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

  • Étude de marché 12 juillet 2022 12 juillet 2022
  • Afrique

  • Finances

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).

Download the full article

For more information on the Finance Act of 2022 and how it might affect your business, please contact Peter Kasanda and Esther Kilimba.

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