December 15, 2023
Legal Updates
FINANCIAL AND TAX LAWS UPDATES
Brief background
Financial and tax laws are set of regulations and rules that govern the financial activities and
tax obligations of individuals, businesses, and governments within a particular jurisdiction.
These laws are established by governments to manage and control various financial
transactions and ensure that taxes are collected in a fair and organized manner.
he revolutionary government of Zanzibar under the house of the representatives has enacted
The Finance (Public Revenue Management) Act, 2023 which is an act to amend certain written
financial and tax laws relating to collection and management of public revenues and other
matters connected therewith
Notable effects of The Finance (Public Revenue Management) Act, 2023
The act was passed by the House of Representatives, and signed by the H.E President Dr
Hussein Mwinyi on 23rd of July 2023. The law is applicable to Zanzibar
Amendments
Amendment of the Vocational Training Act No. 8 of 2006.
“(b) In subsection (3), deleting the words “five per centum (5%)” and substituting for it the
words “four per centum.”
As such the Development Levy rate has been revised from 5% to 4% accordingly.
Timeline:
The amendment will have an impact on payroll processing starting from July 2023 onwards.
People are advised to make necessary adjustments in their payroll systems to ensure
compliance with the revised Skills Development Levy rate of 4% from July 2023. For further
information please read the full act and consult your legal and accounting departments
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