PUBLIC FINANCE AND TAXATION I

(a) Government expenditure in Tanzania is classified into two main categories; recurrent expenditure which includes wages and salaries, interest payment and goods and services transfer and development expenditure which includes expenditure which are domestically and foreign financed development projects.

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REQUIRED: (i) What are the main principles of public expenditure? (ii) Describe public sector expenditure management tools (iii) Explain various factors affecting the structure and composition of government expenditure. (b) Taxation is one of the oldest functions of the Tanzanian government in running her ...

INTERMEDIATE LEVEL, NBAA, PUBLIC FINANCE AND TAXATION I 1 year 0 Answers 1 views Enlightened

In readiness for Christmas day on December 25, 2018, a business lady had earlier on 10th October 2018, ordered 2,500 Christmas Cards from India costing US $ 2 per card. When they arrived, the business lady was required to pay 20% import duty, 10% excise duty and 18% value added tax despite the trade agreement existing between Tanzania and India. Assume the exchange rate applicable was TZS 2,300 to US $ 1.

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REQUIRED: (a) Calculate how much the Lady will pay as import duties, excise duty, value added tax to the Tanzania Revenue Authority. (b) Assuming that the business lady in part (a) above has information to the effect that according to the trade ...

INTERMEDIATE LEVEL, NBAA, PUBLIC FINANCE AND TAXATION I 1 year 0 Answers 0 views Enlightened

(a) A registered taxpayer operates the following tax schemes:

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(1) PAYE (Pay As You Earn) (2) Provisional tax (3) Skills Development Levy and withholding tax REQUIRED: (i) State the dates on which the tax in each of the three schemes is payable. (ii) State the interest rate at which a penalty for late payment ...

INTERMEDIATE LEVEL, NBAA, PUBLIC FINANCE AND TAXATION I 1 year 0 Answers 1 views Enlightened

(a) Daudi came to you for advice, he is about to commence a business on 1st December, 2019 as a sole trader. He will be engaged in selling motor vehicle accessories which are all standard rated for VAT purpose. His business plan indicates that his turnover will be approximately TZS.45,000,000 for the first three months. He will have substantial expenditure on equipment and stocks. He is new in the business and seeks your advice on the VAT implication of running this sort of business.

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REQUIRED: Draft a report advising Daudi on the VAT implication on his business. (b) Below is the extract of the business transactions from the shop of Asha for the month of January 2019, who deals with mixed business and is VAT registered. The ...

INTERMEDIATE LEVEL, NBAA, PUBLIC FINANCE AND TAXATION I 1 year 0 Answers 1 views Enlightened

(a) Describe the circumstances under which a jeopardy assessment may become necessary in the administration of income tax in Tanzania.

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(b) Mpambanaji is an employee of Tuungane Ltd and runs a part-time business. The income generated from all his income generating activities in the year 2018 is as detailed below: TZS. Salary 3,500,000 per month Dividends from an unlisted resident ...

INTERMEDIATE LEVEL, NBAA, PUBLIC FINANCE AND TAXATION I 1 year 0 Answers 2 views Enlightened

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