TRA hits record revenue collection in first quarter
What you need to know:
- This represents an 11.05 percent increase over the Sh5.92 trillion collected during the same period in the previous fiscal year, 2022/23.
Dar es Salaam. The Tanzania Revenue Authority (TRA) exceeded its revenue collection targets in the first quarter of the 2023/24 fiscal year, collecting a staggering Sh6.58 trillion, or 97.53 percent of the set target of Sh6.75 trillion.
This represents an 11.05 percent increase over the Sh5.92 trillion collected during the same period in the previous fiscal year, 2022/23.
In September alone, TRA collected a total of Sh2.42 trillion, a 15.49 percent increase when compared to the Sh2.27 trillion collected in the same month of the previous fiscal year, 2022/23.
TRA Commissioner Alphayo Kidata attributed the increase to a range of factors, including economic growth, technology adoption, and public awareness campaigns conducted by the revenue authority.
The strong revenue collection performance in the first quarter is a positive sign for the Tanzanian economy, suggesting that the country is on track to achieve its economic growth targets.
The adoption of technology and public awareness campaigns have played a key role in improving tax compliance and boosting revenue collection.
The strong revenue collection performance in Q1 FY2023/24 also provides the government with the resources it needs to invest in key sectors such as infrastructure, education, and healthcare.
