International Journal For Multidisciplinary Research
A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal
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Volume 5 Issue 6
Tax Implication On Online Bussiness In Tanzania:re-assessment Of The Income Tax Act Revied In 2019
|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|
|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|
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