Insights

Tanzania: Understanding the key changes made by the Finance Act of 2022

Market Insight 12 July 2022 12 July 2022
Africa
Finance

This article will cover key legislative changes as a result of amendments made by the Finance Act No.5, 2022 (the Finance Act). These changes will affect stakeholders in the respective industries/sectors in Tanzania.

Please find below the summary highlighting some of the key changes made to different tax and legislative regimes. The Finance Act, which became operational as of 1 July 2022, amends a total of 35 laws, including:

The Mining Act Cap 123 R.E. 2019 (the Mining Act);
The Companies Act No. 12 of 2002 (the Companies Act);
The Trustees’ Incorporation Act Cap 318 of 2002 (the Trustees’ Incorporation Act);
The Business Names (Registration) Act Cap 213 of 2002 (the Business Names (Registration) Act);
The Copyright and Neighbouring Rights Act Cap 218 of 2002 (the Copyright and Neighbouring Rights Act);
The Insurance Act No. 10 of 2009 (the Insurance Act);
The Local Government (District Authorities) Act Cap 287 R.E. 2002 and the Local Government (Urban Authorities) Act Cap 288 R.E. 2002
The Occupational Safety and Health Act No. 5 of 2003 (the Occupational Safety and Health Act);
The Ports Act No. 17 of 2004 (the Ports Act);
The Tanzania Investment Act Cap 38 R.E. 2002 (the Tanzania Investment Act);
The Tax Administration Act Cap 438 R.E. 2019 (the Tax Administration Act);
The Income Tax Act Cap 332 R.E. 2019 (the Income Tax Act);
The National Payment Systems Act No. 4 of 2015 (the National Payment Systems Act);
The Value Added Tax Act Cap 148 R.E. 2019 (the VAT Act);
The Bank of Tanzania Act No. 5 of 2006 (the BoT Act);
The Electronic and Postal Communications Act No. 3 of 2010 (the Electronic and Postal Communications Act);
The Land Act Cap 113 R.E. 2019 (the Land Act);
The Excise (Management and Tariff) Act Cap 147 R.E. 2019 (the Excise (Management and Tariff Act));
The Export Tax Act Cap 196 R.E. 2002 (the Export Tax Act); and
The Government Loans, Guarantees and Grants Act No. 9 of 2003 (the Government Loans, Guarantees and Grants Act).