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About monfinance

"Knowledge is of two kinds. We know a subject ourselves, or we know where we can find information on it” said Samuel Johnson. Well, my name is Monica Joseph, a Tanzanian woman with an all-encompassing experience in all aspects of Taxation, accounting, auditing and financial management. A MSc. Finance degree holder from the University of Strathclyde, and, of course a Social media aficionado, I look forward to the happiest and knowledgeable blogging safari ever, with stops at all issues as mentioned above. JOIN ME & LETS DO IT...

GS1 TANZANIA WAMESAINI MKATABA WA MAKUBALIANO NA TBS‏

Mkutano ulifanyika katika ofisi ya TIRDO ambayo ni Taasisi tanzu ya Wizara ya Viwanda na biashara, ambapo kulishuhudiwa utiwaji saini wa makubaliano kati ya GS1 Tanzania na Shirika la Viwango Tanzania (TBS) katika kushirikiana kufanya kazi pamoja na kujenga mahusiano ambayo ni muhimu haswa kwa wazalishaji wa Tanzania kwani alama ya utambuzi wa bidhaa kwa sasa zinahitajika katika masoko yote ya ndani na nje ya nchi.

TBS imekua ikishirikiana na GS1 Tanzania katika uelimishaji wajasiliamali ambayo mafunzo kadhaa kati ya Taasisi hizi mbili yameshafanyika huko mkoani.

Wazalishaji wa Tanzania wanaotumia Barcode za nje ya nchi wanaaswa kubadilisha na kutumia Barcode(alama za uzalishaji) za hapa nchini kwani itasaidia::

  • Kupunguza matumizi ya fedha za kigeni ambazo zingetumika kulipia huduma hiyo.
  • Kutupa takwimu rasmi za wazalishaji kwani kutumia barcode za nje ya nchi bidhaa inaonekana imetoka kwenye nchi nyingine na sio Tanzania.
  • Kuwepo kwa utambulisho kwa bidhaa za Tanzania kwani nambari tatu za mwanzo za Barcode zinaonyesha bidhaa zinatoka nchi gani, ambapo kwa bidhaa za Tanzania utambulisho wetu ni 620.
  • Mwisho ni suala zima la uzalendo, tujivunie cha kwetu.

Kuna wazalishaji wa Tanzania 13 tu ambao wamechukua alama za uzalishaji (barcode), sio tu wameonesha uzalendo bali wameendana na matakwa ya masoko yaliyo rasmi ya ndani na nje ya nchi. Huduma hii kama umekamilisha matakwa yote unaipata ndani ya siku moja tu.

GS1 Tanzania inahudumia nchi zaidi ya tano ambazo hazina huduma hii nazo ni Rwanda, Burundi, Uganda, Zambia, Malawi na Mozambique.

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Mwenyekiti wa bodi GS1 Tanzania Dr. Gedion Mazara alifungua kikao kwa kuelezea kuhusu alama za utambulisho (barcode) na umuhimu wake.

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Mkurugenzi mkuu wa GS1 Tanzania pia aliongelea ni jinsi gani wazalishaji wakipata na kutumia barcode/alama za uzalishaji itasaidia sana nchi

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Mkurugenzi mkuu wa TBS(Shirika la viwango Tanzania) ,Mr. Joseph Masikitiko

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Mgeni rasmi alikuwa Mkurugenzi wa Uhamishaji Biashara na Masoko wa Wizara ya Viwanda na Biashara Odilo Majengo

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Wajumbe wa bodi ya GS1 Tanzania na wa TBS

 

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Kuanzia kushoto Mkurugenzi mkuu wa TIRDO Prof. Madundo Mtambo, Mwenyekiti wa bodi GS1 Tanzania Dr. Gedion Mazara & Muwakilishi wa mgeni rasmi Odilo Mjengo

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Baadhi ya wazalishaji waliofanikisha kuchukua alama za utambuzi wa bidhaa za barcode wakipokea membership license/certificate.

 

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Ephraim Mafuru Mkurugenzi wa Masoko Kilombero Sugar company

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Shamim Mwasha aliwakilisha Lavy Beauty company limited ya mwanamitindo Flaviana Matata ambayo imepata Barcode ya Rangi zake za kucha za lavy Nail Polish.

