VIDEO: Kenya looks to avoid oil tax tangles

In My Book of Things, Tanzania stands an excellent chance of falling into the excruciating clutches of the hydra-headed monster commonly referred to as a ‘resource curse.’

Congo-Brazzaville, Guinea, Mali and Niger agree to a micro-tax on oil, gold, phosphate and uranium to finance a UN fund to fight malnutrition.

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 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 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.

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.

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.

Medics say avoiding Ebola should be quite easy if you follow five simple steps. Here's the story in 15 seconds.