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An overview of the proposed amendments by the Finance Bill 2023

The Minister for Finance and Planning, Hon. Mwigulu Lameck Nchemba, delivered National Budget Speech on 15 June 2023 at the Parliament of the United Republic of Tanzania. The theme for the Budget is Accelerating Economic Recovery, Climate Change Adaptation & Mitigation and Enhancing Productive Sectors for Improved Livelihood.

The National Budget, proposed a number of amendments in the laws through the Financial Bill. The proposed changes touch amongst other laws, the Mining Act, the Tax Administration Act, The Income Tax Act, the Value Added Tax Act and the Gaming Act. These changes are anticipated to have a positive impact and benefit various stakeholders in their respective industries.

Our team has prepared an overview of the introduced amendments, along with a commentary on their objectives and effects. To access our alert that highlights the key amendments introduced by the Finance bill 2023, please click the link below.