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Author: Giza Mdoe
Demand for affordable and reliable energy is on the rise in Tanzania owing to the fast paced economic growth of the country.
The African Development Bank (AfDB) estimates the demand for energy is growing by 10 per cent every year which the bank says ‘reflects the country’s high economic growth.’
To meet this demand, PanAfrican Energy Tanzania (PAET), the first fully Tanzanian owned company has entered into a long-term Gas Sales Agreement (“GSA”) with the Tanzania Petroleum Development Corporation (“TPDC”).
The agreement provides for the supply of up to 20 million standard cubic feet per day (MMscf/d) of natural gas to the TPDC operated National Natural Gas Infrastructure (“NNGI”) in Songo Songo Island, from where the gas will be processed and transported to Dar es Salaam, primarily for power generation.
This new GSA comes only months after last year’s short-term sales agreement that was also inked with TPDC and TANESCO …
While considerably new, Islamic Banking and Finance has now taken firm roots in Russia and other Commonwealth Independent States (CIS) countries are following suit.
The total volume of Islamic Banking and Finance has now exceeded $2.6 trillion globally. This amount represents transactions, assets and investments by over 2,500 Islamic banking and financial institutions around the global.
In the modern era, Islamic banking and finance can be traced back to the 1960s from Egypt and Malaysia and its dramatic spread over the Middle East, Africa and Europe. Interestingly, while Islamic banking and finance was slow to take foot in Commonwealth Independent States (CIS) countries, its unprecedented growth over the last few years indicates that CIS countries are the emerging Islamic banking and finance market for the future.
Some well known CIS countries include Russia, Armenia, Kazakhstan, Uzbekistan, Tajikistan, Kyrgyzstan, Turkmenistan and Azerbaijan.
“The delay for Islamic finance initiative in CIS countries …
The Tanzanian government has been losing about Tshs.4 billion ($1.7 million) per month in uncollected taxes on locally produced cigarettes and alcoholic beverages before Electronic Tax Stamps (ETS) started being used in January 2019.
The Tanzania Revenue Authority (TRA) Commissioner General, Charles Kichere told reporters on April 16th that in March 2019, TRA collected Tshs.42.8 billion ($18.6 million) on the on cigarettes and alcoholic beverages which is an addition of Tshs.3.5 billion ($1.5 million) compared to Tshs.39.3 billion ($17 million) collected the same month last year.
The Commissioner General said the lost revenue is estimated to be higher than that because some producers are yet to enter ETS due to some reasons and the real amount of money that was being lost will be known once all manufacturers use the new tax system.
He said all local manufacturers as well as importers of cigarettes and alcoholic drinks have until …