According to Wu, the Tanzanian government plans to amend the Income Tax Act to tax cryptocurrency transactions. The proposal includes a 3% withholding tax on income from digital asset transactions. Digital platform owners or facilitators of digital asset transfers will act as withholding tax agents. Foreign citizens operating such platforms must register under Tanzania's simplified tax system. The government expects to collect an additional $178,600 (Sh465 million) in revenue. The country's Finance Minister Mwigulu Lameck Nchemba Madelu revealed the plan to amend the tax in a speech to the National Assembly on June 13, 2024.
