Exim bank tayari imeanza kutekeleza ongezeko la kodi ya thamani vat mwezi ujao

kilaza mjanja

kilaza mjanja

JF-Expert Member
Jun 2, 2016
654
1,144
Greetings from Exim Bank.

Dear Customer,

RE: VAT Charges Applicable on Our Services Charges

Kind reference is invited to the subject herein above

We would like to inform you that, in accordance to the recent announcement made by the Minister of Finance and Planning, Minister Philip Mpango on the 9th June 2016 while reading of the Government Budget for the financial year 2016/ 17, Value Added Tax would be applicable for all fee-based transactions and services delivered by the bank, excluding interest on loans. This would effectively mean an additional 18% Value Added Tax levied by the Government getting debited to your account for the relevant transactions.

The said adjustment will take effects as from 1st July 2016

Your continued support as a valued customer has helped us grow; and we look forward to being able to continually provide the excellent level of service you have come to enjoy.

Should you have any questions relating to this please do not hesitate to give us a call on +255 784107600 or email customeservice@eximbank-tz.com and we'll be happy to answer them for you.

Yours sincerely

Customer Service
Exim Bank Tanzania
 
Mh. Does this mean a single one million tshs transaction is to be accompanied by an additional 180,000 tax charged into ones account? If that is so then zitto had it correctly
 
Moral H said:
Mh. Does this mean a single one million tshs transaction is to be accompanied by an additional 180,000 tax charged into ones account? If that is so then zitto had it correctly
Click to expand...
Tanzanian have decided that its "hapa kazi" season,, the moment you need more qualification your the one who interfere the government initiatives so keep working,,, tutaisoma namba wote
 
Moral H said:
Mh. Does this mean a single one million tshs transaction is to be accompanied by an additional 180,000 tax charged into ones account? If that is so then zitto had it correctly
Click to expand...
No just read this paragraph.... Value Added Tax would be applicable for all fee-based transactions and services delivered by the bank, excluding interest on loans. This would effectively mean an additional 18% Value Added Tax levied by the Government getting debited to your account for the relevant transactions.
 
Moral H said:
Mh. Does this mean a single one million tshs transaction is to be accompanied by an additional 180,000 tax charged into ones account? If that is so then zitto had it correctly
Click to expand...
I don't think that is correct!
1,000,000/- in my account was taxed earlier as PAYE or VAT for those earned outside my salary! I don't earn when I am withdrawing my own cash from my account, it will be injustice and I don't think whatever Zitto said was correct!
The bank is the one which needs to be taxed b'se they charge me for their service, so they earn something for keeping my cash and when I am using their ATM or tellers to withdraw! Issue is, who is there to protect us (consumers) because whatever tax the bank is going to pay will be reciprocated in our service charges! ie service charges will shoot to compensate for the amount lost thru VAT!
 
akazuba said:
No just read this paragraph.... Value Added Tax would be applicable for all fee-based transactions and services delivered by the bank, excluding interest on loans. This would effectively mean an additional 18% Value Added Tax levied by the Government getting debited to your account for the relevant transactionsValueAdded Tax would be applicable for all fee-based transactions and services delivered by thebank, excluding interest onloans. This would effectively mean an additional 18% Value Added Tax levied by the Government getting debited to your account for the relevant transactions.ValueAdded Tax would be applicable for all fee-based transactions and services delivered by thebank, excluding interest onloans. This would effectively mean an additional 18% Value Added Tax levied by the Government getting debited to your account for the relevant transactions.ValueAdded Tax would be applicable for all fee-based transactions and services delivered by thebank, excluding interest onloans. This would effectively mean an additional 18% Value Added Tax levied by the Government getting debited to your account for the relevant transactions.
Click to expand...
so basically in any transaction you made there shall be 18% VAT charges, is't?
 
