TAREA LEARNING EVENT ON TANZANIA FINANCE ACT 2022
On 30th June 2022, the United Republic of Tanzania’s Ministry of Finance and Planning enacted amendments to some sections of the Finance Act, amendments that came into effect on 1st July 2022. Some of the amended sections affected the renewable energy sector.
There was a need for the members of TAREA to understand the amendments and how to comply with them.
Tanzania Renewable Energy Association (TAREA) invited the Tanzania Revenue Authority (TRA), and the Experts from the wing of Consumers Education to translate the amendments and inform the HS Codes of the solar technologies.
Members were presented with all amendments and explained in the detail the newly inserted section 85.07 that introduced Excise Duty on lead acid batteries, charged at 5% for locally manufactured lead acid batteries and 10% for imported ones.
Thanks to the financial contribution provided by USAID through Shell Foundation and GOGLA.