Synopsis of the new regulations. Summary of provisions of the Mining (Integrity Pledge) Regulations, 2018. Summary of provisions of the Mining Commission (Guideline for Submission of Local Content Plan) 2018. 1.0. Introduction: On 13th July, 2018 the Ministry of Minerals published the Mining (Integrity Pledge) Regulations, 2018 (hereinafter referred to as “the Integrity Pledge Regulations”) […]
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 […]
TAX LAW UPDATE: DEFINING WHAT STAMP DUTY LEVY IS AND RECOGNIZING INSTRUMENTS THAT ARE CHARGEBLE WITH STAMP DUTY UNDER THE STAMP DUTY ACT CAP 189 REVISED EDITION 2006
Meaning of stamp duty Brief discussion of provisions of the Stamp Duty Act R.E 2006 (“the Stamp Duty Act”) that require instruments to be charged with stamp duty List of instruments that are chargeable with stamp duty Consequences of not complying with the Stamp Duty Act (Among other consequences, the instrument may not be admitted […]
TAX UPDATE: TANZANIA REVENUE AUTHORITY (TRA) STARTS RECEIVING APPLICATIONS FOR TAX AMNESTY.
Tax Amnesty waives 100% of interests and penalties on overdue taxes Applications to be lodged to the Commissioner General (TRA)on or before 30th November, 2018 Application(s) must be made by a taxpayer or a legally appointed representative Amnesty is granted to the eligible taxpayers and on eligible taxes 1.0 Introduction The Minister for Finance and […]
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