Tanzania Revenue Authority Surpasses Half-Year Revenue Target, Projecting Strong Financial Performance
The Tanzania Revenue Authority (TRA) has successfully collected Sh12.5 trillion in the first five months of the 2024/25 fiscal year, positioning itself to achieve its ambitious annual revenue target of Sh30 trillion.
TRA’s tax collection between July and December 2024 is expected to receive a significant boost, particularly from anticipated historic collections in December. The authority has been averaging Sh2.5 trillion in monthly revenue collection from July to November, which puts them on track to exceed half of their annual tax revenue target.
Key highlights of the revenue collection include:
– Projected December tax revenue of Sh3.4 trillion
– Increased collections driven by festive season shopping activity
– Consistent year-on-year growth in December tax collections
Historical December tax collection data shows a steady upward trend:
– 2019/20: Sh1.987 trillion
– 2020/21: Sh2.088 trillion
– 2021/22: Sh2.51 trillion
– 2022/23: Sh2.77 trillion
– 2023/24: Sh3.05 trillion
The Finance Minister previously announced that TRA is expected to collect Sh29.415 trillion in tax revenue for the 2024/25 fiscal year. Additional revenue sources include:
– Non-tax revenues: Sh3.839 trillion
– Council collections: Sh1.356 trillion
– Aid and low-interest loans: Sh5.13 trillion
– Commercial loans: Sh9.604 trillion
With their door-to-door awareness campaigns and strategic approach, TRA has already surpassed 100 percent of its revenue collection target for the first five months of the fiscal year.
