Tax Implication On Online Bussiness In Tanzania:re-assessment Of The Income Tax Act Revied In 2019

DIANA DAMSON

doi:10.36948/ijfmr.2023.v05i06.8389

Tax Implication On Online Bussiness In Tanzania:re-assessment Of The Income Tax Act Revied In 2019

Author(s)	DIANA DAMSON
Country	Tanzania
Abstract	The increased dependence on the internet facilitated by the development in science and technology has affected contemporary global business which depends on the use of the Internet, where buying and selling of goods is easy and possible. The changes in technology have affected tax environments and compelled business firms to adopt different measures on how to pay taxes from their income, and institutions responsible for collecting tax have made an architecture of paying tax through an online tax return for registered business owners. Despite the drastic change in technology, the Income Tax Act [Revised Edition of 2019], has not effectively adopted the changing tax environments, causing a potential loss of revenue for online businesses that go unnoticed and without regulations. The current tax legal framework requires physical presence for the taxpayer for tax assessment, which is repugnant to digital economies. Most online businesses have no physical location or fingerprint and record huge sales at the expense of the government and revenue collections. This study exposes the weakness of the tax regime in collecting revenue from online businesses in Tanzania, and such tax mischief has cost the nation huge revenue loss that would have been used to finance development projects in the country
Keywords	tax, taxation, technology, online business ,legal framework
Published In	Volume 5, Issue 6, November-December 2023
Published On	2023-11-07
Cite This	Tax Implication On Online Bussiness In Tanzania:re-assessment Of The Income Tax Act Revied In 2019 - DIANA DAMSON - IJFMR Volume 5, Issue 6, November-December 2023. DOI 10.36948/ijfmr.2023.v05i06.8389
DOI	https://doi.org/10.36948/ijfmr.2023.v05i06.8389
Short DOI	https://doi.org/gs38j4

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Tax Implication On Online Bussiness In Tanzania:re-assessment Of The Income Tax Act Revied In 2019

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