Tanzania MOF Presents 2024-2025 Budget Speech

The Tanzanian Ministry of Finance and Planning June 13 presented the 2024-2025 budget speech. The speech explains measures that would: 1) apply withholding tax rates of 5 percent on payments to resident digital content creators, 2 percent on purchases of industrial minerals, 3 percent on income from the transfer or exchange of digital assets, and 2 percent on payments made by resident entities for the purchase of agricultural, pastoral, fishing, and forestry products; 2) exempt withholding tax on interest payments made by domestic financial institutions to nonresident financial institutions or funds that provide qualifying low-interest loans to domestic financial institutions; ...