Finance Act 2022: My proposed reforms on financial policy

Tax Advisor

KPMG in Tanzania.

What you need to know:

The 2022/2023 Finance Act is around the corner and just like over the years, there are tax reform proposals from the business community.

 Setting a time frame within which the Commissioner General is required to communicate a notice of admission or refusal for admission of the notice of objection and in cases of silence from the Commissioner General, upon the lapse of the given period the notices of objections filed should be deemed to have been admitted for determination. Example a one-month time frame, this will ensure short time conclusion of the objection process and enhance working efficiency of TRA’s technical team.  Clear interpretation of Section 56 of the Income Tax Act 2004 (ITA) by including a specific provision that stipulate the intended use of the section which is to capture and tax offshore share transactions that results in changes of the underlying ownership of a resident entity, by more than 50 percent. This is mainly to limit the provision to offshore transactions as other transactions apart from the offshore ones which affect resident entities are already taxed as single installment tax in section 90 of ITA. Setting a minimum threshold of underlying transaction value attributable to Tanzania that can trigger the provision of section 56.  Non-accrual of interest during the tax dispute process as provided by Section 76(4) of the Tax administration Act 2015. The taxpayer has no control of over the process and time it takes to settle the dispute. This is unjust as the taxpayer is punished while defending his/her rights.

Finance Act 2022: My proposed reforms on financial policy

What you need to know:

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