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Browsing: Tanzania Revenue Authority
Tanzania’s ministry of finance revealed on Wednesday, that it was exploring various techniques, including fostering supervision of the use of Electronic Tax Stamps (ETS).
This is part of the government’s plans to raise revenue collections and speed up the process of creating an enabling environment for Tanzania’s industrialization journey, according to information from The Citizen.
It is another step taken by the Tanzanian government to enhance revenue collection to fund various development projects, as frequently rallied by the Tanzanian President John Magufuli.
Just last year, Tanzania Revenue Authority (TRA) collected over $ 735 million in taxes in September 2019, the highest amount ever collected since the entity inception in 1996.
Tanzania’s Finance and Planning minister, Dr.Philip Mpango, presentation on the government’s development plan and budget framework estimates for 2020/21 financial year, revealed that Tanzania has experienced a significant rise in revenues during the first seven months of the 2019/2020, but …
Taxing cash prize winners in Tanzania`s gaming industry is not only inadvertently hurting its rapid growth, but also restraining and stifling its potential.
Innovation and competition have elevated the gaming industry`s offerings and drive more inclusivity among a broader range of audiences, contributing substantially to the economy.
In the 2017/2018 fiscal year alone, the industry contributed Tshs.3.4 trillion ($1.4 billion) to the national economy which is an equivalent of over 3 per cent of the Gross Domestic Product (GDP), official data from the Tanzania Gaming Board (TGB) indicates.
The Tanzania Sports Betting Association (TSBA) statement issued last week stated that taxing cash prize winners is not only hurting the impressive growth, but also restraining the industry`s considerable potential.
The association further stated that despite the industry`s massive contribution, there are concerns over the government`s approach of taxing sports betting which is hurting and inhibiting the industry`s massive potential for growth.…