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July 30, 2024
2024-1460

Tanzanian Finance Act, 2024 makes changes affecting businesses and individuals

  • The recently passed Finance Act, 2024 is aimed at stimulating economic growth and productivity across key sectors for revenue enhancement and business climate improvement.
  • This Tax Alert highlights key aspects of the Finance Act, 2024 and their implications.
 

Executive summary

On 28 June 2024, the Tanzanian Parliament passed the Finance Bill, 2024 (the Bill). On 30 June, the President assented to the Bill, which then became the Finance Act, 2024 (the Act). All changes introduced by the Act are effective from 1 July 2024, unless indicated otherwise.

This Alert reviews the principal amendments brought forth by the Act, as well as modifications from the Bill and the budget speech delivered by the Minister for Finance.

Detailed discussion

Income Tax Act

Alternative minimum tax

Companies involved in tea processing that have reported losses for three consecutive years will be exempt from the obligation to pay the alternative minimum tax. This exemption is applicable for a three-year period, from 1 July 2024 to 30 June 2027.

This amendment is intended to enhance and assist tea processing companies in light of the recent decline in global tea prices.

Business expenditures

To qualify as deductible for corporate tax purposes, business expenses incurred for the acquisition of goods or services must now be substantiated with a fiscal receipt. The new requirement does not apply if the expenses are from a nonresident supplier without a permanent establishment or from a local supplier who is not obliged to issue fiscal receipts. The amendment may pose practical challenges in its enforcement, as there is no prescribed list identifying local suppliers exempt from the fiscal receipt issuance requirement.

Utilization tax losses

The amendment modifies the limitations on the utilization of tax losses, reducing the allowable deduction from 70% to 60% of the taxable profit for persons who incurred losses for four consecutive years. Based on this amendment, the deductibility of carried-forward tax losses is capped. In the fifth year, only 60% of the taxable profits can be offset by these tax losses (with any excess losses carried forward to subsequent years).

Change-in-control rules

The Act has amended the change-in-control rules by exempting from taxation any changes in underlying ownership that occur due to the allotment of new membership interests in a resident entity. This amendment clarifies the extent of exclusion with respect to allotment of membership interest in a resident entity. Previously, the legislation did not explicitly address the tax implications of allotting new shares in other group entities that indirectly own the Tanzanian entity.

Shares allotted in a foreign entity that owns a Tanzanian entity may trigger change-in-control rules, provided that other conditions are met. However, this is not considered investor-friendly, given that capital injections into foreign entities with subsidiaries in Tanzania could lead to taxation of the Tanzanian entity through change-in-control rules.

The Act does not address recommendations from stakeholders on other challenges with change-in-control rules. Specifically, it does not tackle the potential for double taxation in cases where shares in a resident entity are transferred between nonresident persons or from a resident to a nonresident person.

Charitable organizations

The definition of a charitable organization for income tax purposes has been expanded to include entities engaged in advancement of health and environmental protection, a move aimed at encouraging philanthropy and addressing climate-related challenges.

Despite this being a positive move, lack of prescribed definitions on activities that constitute "advancement of health" or "environmental protection" may pose challenges during implementation.

Withholding tax

The following changes have been made in relation to withholding tax requirements:

  • A 10% withholding tax has been introduced on rent paid to a resident person for the use of construction equipment and machinery. Construction equipment or machinery has been defined to mean the equipment, machinery, structure, scaffolding, materials, tools, supplies or systems rented or leased by contractor or its subcontractors for use in accomplishing construction work but not intended to form part of the structure to be built or for incorporation into the project. The lack of a definition or guidance on what constitutes construction work could, however, pose challenges (e.g., minor repairs and maintenance).
  • No withholding tax obligation will apply on interest payable by (i) a resident financial institution to a nonresident financial institution or (ii) a nonresident fund that has an agreement with the Government of Tanzania to provide low-interest loans to a resident financial institution and the resident financial institution charges low interest rates to resident borrowers sourced from the nonresident financial institution or fund.

The above does not apply to interest payable on any loan taken by a resident financial institution from a related nonresident person.

