Regulatory control of foreign exchange transactions in Tanzania Purchase of securities from abroad Receipt of loans from abroad Operation and maintenance of foreign accounts by Tanzanian residents Related money laundering controls and restrictions 1.0 Introduction Further to our Article dated 9th June 2017 on regulation of transfer of foreign currency from Tanzania, this article seeks […]
THE ADOPTION OF NEW FINANCIAL REPORTING STANDARDS AND THE IMPACT TO FINANCIAL INSTITUTIONS AS WELL AS THE INVESTMENT SECTOR IN TANZANIA
Overview of Financial Reporting Standards with regards to growing economies and flow of finance What IFRS may do in boosting FDI influx in a country through a compliant and transparent banking sector Assessment of the impact of IFRS 9 Challenges of compliance with IFRS 9 1. Introduction Conformity to international banking standards has immediate positive […]
AN OVERVIEW OF THE EFFICACY AND IMPACT OF BILATERAL/DOUBLE TAXATION AGREEMENTS IN TANZANIA
Overview of existing Bilateral Agreements in Tanzania Assessment of the impact of Bilateral Agreements to the economy Recommendations 1.0 Introduction A bilateral or Double Taxation Agreement (DTA) is an agreement between two countries that reduces the tax bill for an individual who is a resident of one country but has citizenship in another country.[1] For […]
TAX UPDATE: COURT OF APPEAL DECIDES ON THE FATE OF ‘BAD DEBTS’ AFFECTING THE TAXATION OF BANKS AND FINANCIAL INSTITUTIONS SUBJECT TO CERTAIN CONDITIONS
Deductions of bad debt by Banks and financial institutions are determined in accordance with the relevant conditions provided by the Bank of Tanzania (BOT). All reasonable steps in pursuing payment must be taken and the Banks and financial institutions must reasonably believe that the debt claim will not be satisfied. The debt amount by the […]
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