All employers are directed to include employee’s Tax Identification Number (TIN) upon filing returns for Pay as You Earn (PAYE) Employers are required to put TIN numbers for all employees who had already been registered for TIN and show the amount remitted to TRA Employees who do not have TIN are required to apply for […]
TAX AND CORPORATE LAW UPDATE: INTRODUCTION OF ELECTRONIC FILING (e-Filing) OF TAX RETURNS IN TANZANIA BY THE TANZANIA REVENUE AUTHORITY (TRA)
The Tax Revenue Authority (TRA) has transitioned its tax returns filing system from the manual filing system to the new electronic filing system The process of filing tax returns electronically. Consequences of failure to electronically file the returns on time. 1.0 Introduction The Tax Revenue Authority (TRA) in Tanzania has issued directives regarding its newly […]
FINANCE AND MINING LAW UPDATE: BANKING AND FINANCIAL SERVICES IN THE MINING SECTOR IN TANZANIA: UNDER THE SPOTLIGHT OF THE MINING (LOCAL CONTENT) REGULATIONS, 2018.
Salient provisions of the Mining (Local Content) Regulations, 2018 regarding procurement of banking and financial services by stakeholders in the Tanzanian mining sector Requirement to submit financial services sub-plan to the Tanzania Mining Commission The practical aspect of engaging foreign banks by mining stakeholders in Tanzania Mining stakeholders approach to the financial services requirements under […]
FINANCE LAW UPDATE: COMMENTARY ON THE BANK OF TANZANIA’S POLICY MEASURES TO REMEDY AND CUSHION THE ECONOMIC IMPACTS OF COVID-19 IN TANZANIA
Reduction of the Statutory Minimum Reserves (SMR) requirement to 6 percent Reduction of the discount rate to 5 percent Reduced haircuts on Government securities Regulatory flexibility ensured to Lenders who opt for loan payment rescheduling Increase of daily transaction and wallet size limits for mobile money limits Encouragement of Digital payment to curb the use […]
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