As of now, there are CEOs of the companies who have not yet filed their income tax returns for the year 2024. VERY INTERESTING…
The company is going through the financial crisis still you’re paying unnecessary penalties for non-compliance with tax laws.
The company is overwhelmed with debts and bank loans, yet you continue to impose additional penalties and interest for failing to submit annual returns on time.
By filing the 2024 annual return, you will have saved your company from incurring unnecessary additional fines and interest from non-compliance with the Income Tax Act.
As a CEO, do the following to save your company from endless accumulation of unnecessary penalties:
Section 117(1) of the Income Tax Act, Cap. 332 (R.E 2023) States that, “Every person shall file with the Commissioner not later than six months after the end of each year of income a return of income for the year of income”. Thus if your financial year runs from January to December, then your due to date to file your company’s income tax return for the year 2024 was 30th June 2025. You’re required to file your company’s annual return regardless of whether the company had operational or not.
Section 89 (2) (b) of the Tax Administration Act, Cap. 438 (R.E 2023, when a company fails to file a tax return on due date as required by a tax law is liable for a penalty of TZS 300,000 for each month or part of a month during which the failure continues. This implies that the longer you delay filing your income tax return for the year 2024, the higher the penalty will be.
Retain the company’s cash flow by filing the income tax return for 2024. The money that would otherwise be spent on paying penalties can instead be used to support the company’s operations.
HALA Consultants,
Certified Public Accountants
info@halaconsultants
0752 187 434
The company is going through the financial crisis still you’re paying unnecessary penalties for non-compliance with tax laws.
The company is overwhelmed with debts and bank loans, yet you continue to impose additional penalties and interest for failing to submit annual returns on time.
By filing the 2024 annual return, you will have saved your company from incurring unnecessary additional fines and interest from non-compliance with the Income Tax Act.
As a CEO, do the following to save your company from endless accumulation of unnecessary penalties:
Section 117(1) of the Income Tax Act, Cap. 332 (R.E 2023) States that, “Every person shall file with the Commissioner not later than six months after the end of each year of income a return of income for the year of income”. Thus if your financial year runs from January to December, then your due to date to file your company’s income tax return for the year 2024 was 30th June 2025. You’re required to file your company’s annual return regardless of whether the company had operational or not.
Section 89 (2) (b) of the Tax Administration Act, Cap. 438 (R.E 2023, when a company fails to file a tax return on due date as required by a tax law is liable for a penalty of TZS 300,000 for each month or part of a month during which the failure continues. This implies that the longer you delay filing your income tax return for the year 2024, the higher the penalty will be.
Retain the company’s cash flow by filing the income tax return for 2024. The money that would otherwise be spent on paying penalties can instead be used to support the company’s operations.
HALA Consultants,
Certified Public Accountants
info@halaconsultants
0752 187 434
