The move targets global internet giants offering services in the country. Officials from the Tanzania Revenue Authority held talks in April this year with US social media giant Meta — the parent company of Facebook, Instagram, and WhatsApp on the proposal.
While presenting the national budget on June June 15th, Tanzania’s Minister for Finance and Planning, Mwigulu Nchemba, announced that the country will introduce a digital tax this year. The proposed tax needs to be approved by Tanzania’s parliament. The voting is expected to take place before July.
The move targets global internet giants offering services in the country. Officials from the Tanzania Revenue Authority held talks in April this year with US social media giant Meta — the parent company of Facebook, Instagram, and WhatsApp on the proposal .
Many other countries are also taking initiatives to bring US multinational tech companies to pay at least a portion of their revenues in local tax. It may be recalled that almost 140 countries signed up for a 15 percent global minimum corporate tax last October under the auspices of the Organisation for Economic Co-operation and Development (OECD). The agreement which is expected to come into effect in 2023, aims to end the practice of corporations sheltering profits in low-tax haven countries.
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