Tanzania Budget Speech for 2024/25 Delivered Including New Withholding Tax Measures and Other Tax Changes

Tanzania's Minister of Finance delivered the Budget Speech for 2024/25 to parliament on 13 June 2024. Some of the main tax measures include:

• The elimination of the requirement to pay alternative minimum tax for tea processing companies that have generated losses for three consecutive years;
• The introduction of the requirement to use electronic receipts to verify purchases made in the relevant year of income that contributed to the production of income, which will not apply in relation to no…