Openness will help in managing oil sector

Tanzanians can now access information related to oil and gas sector, thanks to a transparency tool launched yesterday in efforts to improve the sector’s governance.

In our previous articles on taxes applicable to the Oil and Gas sector we have already noted that the taxes applicable to the Oil and Gas industry include income tax which includes corporate income tax, withholding taxes, employment taxes; capital gain tax; Value Added Tax (VAT); Customs Duty; Excise Duty; Fuel Levy and Stamp Duty etc.

Tanzania has made significant natural gas discoveries of over about 55 trillion cubic feet. Production activities of some of these discoveries has already started. Oil exploration activities are also ongoing and there is a potential for more discoveries.

In our last article we noted that the taxes applicable to the oil and gas sector include the income tax which includes corporate income tax, withholding taxes and employment taxes.

In our series of articles on taxes applicable to the Oil and Gas sector we have noted that the taxes applicable to the Oil and Gas industry include income tax which includes corporate income tax, withholding taxes, employment taxes; capital gain tax; Value Added Tax (VAT); Customs Duty; Excise Duty; Fuel Levy and Stamp Duty etc.

In our last article we noted that although some countries have a special fiscal regime for taxing the extractive sector including oil and gas, Tanzania does not have a special tax regime for the sector.

Today we conclude this series of articles on taxes applicable to the oil and gas sector in Tanzania by looking at capital gain tax, stamp duty and other charges.

CAPE TOWN, South Africa, October 22, 2015/APO (African Press Organization)/ — As Tanzania’s leaders are praised for its peaceful handling of elections, an increasing number of projects are appearing which show case a country that is maturing, growing in confidence and cooperating with the right kind of partners to help it achieve its long term goal of becoming a regional hub.

The Powering Africa: Tanzania investment briefing will take place from 3-4 December at the Hyatt Regency Dar es...

>Between 100,000 and 150,000 jobs are projected to be generated as the oil sector transitions from exploration and appraisal to development and eventual production, according to a study conducted by three joint venture partners.