Tanzania in International Tax Law: Moving towards full tax transparency?

Tanzania, July 6 -- On 11 June, 2020, Tanzania's Finance Minister Dr Philip Mpango presented the National Budget for FY 2020/21, stating that specific legislative amendments would be introduced in the Income Tax Act, 2004 with an eye toward fulfilling the requirements for the country's membership in the Global Forum on Transparency and Exchange of Information for Tax Purposes ("the Global Forum").

The amendments, which come hot on the heels of the Global Forum's rigorous assessment of compliance with the internationally agreed standard on transparency and exchange of tax information, relate to new definitions of certain terms e.g. "beneficial owner". Introduced through the new Finance Act, 2020, the amendments seek to further bolster the c...