Zitto amtwanga barua Balozi Mwapachu

Munaonaje zitto akiwa raisi wa nchi hii 2015?coz he is very smat na anamawazo ya utaifa siku zote.
 
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Dear Balozi,

I send my congratulatory message following the bold step by the Country’s leading exporter to trade its shares at Dar Bourse(DSE). It is an opportunity for Tanzanians to own part of this lucrative business and individually benefit from it. I have some issues that I would like to raise for your attention. I am using the opportunity in your capacity as Board of ABG to air my concerns. I understand that crosslisting of ABG shares at DSE has been a dream of many Tanzanians working with the company. I personally in 2009 intervened and asked BoT to relax the capital account and allow Tanzanians to buy ABG shares during its IPO in London. Crosslisting is thus welcome and encouraged. Below is a list of issues (which makes me have genuine reservations) about the move.

  1. In 2010 (from its prospectus) ABG had a turn over of $975m, EBITDA of $419m and a Net Income of $218m. As a result of that performance it declared dividend of $3.7 per share. I later learnt that ABG posted an incmoe tax expense of $86,471,000. However TRA did not receive this revenue as a corporate tax from ABG, thus this was definately not paid at source due to a fact that ABG resides in London. You will take a strong note that WHILE all ABG operations are in Tanzania,it is Her Majesty(HM) Revenue collecting its corporate tax. ABG has designed Tanzania (Dar) as a logistics Office while J’burg is largely procurement office and London HQ. This structural design is one of the ways Multi National Corporations(MNCs) use to minimise tax payments to developing countries. The source – Domicile method is used by many tax avoiders and it is really causing alot of stress to governments in LDCs. You will as well note that while ABG declares profit in London, pays dividends and even corporate tax at domicile, no single ABG subsidiary in Tanzania declared profit and paid corporate tax in 2010. Bulyanhulu Goldmine (Kahama Mining ltd), NorthMara Goldmine ltd and Pangea Minerals (owning Tulawaka and Buzwagi) all didn’t pay corporate tax in Tanzania in 2010, but ABG posted an income tax expense as shown above. From my knowledge of International Taxation, it seems ABG is enjoying a Double Taxation Treaty (DTT) between Tanzania and UK which is unfair in all measures. I am kindly asking you Balozi to consider this matter and raise it in your Board meetings so that ABG either relocate to Tanzania as its HQ or subscribe to a system whereby it pays its corporate tax at source rather than at domicile (with 5 officials only).
  2. I read from The Citizen and DailyNews that you raised the issue of wider benefits and that ABG brought back to Tanzania more that $540m as wages and salaries and other costs. I totally agree with your views of gross benefits (jobs, skills transfer etc) and looking at things in a bigger picture rather than just Government Take Statistic (Royalties, Taxes and other fees). However we must balance the two as the Government has a duty to provide for its citizens including the companies themeselves. These are Public goods like Defence, Law and order as well as infrastructural development, and Merit goods like Health, Education and even social security. Therefore focus on Government Take statistic is as crucial as Gross benefits. I understand that ABG is one of the largest contributor to NSSF. But we shouldnt close our eyes on the importance of government Revenue. I kindly ask you to understand when some of us repeatedly raise this issue. It doesnt mean i belittle the bigger picture NO as i am big fun of linkages approach of looking at mining sector and its contribution to our economy.
  3. From 7th December, ABG will start trading at DSE as a crosslisted company. 24% of the shares of ABG held by individuals and institutions will be traded locally, ofcourse at LSE prices. This doesnt mean Tanzanians will be buying some slice of ABG from itself but from investors owning the shares now. This isnt the spirit behind the Mining Act 2010 which aim at having part of the company to be owned by Tanzanians. I think ABG was supposed to sell atleast 10% of its shares to Tanzanians (reducing the shareholding of BarrickGold Corporation from 76% to 66%). You might argue that the market wouldnt absorb this amount but ABG could do a private placement to Tanzania’s institutional investors like Pension Funds and even Unit Trust of Tanzania. Let Tanzanians buy the shares traded at LSE as they wish (ofcourse we are a free market country) but strategic shares sell to Tanzanian institutions (on behalf of the people) shall be explored. I kindly ask that ABG does this for its gesture to be meaningful. I will be shocked and saddened if Pension Funds will buy ABG shares to be crosslisted. I think ABG should engage our institutional investors through a private placement of 10% from shares held by BarrickGold Corporation in addition to crosslisting. This is good for ABG as i must remind you that according to the Mining Act 2010 the Government has the right to own up to 15% of each company and for ABG it will be a big trouble as the government will treat all subsidiaries separately and not as ABG. In real sense there is no ABG in Tanzania but Bulyanhulu Goldmine ltd, NorthMara Goldmine ltd and Pangea Minerals ltd. A strategic private placement by ABG to institutional invetors will place it on upperhand when the government decides to enforce the new law and this will be very soon.