  • A 2% final withholding tax has been introduced on payments for purchase of industrial minerals other than salt and metallic minerals other than precious metals, supplied by a holder of primary mining license or artisanal mineral. An artisanal miner has been defined to mean a person who acquires minerals and includes laborers in mining activities other than a holder of any license under the Mining Act.
  • A 5% withholding tax is applicable on payments of royalties made by a resident person to a resident sports entity or the Tanzania Football Federation.
  • A 5% withholding tax has been introduced on payments made to resident digital content creators.

Digital content has been defined to mean electronic content that may be downloaded, streamed, or accessed in any manner and is not simultaneously broadcast over any conventional radio or television network in Tanzania. A digital content creator is defined as a person who produces digital content in formats that can be shared using a digital medium or platform over the internet.

  • A 3% withholding tax has been introduced on payments made in respect of exchange or transfer of digital asset to a resident person by a nonresident person who owns a digital-asset-exchange platform or facilitates the exchange or transfer of a digital asset.
    • A digital asset is defined as including:
      1. Anything of value that is not tangible, including crypto-currencies, token codes, numbers held in digital form and generated through cryptographic means or any other means, by whatever name called, providing a digital representation of value exchanged with or without consideration that can be transferred, stored or exchanged electronically
      2. A non-fungible token or any other token of a similar nature
    • Payment is defined to mean the gross fair market value considered received or receivable at the point of exchange or transfer of a digital asset.

The amendments pertaining to taxation of digital economy aim to at align the tax rules with the global technology revolution on business landscape whereby entities can carry out businesses in any location without a physical presence making the taxation of the digital economy a key base erosion and profit shifting (BEPS) concern across the globe.

However, notwithstanding the above, the amendments to the definition of digital assets may pose challenges in implementation as they potentially contradict other domestic laws and regulations. Although digital assets have been defined to encompass, among other things, digital currencies, no digital currencies are recognized as legal tender in Tanzania. Further, the Bank of Tanzania (BOT) has issued a circular prohibiting trading, marketing and usage of virtual currencies.

  • Final withholding tax payments have also been expanded to include payments made to a local government authority, local community or any resident individual in respect of carbon emission reduction. Previously, the requirement to withhold tax applied only to payments to resident persons.

For resident entities, withholding tax deducted from payments in respect of verified carbon emission reductions constitute tax credits that may be utilized to offset the income tax liability of an entity after the end of the year of income. The amendment should help ease tax administration, especially on payments received by individuals who do not operate on a formal setup.

Realization of interest in land or buildings

The application of the 3% single installment tax on realization of interest in land or buildings has been limited to individuals (previously, this also applied to entities). The rate is calculated on the incomings (i.e., amounts derived in respect of owning an asset) or approved value of the asset and is applicable to an individual who does not have records documenting the cost of the asset.

The amendment aligns the law with the practical reality that individuals might not have kept records documenting their assets, whereas entities tend to maintain records showing the costs of assets, including tax written-down values for depreciable assets.

Nonresident transport operator or charterer

Gross payment for purposes of single installment tax payable by a nonresident transport operator or charterer has been defined to mean a total amount of payment received by a nonresident person, and an installment payer in conducting a business of land, sea or air transport operator or charterer excluding any fees, charges or tax paid by a passenger and received by that person on behalf of the Government.

As taxpayers and the tax authority have disputed the definition of "gross payment," the amendment now provides clarity on the tax base for the single installment tax.

Return of income

  • The due date for filing a return of income by a person whose financial statements are audited by the Controller and Auditor General (CAG) is extended to a period of nine months after the year-end. The amendment intends to provide more time to the CAG to audit financial statements of government entities on account of formalities and procedures in the government. A similar approach may also be considered for private entities or individuals who seek an extension of time to file returns of income; that time limit should be extended up to a maximum of 90 days instead of the current 30 days.
  • Nonresident individuals whose income for the year of income consists exclusively of income from employment are exempted from the obligation of filing a tax return. The amendment aligns the law with the current framework in which resident individuals who only receive employment income are exempted from filing income tax returns.

