List Of Large Tax Payers In Tanzania
Below is the List Of Large Tax Payers In Tanzania
Tanzania Breweries Limited (TBL) is the largest tax payer in the form of corporate tax, excise duty, and value-added tax.
The largest brewer in the land paid 472bn/- last year compared to 463bn/- in the prior year warranting the recognition of the largest taxpayer in the country.
TBL’s Chairman, Leonard Mususa said during TBL’s 49th Annual General Meeting (AGM) said the tax increase came after the Group revenue grew by 6.0 percent owing to growth in beer and spirits sales of 5.7 percent and 3 percent, respectively.
The firm operating profit for the period was 179bn/- and the profit after tax was 134bn/-. Thus dividend per share went up by 60 percent 255/- for last year. The amount set aside for dividend payment stood at 75bn/-.
The Chairman said they are committed to increasing locally sourced material as a key partner in the socio-economic development of the country.
“We have committed to ensuring that 100 percent of the direct farmers in our supply chain are skilled, connected and financially empowered by 2025,” said Mr Mususa:
“Our business will continue to support local farming and sourcing of raw materials”.
TBL last year purchased 70 percent of raw materials locally including barley, maize, sorghum and grapes to produce our products.
The government has recently granted a duty concession of 20 percent on locally malted barley and this has made it viable for the Group to invest in a local malting factory.
This initiative will enable the brewer to utilize locally malted barley in its beer production at full capacity by 2027.
Regarding the government’s industrialization drive, Mususa said TBL will continue to engage with the government in its efforts to build a secure base for its industrialization program.
“We are confident that we will make a meaningful impact across our entire value chain, for all our customers, consumers and local communities, and general stakeholders,” he said.
What is the main source of revenue in Tanzania?
Taxes accounted for most of the total amount collected. Around 6.5 trillion TZS (2.8 billion U.S. dollars) originated in taxes on imports, while the other six trillion TZS (2.6 billion U.S. dollars) were from income taxes.