Comptabilitat a Tanzània

Accounting Rules

Tax Year

The year of income for tax purposes is the calendar year; however, a company may apply to use its own accounting period consisting of 12 months.

Accounting Standards

International Financial Reporting Standards (IFRS) are required for both domestic and foreign public interest entities. These include: Listed companies, banks and financial institutions, insurance companies, pension funds, utility companies, commercial government agencies, mutual funds, savings and credit cooperative organisations, cooperative societies, and securities brokers. Companies with less than 100 employees and capital investment of less than TZS 800,000,000 can choose between full IFRS Standards and IFRS for SMEs Standards. Government business entities meeting these two conditions are required to use International Public Sector Accounting Standards (IPSASs).

Accounting Regulation Bodies

NBAA

Accounting Reports

The presentation and preparation of financial statements should be performed in accordance with the Companies Act of 2002. Financial statements must include:

•     Statement of Financial Position
•     Statement of Profit or Loss and Other Comprehensive Income
•     Statement of Distribution
•     Statement of Cash Flows
•     Statement of Changes in Shareholder’s Funds
•     Notes to Financial Statements

Publication Requirements

Pursuant to the Companies Act of 2002, all companies are required to publish financial statements, in English or Swahili. Statements have to comply with regulations prescribed by the Ministry of Finance and Planning of Tanzania or the National Board of Accountants and Auditors (NBAA).

Professional Accountancy Bodies

NBAA , National Board of Accountants and Auditors

Certification and Auditing

According to the Companies Act of 2002, all companies must undergo an annual audit. The audit needs to be conducted by a qualified Certified Public Accountant (CPA) whereas the Auditors and Accountants (Registration) Act No. 33 of 1972 further stipulates that audits must be conducted by a member of the National Board of Accountants and Auditors (NBAA) who holds the qualification of CPA in Public Practice (CPA—PP).

Accounting News