intense competition and regional expansion are sparking new waves of tax related challenges. Many CEOs in Africa cite tax as a top concern, according to PwC’s annual Global CEO Survey.
Value-Added Tax (“VAT”) Bill, 2013 Briefing