Presumptive tax regime

A change in the presumptive tax payable by a person who owns passenger vehicles is as follows:

  • Carrying capacity of 16 to 30 passengers — 650,000 Tanzanian shillings (TZS 650k); previously, TZS 550k was applicable where the carrying capacity was between 16 to 25 passengers
  • Carrying capacity of 31 to 45 passengers — TZS 1.1m rate was previously applicable where the carrying capacity is between 26 to 45 passengers.

Class A: Passenger service vehicles

SN

Number of passengers

Tax payable (TZS)

1

Up to 15

250k

2

16 to 30

650k

3

31 to 45

1.1m

4

46 to 65

1.6m

5

More than 65

2.2m

Initial allowance

Clarification is provided on the allocation of initial allowance (50% of the net cost of the asset at the time it is added to the pool) for assets deployed in manufacturing processes and fixed in a factory, assets used in fishing, farming or deployed in providing services to tourists and fixed in a hotel.

The allowance is available on two equal portions; that is, 25% of the value of assets on the year of income in which the asset is added to the pool and the remainder portion shall be available during the year of income following the year in which the first portion is added.

Value-Added Tax (VAT)

VAT registration

Intending traders who fail to commence the economic activity for production of taxable supplies within the period indicated during registration for VAT, shall be required to notify the Commissioner General (CG) with reasons for such failure within 90 days after the end of such period.

Failure to notify the CG deems the person as deregistered for VAT. The amendment intends to minimize refund applications from persons who do not establish the production of taxable supplies within a given period.

Electronic services

The definition of "electronic services" has been amended to incorporate services delivered through internet. Electronic services have also been extended to include online data services.

"Online data services" are defined to mean any form of monetization of user data including the sale or licensing of, or access to user data or information collected through user engagement with an online platform, whether sold or licensed directly or indirectly, aggregated, or disaggregated, anonymized, or used in any other form.

The amendments have extended the scope of electronic services supplied in mainland Tanzania.

Gaming supply

Gaming supply is now defined as a supply of gaming activities as defined under the Gaming Act. This includes any game played with cards, dice, equipment or any mechanical electromechanical or electronic device or machine for money, property, checks, credit or credit card or any representative of value, including but without limiting the generality of the foregoing, bingo, wheel of fortune, baccarat, slot machine, horse race, lottery, wager or stake, any banking or percentage game or any other game or device approved by the Board. But it does not include games played with cards in private homes or residences in which no person makes money for operating the game, except as a player, or games operated by charitable or educational organizations approved by the Board.

The amendment has provided clarity on supplies of gaming activities that are exempt from VAT.

Serviced apartments

The Act defines serviced apartments as furnished apartment or similar establishment, available for short- or long-term stay, providing amenities for daily use, housekeeping and a range of other services all included within the rental price.

The amendment seeks to align the law with developments in the space of accommodation facilities in light of the increase in supply of accommodation facilities for short periods of time, such as a day.

Zero-rated supplies

The following changes have been made with respect to zero-rated supplies:

  • Supplies of gold to local refineries and the Bank of Tanzania is now zero-rated. The amendment will promote the growth of domestic refineries, create incentives for gold producers and dealers to add value and benefits locally, and to assist the Bank of Tanzania in acquiring sufficient gold reserves to strengthen the economy.
  • The period for zero rating of supplies of locally manufactured fertilizers is extended to 30 June 2025. The amendment will continue boosting local manufacture of fertilizers and lower the costs of farming through reduced prices of fertilizers. The government may however consider adopting a longer relief than extending it annually so as to provide certainty on the existence of the relief to the local manufacturers of fertilizers.
  • Supplies of locally manufactured garments made from locally grown cotton shall be zero-rated until 30 June 2025. The measure will promote the local production of cotton. Nonetheless, rather than extending the relief annually, the government may consider adopting a longer relief so as to provide certainty on the existence of the relief. Initially, the relief was provided to be available until 30 June 2024.

