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Browsing: Tax Returns
As a low-middle-income country, Tanzania is fairly doing its best in financing its development efforts by utilising its internal funding strategies, and tax is a part of that.
In the past five years, under the leadership of the late President John Magufuli, Tanzania broke its revenue collection record and managed to self-finance nearly 40 per cent of dividends collected from companies it holds a stake in.
Earlier last year, Tanzania Revenue Authority (TRA) hit a record collection of 100.02 per cent of its total revenue in December 2019, of which it exceeded its monthly target, which was more than $860 million.
Read: Tanzania considers tax breaks to cushion economy
“This is the highest score for a particular month since an establishment of TRA” the former TRA Commissioner General, Dr Edwin Mhede noted.
According to the former taxman, this magnificent record-breaking achievement was a fruit of hard labour put on enforcement …