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Tanzania Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
55,451,343 (July 2018 est.)GDP (PPP)
$162.5 billion (2017 est.)High GDP growth in the last years thanks to the export of natural resources and tourism. The economy depends on agriculture, that employs about 65% of the workforce
GDP growth rate
6.0% (2017 est.)High and stable
GDP (PPP) per capita
$3,200 (2017 est.)Very low
Local currency
Tanzanian shilling (TZS)Weak currency, nevertheless it has been quite stable in the past 5 years
Financial stability (Public debt)
37.0% (2017 est.)Low and quite stable
Inflation
5.3% (2017 est.)High and unstable
Language
Kiswahili or Swahili and English (official)English is the primary language of commerce, administration, and higher education
Corruption perception index (Source: Transparency International)
Rank 99/180Very high level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
18% standard VAT rate with some exceptionExport of goods and certain services is zero-rated
Corporate Tax
30% standard corporate tax rate for resident companiesReduced rates are applicable in some cases
Duties
Customs duty rates on imported goods range from 0% to 25%
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