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Mkurugenzi wa GS1 Tanzania Fatma Kange akisaini mkataba na mkurugenzi wa TBS Joseph Masikitiko

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Wakiwa wameshasaini mkataba.

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Board Members wa GS1 katika picha ya pamoja

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Board Members wa tbs

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Wafanyakazi wa GS1 Tanzania

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Posted by on April 22, 2016 in Business News, Tanzania News

 

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KIJANA YUNUS MTOPA AONDOKA NA KITITA CHA DOLA ELFU TANO ZA STATOIL TANZANIA

Mshindi wa Shindano la Mashujaa wa Kesho lilihusisha vijana wenye umri kati ya miaka 18 na 25 kutoka mikoa ya Mtwara na Lindi, Yunus Omary Mtopa, akionekana ni mwenye furaha sana baada ya kujinyakulia kitita cha dola elfu 5, kwa kuonekana wazo lake la Biashara ya Miwa kuwa bora zaidi ya wenzake. Hafla ya shindano hilo ilifanyika mwishoni mwa wiki iliyopita, katika Hoteli ya Hyatt Regency, Jijini Dar es salaam.
 
Mwaka huu shindano hili lilivutia vijana zaidi ya 400 ambao waliwasilisha mawazo ya biashara zao zinazolenga sekta mbalimbali za uchumi kama kilimo, ufugaji, mawasiliano, na biashara nyingine ndogondogo. Vijana waliruhusiwa kushiriki mmoja mmoja au hata kuunda vikundi vya watu wawili mpaka watatu.
Jaji Mkuu katika Shindano la Mashujaa wa Kesho lilihusisha vijana wenye umri kati ya miaka 18 na 25 kutoka mikoa ya Mtwara na Lindi, Dkt. Neema Muro, akitoa maelezo mafupi ya washiriki wa shindano hilo kabla ya kumtangaza mshindi.
Sehemu ya Wageni mbali mbali waliohudhulia hafla hiyo, wakiwa makini kumsikiliza jina la Mshindi wa Shindano la Mashujaa wa Kesho lilihusisha vijana wenye umri kati ya miaka 18 na 25 kutoka mikoa ya Mtwara na Lindi, katika hafla iliyofanyika mwishoni mwa wiki iliyopita, katika Hoteli ya Hyatt Regency, Jijini Dar es salaam.
Mgeni rasmi katika Hafla ya kumtangaza Mshindi wa Shindano la Mashujaa wa Kesho lilihusisha vijana wenye umri kati ya miaka 18 na 25 kutoka mikoa ya Mtwara na Lindi, Katibu Mtendaji wa Baraza la Taifa la Uwezeshaji Wananchi Kiuchumi (NEEC), Bengi Issa, akikabidhi mfano wa hundi kwa Mshindi wa Shindano hilo, Yunus Omary Mtopa.
Mgeni rasmi katika Hafla ya kumtangaza Mshindi wa Shindano la Mashujaa wa Kesho lilihusisha vijana wenye umri kati ya miaka 18 na 25 kutoka mikoa ya Mtwara na Lindi, Katibu Mtendaji wa Baraza la Taifa la Uwezeshaji Wananchi Kiuchumi (NEEC), Bengi Issa (wa nne kulia), Balozi wa Norway nchini Tanzania, Hanna-Marie Kaarstad (wa pili kushoto), Meneja Mkazi wa Kampuni ya Statoil Tanzania, Øystein Michelsen (shoto) wakiwa katika picha na washiriki wa shindano hilo.
 
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Posted by on April 19, 2016 in General Knowledge

 

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Treasury bonds oversubscribed‏

HIGH demand from investors greeted the second 10-year treasury bonds attracting bids almost two times the amount offered to the market for bidding, thus ending up the
show overly subscribed.

The first 10-year treasury bonds auctioned on February, this year, attracted few bids
from investors ending the show under subscribed.

Funds raised from the sale of the long-term debt government securities are targeted to finance development projects like road and railway infrastructures that are necessary cutting down cost of transport.

