MaxShimba
JF-Expert Member
- Apr 11, 2008
- 35,772
- 4,054
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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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.
Read more »
