Taxation Services

Proficient tax advice is vital for businesses. We will make complex tax issues simple for you. To help you retain and utilize more of your assets while minimizing taxes, MK tax compliance and advisory services offer you integrated tax consultation and strategic advice.

We will minimize your future income tax burden. We craft a tax plan that best meets your goals and minimizes income taxes. Tax services provided are:

1. Corporate tax compliance services

We assist our clients in meeting their corporate tax compliance obligations. Our assistance includes;

  • Preparation of the annual income tax computation;
  • Review of the draft and final accounts in order to determine the taxable sources of income and highlight any tax exposure areas that arise;
  • Completion and submission of self-assessment return together with the financial statements to clients for signature and subsequently to the Tanzania Revenue Authority (TRA);
  • Computation of installments taxes and tax balances payable, advice on when the instilments are due and assist clients in making payments to the TRA; and
  • Dealing with any clarifications or routine matters relating to the tax computation.
  • We support our clients for tax audits, investigations and assessments by the TRA as a separate component of our corporate tax compliance being outside the scope of service areas listed abov

 2. Specific tax advisory services

Our professional services cover various aspects of corporate income tax, value added tax, payroll taxes, custom procedures and duties, withholding tax and transfer pricing, and include the analysis of contracts and business transactions. The tax advisory services may include, for example:

  • Special reports or opinions: We will perform, analyses and issue special reports or, where applicable, express opinions on tax matters that require specific attention.
  • VAT refund certification: MK will issue the statutory compulsory audit certificate (Certificate of Genuineness) certifying the refundable amount and submit the same to the Tanzania Revenue Authority on behalf of the Company. VAT specialists verify on a regular basis the documents in support of the amounts claimed in order to obtain reasonable assurance that the amounts claimed are free of material misstatement.
  • Tax risk opportunity Reviews: We conduct a review of clients’ systems of reporting and compliance to local and international tax laws and provide insights in efficiently addressing potential risks or opportunities .The purpose of Risk & Opportunity Reviews is to evaluate existing exposures and identify possible errors, inefficiencies or potential risk areas. The scope can include all taxes or only certain types of taxes of the client’s utmost concern. Where identified, tax saving opportunities will be explored.
  • Tax due diligence: Identifying tax risks that can impede or even derail a merger or acquisition is a critical aspect of the due diligence process. Our tax due diligence procedures (both buy-side and sell-side, or reverse‖ due diligence) will help you pinpoint and investigate tax risks prior to the execution of a transaction. Specifically, we analyze a target company‘s historical compliance in the following areas.
  • Dealing with tax Authorities: MK would defend the Company’s interests in dealings with tax authorities, by any of their agencies at any stage of proceedings. These proceedings could consist of:
  1. Drafting and filing any administrative objections against assessments.
  2. Drafting and filing claims of any kind with the authoriti
  3. Drawing up any special applications granted the rights provided for in specific legislation.
  4. Assisting the Company with TRA tax audits, including attending tax inspections that may be conducted at the Company’s premises, attending to information requests by TRA, reviewing TRA’s quantification of tax liabilities and meeting TRA officials.
  5. Requests for rulings from the tax authority We will draft, fill and follow-up any requests for rulings or authorizations that must be submitted to the Tax Authorities.