Tanzania MOF Presents 2023-24 Budget Speech

The Tanzanian Ministry of Finance and Planning June 15 presented the 2023-24 budget speech to Parliament. The speech explains measures that would: 1) exempt the internal restructuring of mining companies from capital gain tax under framework agreements forming partnership entities between the government and the investors; 2) increase the VAT registration threshold to 200 million Tanzanian shillings (US$83,401) from 100 million shillings (US$41,700), with ultimate target of 500 million shillings (US$208,482); 3) exempt specific manufacturing inputs from VAT; 4) reduce capital gains tax to the higher of 3 percent of sales value or appraised land value, from 10 percent of ...