Tanzania registers appreciable increase in its revenue collection

(3 minutes read)

The Tanzania Revenue Authority (TRA) exceeded its revenue collection targets in the first quarter of the 2023-24 fiscal year, collecting a staggering Sh6.58 trillion, or 97.53% of the set target of Sh6.75 trillion

The Tanzania Revenue Authority (TRA) exceeded its revenue collection targets in the first quarter of the 2023-24 fiscal year, collecting a staggering Sh6.58 trillion, or 97.53% of the set target of Sh6.75 trillion.

This represents an 11.05% increase over the Sh5.92 trillion collected during the same period in the previous fiscal year, 2022/23.

In September alone, TRA collected a total of Sh2.42 trillion, a 15.49% increase when compared to the Sh2.27 trillion collected in the same month of the previous fiscal year, 2022-23. TRA attributed the increase to a range of factors, including economic growth, technology adoption, and public awareness campaigns conducted by the revenue authority.

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The strong revenue collection performance in the first quarter is a positive sign for the Tanzanian economy, suggesting that the country is on track to achieve its economic growth targets. It also provides the government with the resources it needs to invest in key sectors such as infrastructure, education, and healthcare.