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President John Magufuli yesterday ordered the Treasurer to act against state-owned enterprises, institutions and corporations that do not pay dividends to the government as required by law.
Similarly, Dr. Magufuli Revenue Authority (TRA) to control transfer pricing, which many multinational corporations use to evade tax.
Transfer prices are used when subsidiaries of multinational groups are treated and measured as separately managed entities. President Magufuli spoke in Dar es Salaam after receiving 736 billion dividends from 43 public entities at the ceremony attended by CEOs and presidents of the boards of more than 90 entities public.
Dr. Magufuli CEOs and board chairs whose institutions did not pay the dividends challenged them to reassess themselves and see if they were in their positions or positions. were leaving their jobs.
"It's a shame to trust people. The head of state however expressed dismay at the 736 billion euros that were presented yesterday as a dividend, he said, ordering the TR to enforce the law institutions that do not pay dividends. saying that the amount was too small compared to more than 49tri / – that the government invested in public institutions.
The institutions that have been at the top of the list of major dividend payers include Tanzania Ports Authority (TPA), Tanza According to the Minister of Finance and Planning, Dr. Philip Mpango, three other institutions have exceeded their targets in dividend payment.
This is the Ngorongoro Region Conservation Authority (NCAA). ), which paid 22.35bn / -, exceeding its target of 13.24bn / -. Others are the Tanzanian Regulatory Authority for Communication (TCRA), which paid 59.86 billion euros on its target of 30.69 billion and the National Parks Authority. from Tanzania (TANAPA) of which 30.77 billion euros were surpassed by paying 34.74 billion / -. at the TR, Athuman Mbuttuka's dividend income has been increasing year after year. Over the 2013/2014 period, the government received $ 107.2 billion – and yesterday the government received $ 717.56 billion – an increase of about 600 percent in five years.
He said of 67 public entities doing business in the country, 48 did not provide dividends because of poor performance due to administrative ineptitude.
"Some institutions operate on unnecessarily high costs, management fees, high costs of loans that are not blessed by the Bank of Tanzania"
Puma Energy Tanzania Limited's Director of Operations, Lameck Hiliyai , said his company would continue to work with the government by paying dividends as needed
.through the TRs control 50% of Puma Energy shares.According to Mr. Hiliyai, the company recorded a pre-tax profit of 31%. billion euros – and paid 9 billion euros – as a dividend to the government yesterday.
Dr. Magufuli called for a transparent collaboration with the private sector
for him, some private companies who jointly hold shares with the government have provided false information to avoid paying sufficient dividends.
He instructed TRA to seal all the loopholes that businesses use to deny the government its legitimate share of revenue
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