VAT exemptions

Exemptions upon application to CG

The CG is empowered to grant VAT exemptions on the following:

  • Importation or supply of water sanitation and treatment chemicals, namely chlorine (HS Code 2801.10.00), aluminum sulphate (HS Code 2833.22.00), calcium hypochlorite (HS Code 2828.10.00), powdered activated carbon (HS Code 3802.10.00), potassium permanganate (HS Code 2841.61.00), carbon dioxide (HS Code 2811.21.00), polly aluminum chloride (PAC) (HS Code 2827.32.00), hydraulic lime (HS Code 2522.30.00), sodium metalbisulphite (HS Code 2832.20.00), sodium hydroxide (HS Code 2815.12.00), algae floc 19s (HS Code 2827.32.00) and water meters (HS Code 9028.20.00) by a water supply and sanitation authority upon approval of the Minister responsible for water. The measure will reduce the costs for supply of water by the water supply and sanitation authorities.
  • Importation or supply of equipment and machinery for processing and storing bee products, namely a honey settling tank (HS Code 8436.80.00), honey homogenizer tank (HS Code 8479.80.00), honey/wax press machine (HS Code 8436.80.00), wax sterilizer (HS Code 8419.89.00), wax melter (HS Code 8419. 89.00), honey barrel (HS Code 7310.10.00), and sack for honey barrel (HS Code 3923.29.00) by beekeepers upon approval of the Minister responsible for natural resources. The amendment will reduce the costs for bee products.

Exemptions on imports and local supplies

Imports and supplies of the following items are exempted from VAT:

  • Single-axle tractors
  • Blended tea or fermented tea from locally grown tea leaves
  • All goods, including materials, supplies, equipment, machinery and motor vehicles for official use of armed forces
  • Video assistant referee (VAR) technology equipment and accessories upon approval of the Minister responsible for sports
  • Supply of sewerage services by a water supply and sanitation authority
  • Aircraft and aircraft maintenance to a local operator of air transportation
  • Aircraft engine and aircraft parts to a local manufacturer or assembler of aircraft or to a local operator of air transportation
  • Locally produced double refined edible oil from locally grown seeds by a local manufacturer for one year

The above amendments may reduce the costs of imports or local supplies of the specified items.

Abolishment of VAT exemptions

VAT exemptions on the following have been abolished:

  • Spades and shovels (HS Code 8201.10.00)
  • Mattocks and picks (HS Code 8201.30.00)
  • Supply of precious metals, gemstones and other precious stones at refineries

Excise (Management and Tariff) Act

The Act has been amended with the following changes:

Remission of duty on un-denatured ethyl alcohol

Remission of excise duty is payable for undenatured ethyl alcohol (HS Code 2207) used in industrial energy production or for medical/laboratory purposes, to boost local industry and goods availability upon approval by the Minister.

However, there may be challenges in implementing the amendment due to the necessity of obtaining approval from the respective Minister prior to application to the CG. Additionally, the absence of a prescribed timeline for the process, from the approval stage to remission, could result in delays.

Submission of returns

Manufacturers of scheduled articles and providers of excisable services are now required to file their returns by the 25th day of the month following the end of the month that the return covers. This is a change from the previous deadline, which was the last working day of the month which the return pertained.

The amendment will help ensure the accuracy of returns submitted by providing more time to the manufacturers of scheduled articles or providers of excisable services to prepare and file such returns.

Adjustment and introduction of excise duty rates

Changes have been made to adjust excise duty rates on a variety of goods and services, including to following.

  • A 10% excise duty has been introduced on commercial advertisement on betting, gaming, or lotteries through print media, television and radio broadcasting; however, an exception is provided for noncommercial advertising of promotions, national lottery and licensed trial games. Although the measure is intended to discourage betting, gaming and lotteries, the amendment will increase the cost of advertisement, hence affecting the advertisement industry.
  • An excise duty at the rate of TZS 7k per liter on imported un-denatured ethyl alcohol and TZS 5k on locally produced un-denatured ethyl alcohol of an alcoholic strength by volume of 80% vol or higher (Ethanol) (HS Code 2207.10.00) except un-denatured ethyl alcohol used for purposes other than manufacturing scheduled articles.

