2024-03-28

In a bid to bolster tax compliance and revenue accountability, the Finance Act 2023 has brought forth significant changes to various tax laws, particularly concerning issuance of Electronic Fiscal Device (EFD) receipts. Among these changes is the imposition of substantial penalties for businesses failing to issue EFD receipts as required by the relevant tax laws and regulations. This amendment marks a pivotal shift in Tanzania's tax landscape, aiming to enhance transparency and ultimately, revenue accountability.

This article breaks down the new Penalty framework, Implications to business, challenges and compliance measures.