The high-level discussions, held at BoT focused on tax matters and strategies to promote business growth. Photo: Courtesy
By Charles Mkoka
The Tanzania Revenue Authority (TRA) is intensifying its collaboration with key tax stakeholders, holding a significant meeting today with Chief Executive Officers of banks and heads of financial institutions in partnership with the Bank of Tanzania (BoT).
The high-level discussions, held at BoT headquarters in Dar es Salaam, focused on tax matters and strategies to promote business growth within the financial sector.
TRA Commissioner General, Mr. Yusuph Mwenda, emphasized that the meeting aimed to explore ways to facilitate financial institutions' business operations while improving tax accessibility—a crucial component of the nation's development agenda.
"At TRA, we are working to minimize the use of Agency Notices, as they are employed only as a last resort when a taxpayer fails to meet their obligations voluntarily," explained Mr. Mwenda. He clarified the process, stating that before an agency notice is issued to freeze accounts, taxpayers receive both a demand notice and a reminder letter urging them to comply.
Governor of the Bank of Tanzania, Mr. Emmanuel Tutuba, underscored the critical role of banks, not only as major taxpayers but also as agents responsible for collecting and safeguarding taxpayer funds. He highlighted the importance of maintaining strong ties between financial institutions and TRA to ensure an efficient tax collection system.
The Chairman of the Tanzania Bankers Association (TBA) and Managing Director of the National Bank of Commerce (NBC), Mr. Theobald Sabi, praised the initiative, stating that open dialogue with TRA is key to resolving challenges in tax compliance. He commended TRA’s efforts to collaborate with stakeholders, noting that such engagement motivates clients to conduct business through formal banking channels.
"We appreciate the Commissioner General’s proactive approach in engaging with stakeholders, which not only facilitates smoother revenue collection but also addresses challenges that hinder timely tax payments," said Mr. Sabi.
The meeting marks a significant step in fostering a transparent, business-friendly environment, with the ultimate goal of improving revenue collection and supporting national development efforts.