Persons who pay excise duty on the above items are allowed to offset the excise duty paid against the excise duty due on finished goods, specifically wines, spirits, liqueurs and other alcoholic beverages classified under headings 2204 and 2208. This provision is intended to reduce the tax burden on manufacturers who utilize ethyl alcohol as a raw material in the production of wines and spirits under the same headings. However, this may pose practical challenges, considering that the legislation does not provide a clear mechanism for offsetting paid excise duty or offer guidance on the transition period. Additionally, the domestic market faces a shortage of un-denatured ethyl alcohol, compelling manufacturers to depend on imports, which are subject to higher excise duty rates, potentially leading to increased production costs.

  • An excise duty has been introduced on the following with the aim of protecting local manufacturers:
    • TZS 963.90 per liter of imported opaque beer (HS Code 2206.00.20) and TZS 2,959.74 per liter on other imported beer made of mixed fruits (HS Code 2206.20.90)
    • TZS 300 per kg on imported tomato ketchup and other tomato sauces
    • TZS 500 per kg on imported paints and vanishes (heading 3208)
  • Excise duty has been reduced on locally produced bottled water (HS Code 2201.10.00 and 2201.90.00) from TZS 63.80 to TZS 56 per liter. The amendment will create incentives for and promote local manufacturers.

Tax Administration Act

Admission of a notice of objection

A notice of objection is deemed to have been admitted on the date the taxpayer fulfills the requirement to pay the tax deposit required for admission of the objection. The amendment has now fully confined an objection process to a specified time limit, as the existing six-month time limit is premised from the date of admission of the objection.

The amendment, however, has not addressed the admission status for notices of objections that were filed and for which tax deposits were paid before 1 July 2024. Moreover, while the amendment specifies the conditions for the payment of the tax deposit, it lacks clarity on the admission of the notices of objection that do not require a deposit. Ideally, the amendment should have stipulated that a notice of objection is considered admitted once all the conditions for its admission has been met.

Cargo consolidators

An obligation has been imposed on cargo consolidators to comply with customs and other laws and procedures governing deconsolidation of cargo to its owners at the time of importation of goods in the country. (Previously, various owners of goods could collectively import such goods through consolidated consignment. With the amendment, all owners will now be required to provide their declarations separately). A cargo consolidator is defined in the Act as a person licensed by a competent authority to operate the business of cargo consolidation and deconsolidation.

Noncompliance with the requirement is an offense punishable by a 30% fine on the customs value of the imported goods upon conviction.

The amendment will enable TRA to collect complete information of owners who import goods through consolidation process.

Electronic service of documents

A document is regarded as officially served to the CG or a person when the document is duly sent by email, fax or any other electronic means in accordance with written laws governing electronic transactions.

The amendment reinforces the legal acceptance of electronic delivery methods for serving documents, aligning with the present information and communications technological (ICT) developments, modern communication practices and ease of tax administration.

Fines and penalties

The following fines now apply with respect to failure to acquire or use a fiscal device to issue a fiscal receipt.

  • Failure to acquire and use a fiscal device or failure to issue a fiscal receipt can result in:
    • A fine of 20% of the value of goods sold or services rendered, or TZS 100 currency points (TZS 2m), whichever is greater
    • Imprisonment for a term not exceeding three years, or both a fine and imprisonment
  • A penalty cap of 200 currency points (TZS 4m) is introduced for failure to acquire or use a fiscal receipt

The value of the currency point used for calculating penalties and fines has now been revised to TZS 20k per currency point.

Tax audit

The Act has defined "tax audit" to mean examination of taxpayer's tax affairs to check compliance with tax laws, and includes desk audit, issue-oriented audit, or comprehensive audit. The amendment has provided clarity on what constitutes a tax audit.

Despite the above definition, the amendment is unclear on how desk audits, issue-oriented audits and comprehensive audits will be conducted and whether all can be conducted for a particular period of time. To ensure taxpayers are not experiencing numerous audits or examination on the same period but through different persons, the amendment could have provided that once an audit is conducted and finalized for a given period, the period is conclusive and closed.

