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Weak tax laws cost Tanzania $133m

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by MaxShimba, Aug 16, 2011.

  1. MaxShimba

    MaxShimba JF-Expert Member

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    Aug 16, 2011
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    ARUSHA -Tanzania's old weak taxation laws in the mineral sector resulted into a loss of a total of $132.5m, according to a financial audit carried out recently.
    The taxation laws are in the Tanzania Mining Act of 1998 which has several shortfalls such as denying Members of Parliament access to information that would enable them engage pro-actively with the investor's in the mining sector.


    The report seen by East African Business Week says the taxation regime in Tanzania was determined by the 1998 Mining Act, the National Investment Promotion and Protection Act 1990, the Investment Act 1997, the Tax Act of 1973 and its amendment namely Finance Act 1992. It says that these laws pegged royalty rate of only 3% on gold and gemstones and 5% on diamond.


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  2. MaxShimba

    MaxShimba JF-Expert Member

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    Without the revenue from tax, the government cannot do its job. What is happening in Tanzania is a shame and saddening news.
     
  3. Tangawizi

    Tangawizi JF-Expert Member

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    Aug 16, 2011
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    Hapo watu wanatajirika sana ndo maana hawataki kuona mfumo unaboreshwa! Watu wa kodi wanafanya mambo wanavyojisikia na hakuna guideline kuhusu maamuzi mengi ya kodi.
     
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