TAPBDS, in partnership with Smart EFD company, has officially launched the Smart EFD Service to support Tanzanian SMEs enhance tax compliance, automate revenue tracking, and improve regulatory adherence, fostering business transparency and operational efficiency.
Despite TRA’s mandate on EFD usage for improved compliance, only about 50% of eligible Tanzania businesses consistently use them, hindered by knowledge gaps, access issues, and operational challenges. SMEs often face difficulty in choosing the right EFDs, leading to under-utilisation and revenue reporting errors, which impact financial transparency and compliance.
Studies show that EFDs enhance revenue accuracy by up to 20% and reduce tax penalties. Moreover, increasing EFD adoption by just 10% could contribute an additional 5% to Tanzania’s GDP, as SMEs benefit from lower administrative costs and improved financial management. Through the Smart EFD Service, TAPBDS provides tailored EFD selection guidance, employee training, and ongoing support to help businesses minimise errors, improve cash flow management, and meet regulatory standards.
Business Development Services (BDS) are key to accelerating EFD adoption among SMEs by offering essential resources and guidance. With TAPBDS’s support, businesses not only ensure compliance but also leverage EFDs to strengthen their growth. Contact TAPBDS for specialised compliance services, from tax and record management to business ethics, to unlock your SMEs full potential.