Tax Revenue Appeals Act

The following changes have been made with respect to amicable settlement of tax appeals:

  • The time limit for amicable settlement of tax appeals shall be 60 days from the date that the Tax Revenue Appeals Board (Board) or Tax Revenue Appeals Tribunal (Tribunal) issues an order allowing an appeal to be settled amicably.
  • The Board or Tribunal may extend the time for an additional 10 days if a party applies for the extension and provides good reasons for an extension.
  • Failure to amicably settle an appeal within the time provided indicates that the settlement failed and the Board or Tribunal shall proceed with determination of the appeal.

Despite the above amendments, there may still be practical challenges on initiation of out-of-court settlement discussions with the CG, including the modality of such discussions. Therefore, comprehensive and clearly outlined procedures for out-of-court settlements would be helpful.

Vocational Education and Training Act

Payments made to casual laborers engaged in water projects managed by water authorities have been exempted from Skills Development Levy (SDL).

Changes in other laws

The Act has also amended the following laws:

Bank of Tanzania

The Act introduces an offense for transacting in Tanzania using a foreign currency. The Minister for Finance is expected to issue pertinent regulations.

The amendment seeks to address the shortage of foreign currencies and enhance the foreign currency reserve in the country.

Mining Act

The following changes are made in the Act:

  • Mineral right holders or licensed dealers, other than those with an agreement with the Government that provides to the contrary, are required to set aside an amount of gold for local processing, smelting, refining and trading. The amount of gold to be reserved shall be determined by the Minister for Minerals and shall not be below 20%. The amendment seeks to enhance the supply of gold to the bank of Tanzania.
  • The Bank of Tanzania is now recognized as the statutory gold dealer.
  • The royalty rate on gold sold to the Bank of Tanzania is applicable at the rate of 4%.

The above changes will promote the growth of national gold and foreign currency reserves as well as enhancing the growth of local refineries through the availability of gold stock. The Act concentrates on gold, but similar measures could also be adopted on other precious metals.

Gaming Act

The following changes have been made in the Act.

  • A licensing requirement for sellers or distributors of tokens used in slot machines has been introduced.
  • The use of coins in gaming activities has been restricted to protect the longevity of coins.

Export Tax Act

The Act is amended to introduce an export levy of 10% of crude sunflower oil (HS Code 1512.11.00) and sunflower seeds (HS Code 1206.00.00).

Imports Control Act

The Act is amended to introduce an Industrial Development Levy ranging from 5% to 10% to be charged on customs value of goods imported for home use except goods originating from East African Community Partner States that meets the East African Community Rules of Origin.

Goods subject to this levy include wire rod, beer, wine, energy drink, nonalcoholic beer and other organic surface-active agents, whether or not put up for retail sale, as well as cement clinkers and portland cement.

The above amendment will increase the costs of importation and ultimately negatively impacting the prices of the specified goods in the market.

Road and Fuel Tolls Act

The following changes have been made in the Act.

  • The obligation to pay fuel tolls to owners or a possessor of windfall fuel, on the date which fuel price under his custody attracts windfall profit has been extended.
  • "Windfall fuel" is defined to mean in-stock fuel for which there is no reduction in the market price despite a reduction in the market price for not-yet-purchased fuel, while "windfall profit" is defined as the surplus profit earned or to be earned by the owner or possessor of windfall fuel.
  • Owners or possessors of fuel storage facility are required to keep records of fuel quantities kept and sold, provided these records to the CG on a monthly basis, and effect payment of fuel toll arising out of windfall fuel on or before 20th day of the following month.

Railway Act

The Act has been amended to increase railway development levy from 1.5% to 2% of the cost, insurance and freight (CIF) value. The amendment will increase the costs of importation and hence affecting the prices of goods in the market.

* * * * * * * * * *
Contact Information

For additional information concerning this Alert, please contact:

Ernst & Young (Tanzania), Dar es Salaam

Ernst & Young Société d'Avocats, Pan African Tax — Transfer Pricing Desk, Paris

Ernst & Young LLP (United Kingdom), Pan African Tax Desk, London

Ernst & Young LLP (United States), Pan African Tax Desk, New York

Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor
 
 

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