Introduction:
The Finance Act, No. 8 of 2020 came into force on 15th June, 2020. The Act amends a number of provisions of different laws, which include the Tanzania Revenue Authority Act (Cap. 399), the Tax Administration Act (Cap. 438), the Value Added Tax Act (Cap. 148), and other laws. In this article, we shall point out the changes that the Finance Act has made to the Tax Administration Act, which has been amended in the following ways.
Proposed amendments to the Companies Act (Cap 212 R. E. 2002)
Summary,
The Government introduced in the February Session of Parliament, a Bill, which, among other things, is aimed at amending the Companies Act [Cap 212 R.E. 2002].
The proposed changes (in Part VI of the Bill) include the following.
TRA Extends Electronic Filing of Income Tax Returns to Cover PAYE
On 18th August 2020, the Tanzania Revenue Authority (TRA) issued a public notice to require all employees to have a Tax Payer Identification
Number (TIN).
The reason behind the said requirement is the introduction of the new online system for tax collection known as Electronic Filing System of Tax Returns (E-filing). The system is set to facilitate companies or institutions on the following: