Currently there are a total of 475 large tax payers in TRA’s register, and the taxman is aiming to make it a round 500 by 2022/23, according to its current five-year corporate plan whose implementation started in the 2017/18 financial year.
“All sectors of the economy are expected to grow significantly as a result of the implementation of the second Five Year Development Plan (FYDP II), which puts special emphasis on nurturing an industrial economy,” reads part of the corporate Plan.
However, it also predicts that number of taxpayers accounting for 80 per cent of total revenue collections will decrease slightly from 62 in 2016/17.
The number is expected to drop to 58 in this financial year, before picking up to 60 in 2019/20, and stay there until the end of the current plan.
Explaining these figures in an interview with the Financial Times, TRA taxpayers’ education manager Anna Massala said it was a normal thing in business cycles.
“Some people will close their businesses, but new ones will come in. It is therefore a normal trend,” she said.
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