Find Accountancy, Audit and Tax expertise in United Republic of Tanzania

There is a good choice of accountancy firms in Dar es Salaam and other business centres, including branches of the ‘Big Four’ – Ernst and Young, PWC, KPMG and Deloitte. Adoption of the International Financial Reporting Standards (IFRS) is advanced with all companies, listed and non-listed, required to use IFRS in the preparation of their financial statements. The National Board of Accountants and Auditors (NBAA) sets national standards in accounting and auditing. The board adopted IFRS and kept certain aspects of Tanzania Financial Accounting Standards (TFAS) and Tanzania Statements of Recommended Practice (TSRP). Under the Companies Act (2002) companies are required to appoint an auditor to prepare an annual financial report which must be put before the annual general meeting. The World Economic Forum Global Competitiveness Report (2012-2013) gives Tanzania a score of 3.9 out of 7, below the world mean of 4.6, in terms of strength of auditing and reporting standards. With regards to resolving insolvency, Tanzania comes 122nd out of 183 countries, above neighbour Malawi which ranks 132nd (the World Bank Ease of Doing Business Index 2011). 

The Tanzania Association of Accountants is the main professional body. Access to accounting training is good with many universities, including the Tanzania Institute of Accountancy, offering courses. In addition Association of Certified Chartered Accountants (ACCA) courses are available in Dar es Salaam, the country’s business capital. In partnership with Kenya’s School of Accountancy (SOA) the ACCA runs tuition and revision in Dar es Salaam which have improved pass rates in the area. 

Companies incorporated in Tanzania pay tax at 30% on net income; companies listed on the Stock Exchange at 25%. Personal income tax is progressive from 0% to 30%. A standard rate of 18% value-added tax (VAT) is raised on the sale of goods and services; most exports are zero-rated. Income tax is progressive from 14% to 30% on taxable income. The World Bank ranks Tanzania 129th out of 183 countries in terms of paying taxes in its Ease of Doing Business Index, above Kenya in 166th position (2011). In terms of total tax rate Tanzania is ranked 97th out of 141 countries according to the World Economic Forum Global Competitiveness Report (2012-2013).