I have written to you believing You are one of the Tanzanians highly trusted and with credibility to effect changes to our country. I hope you will take note of my views, weigh them and take forward the ones you think are relevant. We must together answer this paradox: A Rich Country with Poor People. It is very clear to me that mining sector will not alone end all poverty we have in Tanzania, but its contribution to poverty reduction is massive.


Zitto

CHANZO: An Open letter to Balozi Mwapachu on ABG crosslisting « Zitto na Demokrasia

Mheshimiwa Zitto heshima yako mkuu.nashukuru kwa kutetea maslahi ya nchi pasipo hata kuwemo kwenye sekta husika.barua yako ni nzuri na imenipa mwanga mkubwa kwenye mambo ya taxasion na foreign investors.I thank you deeply from my heart.Be blessed!
 
Well, let me comment on two issues:
1. There is a trend, whereby diplomats, higher ranked civil servants and politicians have been absorbed and made shareholders or board members in these multinational companies, which are merciless plundering our resources and are cunningly evading taxes. E
Examples are many: Ami Mpungwe, Salim A. Salim, Msekwa, Warioba, Bomani and now Mwapachu just to mention a few of them. I don't deny them serving these new masters as long as long they are proved that they didn't use their offices to prepare for themselves these future fatty positions in multinational companies, they have acquired! They have to be proved and declared publicly to have not done so before they crossed to these new masters.

2. NICOL would have been the best vehicle to enable Tanzanians to raise huge capital to commonly participate in owning shares in these multinational mining companies. Unfortunately, Nicol's CEO Mr. Felix Mosha has mismanaged the good beginning and therefore not only bringing NICOL to bankruptcy but ruined the very important trust that was starting to takeoff namely to corporately investing in a bigger way. Sadly, no one has attempted to bring him to books, instead they have left him to lead CTI! We need NICOL back to empower us and enable us to have shares in these mining companies. Would Minister of Trade C. Chami or his assistance L. Nyalandu follow up this issue of NICOL?
 
saa nyingine zitto huwa ana mawazo mazuri sana kama haya lakini inapotokea mara anapigia debe tununue mitambo ya dowans, mara anapuyanga na jk kwenda south sudan na mara anadai chama chake kina udini ndipo hapo ninapoanza kumtilia mashaka na kuanza kumfananisha na 'double agent'.

umesahaua mara appolo !!!!
 
Kwani hiyo migodi itavunwa mpaka lini?.... nadhani deposits zake zitaisha in like 10 yrs. 90 million ounces at 5mil a year since 2005? why would anyone buy those shares? after like 15yrs all those mines will be depleted.
We got screwed!
 
Mh Zitto,

Kuna mapungufu machache kwenye maandiko yako, ila kabla sijaweka sawa nijulishe, ABG LTD imekua REGISTERED wapi?, Pangea Ltd NorthMara, Buzwagi Bulhyahulu Ltd etc (just to mention local operations) zipo REGISTERED wapi?

Na anae FLOAT share at DSE ni hao akina NorthMara Ltd, Pangea Ltd etc au ni ABG Ltd?

Ukishaweka sawa hayo nitakupa shule ya corporate tax na ownership (from 76% to 66% uliyotaka) kisha nitakupa shule ya dividends na bei ya share na pia nitamalizia na kinachorudi kwetu, value added statement.

Thanks

Fairplayer
 
Well, let me comment on two issues:
1.

2. NICOL would have been the best vehicle to enable Tanzanians to raise huge capital to commonly participate in owning shares in these multinational mining companies. Unfortunately, Nicol's CEO Mr. Felix Mosha has mismanaged the good beginning and therefore not only bringing NICOL to bankruptcy but ruined the very important trust that was starting to takeoff namely to corporately investing in a bigger way. Sadly, no one has attempted to bring him to books, instead they have left him to lead CTI! We need NICOL back to empower us and enable us to have shares in these mining companies. Would Minister of Trade C. Chami or his assistance L. Nyalandu follow up this issue of NICOL?

