Page 41 - Profmark Africa Overview 2024

Tanzania (GMT +3)

General:
▪ Capital City: Dar es Salaam
▪ Official Language: Kiswahili, English
▪ Currency: Tanzanian Shilling (TZS)
▪ Main Exports: Gold, tobacco, coffee, cotton, cashew nuts, tea, cloves
▪ Surface Area: 947.3 sq. km (thousands)
▪ Population: 68,560 million (2024,est)
Key Economic Indicators:
▪ GDP: $79.15 billion (2023) / GDP Growth Rate: 5.2% (2023)
▪ CPI Inflation Rate (annual): 3.8% (2023)
▪ Sovereign Credit Rating: Moody’s: B2
▪ Indicator of Economic Freedom Score: 59.1/100
Exchange Controls:
▪ Exist
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Worldwide income
▪ Non-residents: Tanzanian-source income
Tax Rates:
▪ Individuals: Progressive rates to 30% [the first TZS 270,000 of taxable income - 0%]
▪ Companies: 30%
▪ Inheritance and Donations Taxes: N/A
▪ VAT: 18%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): Generally taxed as ordinary income
▪ Double Taxation Agreements: In place with several countries
Useful links:
▪ Tanzania Investment Centre https://www.tic.go.tz
▪ Tanzania Revenue Authority http://www.tra.go.tz
▪ Bank of Tanzania https://www.bot-tz.org

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