2kimo said:
I don't think that is correct!
1,000,000/- in my account was taxed earlier as PAYE or VAT for those earned outside my salary! I don't earn when I am withdrawing my own cash from my account, it will be injustice and I don't think whatever Zitto said was correct!
The bank is the one which needs to be taxed b'se they charge me for their service, so they earn something for keeping my cash and when I am using their ATM or tellers to withdraw! Issue is, who is there to protect us (consumers) because whatever tax the bank is going to pay will be reciprocated in our service charges! ie service charges will shoot to compensate for the amount lost thru VAT!
Click to expand...
You are right
 
2kimo said:
I don't think that is correct!
1,000,000/- in my account was taxed earlier as PAYE or VAT for those earned outside my salary! I don't earn when I am withdrawing my own cash from my account, it will be injustice and I don't think whatever Zitto said was correct!
The bank is the one which needs to be taxed b'se they charge me for their service, so they earn something for keeping my cash and when I am using their ATM or tellers to withdraw! Issue is, who is there to protect us (consumers) because whatever tax the bank is going to pay will be reciprocated in our service charges! ie service charges will shoot to compensate for the amount lost thru VAT!
Click to expand...
Actually to what i know about this is 18% charges will be deducted depends on the number of bank services (withdraw or money transfer) you made per each service,, but on other side this is not beneficial to poor Tanzanian citizens
 
2kimo said:
I don't think that is correct!
1,000,000/- in my account was taxed earlier as PAYE or VAT for those earned outside my salary! I don't earn when I am withdrawing my own cash from my account, it will be injustice and I don't think whatever Zitto said was correct!
The bank is the one which needs to be taxed b'se they charge me for their service, so they earn something for keeping my cash and when I am using their ATM or tellers to withdraw! Issue is, who is there to protect us (consumers) because whatever tax the bank is going to pay will be reciprocated in our service charges! ie service charges will shoot to compensate for the amount lost thru VAT!
Click to expand...
When one Applies for a loan there is an application fee that he has to pay. At least for crdb I know they do that. So in this instance What are they going to charge the 18% against?
 
2kimo said:
I don't think that is correct!
1,000,000/- in my account was taxed earlier as PAYE or VAT for those earned outside my salary! I don't earn when I am withdrawing my own cash from my account, it will be injustice and I don't think whatever Zitto said was correct!
The bank is the one which needs to be taxed b'se they charge me for their service, so they earn something for keeping my cash and when I am using their ATM or tellers to withdraw! Issue is, who is there to protect us (consumers) because whatever tax the bank is going to pay will be reciprocated in our service charges! ie service charges will shoot to compensate for the amount lost thru VAT!
Click to expand...
I don't think if your right on that Brother,, you know what always the tax payer is the last user of the particular service and when it comes on this when the government put or add more tax the only thing business man or banks the always do is to add on charges,, so keep in mind that your the one who will pay that tax
 
Moral H said:
When one Applies for a loan there is an application fee that he has to pay. At least for crdb I know they do that. So in this instance What are they going to charge the 18% against?
Click to expand...
They said that Value Added Tax would be applicable for all fee-based transactions and services delivered by the bank, excluding interest on loans. so when you return your debts on this bank there shall be no any VAT charges,, but that has been set to motivate and encourage users to ask for more loans on banks as we all know that banks depends on loans
 
Banks normally deduct fee for every charged services like cash withdrawal, TISS and alike this means previously they didn't collect and submit VAT to the government for what they earn on those fee so they will embark from July..

From my experience I know they will adjust that amount from their tariff and we will be the one to suffer contrary to the minster statement during the speech . As you may see here.. This would effectively mean an additional 18% Value Added Tax levied by the Government getting debited to your account for the relevant transactions.
kilaza mjanja said:
so basically in any transaction you made there shall be 18% VAT charges, is't?
Click to expand...
 
Moral H said:
Mh. Does this mean a single one million tshs transaction is to be accompanied by an additional 180,000 tax charged into ones account? If that is so then zitto had it correctly
Click to expand...
It's levied on fees of transactions and Services, EXCLUDING INTEREST ON LOANS (not LOANS, not transaction or service itself)
This time Mr. Zitto taught me one big lesson, even elite can be very stupid
 
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