Nicol was a failure abnition.

Only a fool would invest his money in Nicol. To make it easier for you, NICOL needs very very small investors, mkulima kijijini na low income earners to invest. Kwa mwenye million tano you dont need to invest in NICOL because you are reducing your dividend by taking off admin costs of Nicol.

Mchungwa unauona kwanini ungoje uchumiwe ndo upewe? ndivyo NICOL inavyofanya kazi.
 
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I doubt if Zitto is 100% clean

bila shaka hujasoma ukamaliza kirushwa chote. Zitto amechambua kiasi gani tunaibiwa, sasa uchafu wa Zitto uko wapi?

Unayetakiwa kumtukana ni Balozi Mwapachu na masaburi yake, anayetumiwa na Barric kuliibia taifa. Jitu kubwa kama yeye kusifia Barric kuchangia uchumi wa taifa ETI KWA SALARIES ZA WATUMISHI WAKE ni ujinga ambao hatupaswi kuuvumilia.

Siku anatangaza kuuzwa kwa hisa hizo, niliona ni kiasi gani viongozi wanaopewa hizo 10% commission wasivyokuwa na uchungu na maisha ya watu

 
inahusiana vipi na habari hii?????

Uelewa wake mpana na wenye aslimia kubwa ya uhakika ambao unampa uwezo wa kujua mengi, kama utafiti, uchambuzi, matokeo chanya au hasi, access au source yake. Wa aina hiyo hatakwepa vishawish kwa waoga ambao wanaona mambo yao yanaelekea kusiko, si lazima wazibe?

Sasa katika kuziba, atahimili nguvu hiyo. Ok, let us dwell on the good things. Endelea Mhe. Zito, tupo nawe. Mkuu Nduka kwa kusema hivyo, yaelekea nawe ni kichwa. Expound without hestation ili ueleweke vema.
 
munaonaje zitto akiwa raisi wa nchi hii 2015?coz he is very smat na anamawazo ya utaifa siku zote.

naunga mkono hoja ingawa atazuiliwa na umri, hajafikisha 45, ccm waliandika katiba kuwa mtu atakuwa rais mpaka atimize 45yrs
 
Wakati mwingine mimi huwa nasema ni bora hayo mazaabu yachumwe na yaishe!!

Uwepo wake ni karaha kwetu, watu wamejijengea utaratibu na haki ya kufaidi wao, utadhani ni yao!!!
 
Hivi ndio vitu vinafanya tuonekane wote tuna maji ya nazi vichwani na waendelee kutuibia. Sheria ya nchi haina kuamua kui enforce au kutoi enforce, Zitto you are supposed to be among the most formidable legislators in the history of decolonized Tanzania, you should know better. That you must stand for enforcing the law of the country at all times, not "very soon." That is totally ridiculous.

If they are not violating any law and you think they should pay more then don't blame them for writing retarded laws, blame yourself, the parliament. A business exists for one purpose and one purpose only, to make profit, not to aid governments. Stop begging, plug the tax loopholes, and enforce the law.

You sound very Aggressive n' thats how we want our leaders to be. They have to find loopholes and do something about it. Nasio kuleta miswada ya kijinga bungeni.
 
If we have to stand firmly talking of issues and not persons,,and ones integrity and not identity!ZITTO's integrity is high and his issues are material to the Nation...!
 
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By libasket b
munaonaje zitto akiwa raisi wa nchi hii 2015?coz he is very smat na anamawazo ya utaifa siku zote.

Problem yetu ya leadership crisis imetufanya tuone kila mwenye mwelekeo wa kuibua maovu au kutetea wananchi ndiye anafaa kuwa kiongozi wa Taifa letu. Zitto anaonekana kuwa kiongozi mzuri tu kama JK lakini inabidi tuangalie katika level ipi?? Uwaziri?? Labda!! So far Zitto siyo presidential material hata nusu. So far kati ya wanasiasa waliopo sasa kuanazia CCM mpaka upinzani only Dr Slaa may make a good Prez!!! That's my opinion!! Anywa, Big up Zitto.
 
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