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 […]
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 […]
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