Tanzania plans to amend its Earnings Tax Act to tax crypto trades. The proposal features a three per cent withholding tax on earnings from digital asset transactions. Digital platform homeowners or facilitators of digital asset transfers will act as withholding brokers. Overseas residents working such platforms should register below Tanzania’s Simplified Tax Regime.
The federal government expects to gather a further $178,600 (465 million shillings) in income. Finance Minister Mwigulu Lameck Nchemba Madelu revealed the plan to amend the tax in a speech to the Nationwide Meeting on June 13, 2024.
Tanzania Targets Crypto Traders With Proposed Income Tax Act Amendment
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