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TRA EDUCATES SWEDISH INVESTORS

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The Tanzania Revenue Authority’s Director for Taxpayer Services and Education Mr Richard Kayombo explaining tax issues in relation to investments environment in various sectors in Tanzania during the Swedish Business delegation seminar held in Dar es Salaam.

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The Tanzania Revenue Authority’s Director for Taxpayer Services and Education Mr Richard Kayombo explaining tax issues in relation to investments environment in various sectors in Tanzania during the Swedish Business delegation seminar held in Dar es Salaam.

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The Tanzania Revenue Authority’s Director for Taxpayer Services and Education Mr Richard Kayombo explaining tax issues in relation to investments environment in various sectors in Tanzania during the Swedish Business delegation seminar held in Dar es Salaam. Centre is a Senior Investment Manager at Swedfund Ms Audrey Obara and right is a Director and co-founder MTI Investment Dr. Neema Mori.

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Some Swedish Business delegation listening to the Tanzania Revenue Authority’s Director for Taxpayer Services and Education Mr Richard Kayombo (not in picture) during a seminar held in Dar es salaam.

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Veronica Kazimoto,Dar es Salaam

The Tanzania Revenue Authority (TRA) has provided tax education and explanations on tax matters in relation to investments environment in various sectors in the country.

Speaking to the Swedish Business delegation during a seminar held in Dar es Salaam, TRA’s Director for Taxpayer Services and Education              Mr. Richard Kayombo said that, Tanzania tax laws grant various tax incentives in order to make it possible for investors to be encouraged to invest in specific sectors but also give them relief to bring in capital goods and Technology for the benefit of industrialization agenda that is key for the 5th phase government.

The reliefs are embedded in the various tax laws that include the East African Customs Management Act, VAT Act 2014 and the Income Tax.  

“Among the incentives granted include Common External Tariffs which applies to all imported goods into the region with three rates of 0%, 10% and 25% depending on the type of goods, harmonized East African Community tariffs of zero rate for imports of raw materials, capital goods, replacement parts, inputs for agriculture, animal husbandry, fishing, livestock and pharmaceuticals medicaments,” Mr Kayombo said.

He added that, “Other incentives under corporate tax include a reduced rate from normal 30% to 25% charged for three years to newly listed companies with the Dar es Salaam Stock Exchange (DSE), 20% for a new entity dealing in manufacturing of pharmaceuticals and leather products and 10% rate for corporations investing in a plant for assembling Motor Vehicles, tractors and fishing auto boats”.

Under the Value Added Tax (VAT), Mr Kayombo pointed some incentives including zero rate for all exports, exemptions of various items as provided in the respective tax laws that include exemption of imported machinery by local manufacturers and processors of vegetable oil, Textiles, pharmaceuticals, hides and skins and leather manufactured in Tanzania Mainland.

On the other hand, he assured the Swedish Business delegates that, as a way fighting corruption, the Authority has a fully-fledged department responsible for staff ethics and integrity so that taxpayers may be treated fairly and with respect.

“The department conducts both proactive and reactive anti-corruption functions to ensure that TRA staff do not engage in corruption practices that not only deny government its due revenue but damages trust and relationship between the revenue administration and taxpayers.

Kayombo further gave assurance to the investors on the availability of redress mechanisms on tax issues that should give Taxpayers comfort whenever they have disputes on tax matters.  The mechanism starts with the Regional Managers across the Country, then to the respective Commissioners and finally to the Commissioner General.

He went on to elaborate that “should a taxpayer remain unsatisfied with the internal redress mechanism, he is free to escalate the matter by appealing to the Tax Appeal Board and then to the Tax Appeals Tribunal which all ensure and guarantee good Governance and transparency”, he added.

Mr. Richard Kayombo finally took this opportunity to call upon more and more foreign Investors to come and invest in Tanzania since the Government is taking all the necessary measures to improve the investment climate in the country as well as tax systems aiming at reducing the cost of doing business by both current and prospective investors.

The Swedish business delegation was led by Ambassador Dr. Wilbrod Slaa the Tanzanian Ambassador to Sweden and the Ambassador of Sweden to Tanzania Mr. Anders Sjoberg.

On his part, Ambassador Dr. Slaa expressed his gratitude to the Swedish Investors for coming all the way to Tanzania to seek the abundant opportunities for which the 5th phase Government is determined to welcome and support in order to realize the industrialisation agenda.

On the other hand, the Swedish Ambassador to Tanzania Mr. Anders Sjoberg showed his appreciation to Ambassador Slaa for his tireless effort in persuading and supporting investors to come to Tanzania as well as the readiness of the Government of Tanzania in welcoming investors from Sweden and other parts of the world which was vividly expressed through representation by various Government Departments and Ministries to explain and clarify issues to investors.

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