TAX HIGHLIGHTS FROM THE 2020/2021FINANCIAL BUDGET

  1. No income tax for special economic zones products.
  2. Skills Development Levy reduced to 4%.
  3. Tax Objections to be decided within 6 months.
  4. Withholding tax on banks agents of 10% has been introduced.
  5. Income tax threshold to 270,000 per month from 170,000 to employees
  6. Excise duty on powdered beer and powdered juice.
  7. Capital gain tax on land transfer business.
  8. Minister to have power to exempt capital expenditure on special projects not exceeding Tshs. 1B.
  9. No vat on insurance crops business.
  10. Gross income for cooperatives/saccos to be taxed increased from Tzs. 50m to Tzs. 100m.
  11. Imports duty of 0% on covid related inputs.
  12. Allowable deductions for expenditure on aids / covid 19 contributions
  13. Zero import duty on all packaging /caps for locally produced wines and agriculture produces to be processed within the country.
  14. Vehicle special numbers @ Tshs 500k.

 

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