Tuesday, 4th October 2005 (2498 views)

A new tax on gold exports leaving the ports of Dar es Salaam and Tanga in Tanzania came into force yesterday (October 4th).

The Tanzania Revenue Authority has decided to impose the 1.2 per cent Destination Inspection Scheme tax on gold, gemstones, metals and art objects.

According to George Lauwo, the Tanzania Revenue Authority commissioner for Customs and Excise, the above items will be exempt from this charge if they are entered for transit.

Mr Lauwo also commented that personal or household items going through Dar es Salaam International Airport would not have the tax imposed upon them.

The authorities hope to maximise tax revenue by imposing this new tax.

Tanzania is Africa's third largest gold-producing country and South Africa is the world's largest gold producing country, followed by the US and Australia.

 

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