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Tanzania Budget Speech for 2023/24 Delivered Including Several VAT Changes and Other Measures

21 June 2023

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Proposed Changes

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Tanzania

Tanzania's Minister of Finance delivered the Budget Speech for 2023/24 to parliament on 15 June 2023. Some of the main tax measures concern VAT, including: An increased VAT registration threshold from TZS 100 million to TZS 200 million; VAT exemptions on: certain inputs used to manufacture insecticides and acaricides; certain inputs used to manufacture packaging materials; imported prefabricated structures to be used by the poultry farmers; molds used solely by pharmaceutical manufacturers; supplies of precious metals, gemstones, and other precious stones at buying centers, mineral markets, and gem houses designated by the Mining Commission; and the sale and lease of...