Some of the key investors in government securities include pension funds, insurance firms, some microfinance companies and few commercial banks.

The second 10-year treasury bonds was auctioned last week and is expected to mature in
April 2026. It attracted bids 105.14/- compared to 49.20/- offered for bidding.

The Bank of Tanzania (BoT) auction summary shows, however, that the government retained only 21.70bn/- which is far below even the amount sought to be raised.

The weighted average yield to maturity increased slightly to 18.84 per cent compared to
18.82 per cent of the session held in February, this year.

The weighted average coupon yield also made slight increase to 17.03 per cent
compared to 17.00 per cent of the previous session.

The weighted average price for successful bids declined to 67.14 compared to 67.26.

Only seven bids that were received out of 75 emerged successful. The highest bid offered at the auction was 69.36 while the lowest is 57.50; the minimum successful bid/100 was 67.01.

 

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Acacia Mining to pay $20m in corporate tax in 2016‏

ACACIA Mining PLC is to pre-pay 20 million US dollars in corporate taxes this year after signing a Memorandum of Understanding with the Tanzania Revenue Authority (TRA) last month in Dar es Salaam.

According to the Acacia’s CEO, Bradley Gordon, this proactive move was initiated by Acacia Mining PLC in recognition of the time the company has been operating in the country.

Acacia Mining, which entered the Tanzania mining sector as Barrick and later as African Barrick Gold 15 years ago has been making profit, according to Mr Gordon, in his internal communication to Acacia staff at the weekend.

However, much as the company has in most cases declared net profit across the mines it owns the fact of the matter is it has not yet recouped the USD 3.8bn it has invested into building and developing the three mines it owns.

Under Tanzanian mining law and the terms of the Mineral Development Agreements between Acacia Mining PLC and the government any profit made is used to offset the initial investment and therefore during that period the company is not required to pay any corporate tax.

Mr Gordon says in elaborating the issue of profit that “when running a business one needs to first exclude all costs from your income before you can declare a profit – the cost in this case is the initial capital cost that has been invested to develop the mines”.

“Whilst we make net profits, these are not taxable and our current projections are we aren’t due to pay corporate taxes until 2018”, he says.

According to Mr Gordon, the fact that the MOU between Acacia and TRA has been signed and has been recognised as a pre-payment by all parties makes it clear that in the TRA’s opinion, no corporate tax is currently owed by Acacia and therefore none has been evaded.

In its recent ruling, the Tax Revenues Appeals Tribunal (TRAR) accused the gold mining giant of running a sophisticated tax evasion scheme in the country.

Acacia has since appealed to the Court of Appeal against the ruling asserting that the company’s financial reports conformed to international best practices and were audited by global accounting firms and government organisations.

 

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STATOIL YATAJA VIJANA WATANO WALIOINGIA TANO BORA YA SHINDANO LA MASHUJAA WA KESHO

Kampuni ya Statoil Tanzania ina furaha kutangaza majina ya vijana watano waliongia fainali za shindano la biashara la mashujaa wa kesho ambalo lina dhumuni la kuhamasisha ujasiriamali kwa mikoa ya kusini mwa Tanzania yaani Mtwara na Lindi.

Akitoa taarifa hii meneja wa shindano hilo kutoka Statoil, Erick Mchome amewataja washindi hao kuwa ni Razaki Kaondo, Edward Timamu and Sifael Nkiliye (walioshiriki kama timu moja), Saleh Rashid Kisunga, Azizi Doa, and Yunus Mtopa.

Shindano la Mashujaa wa Kesho lilihusisha vijana wenye umri kati ya miaka 18 na 25 kutoka mikoa ya Mtwara na Lindi kuwasilisha mawazo yao ya biashara ambayo baadae yalibadilishwa na kuwekwa kwenye andiko la biashara.

Mwaka huu shindano hili lilivutia vijana zaidi ya 400 ambao waliwasilisha mawazo ya biashara zao zinazolenga sekta mbalimbali za uchumi kama kilimo, ufugaji, mawasiliano, na biashara nyingine ndogondogo. Vijana waliruhusiwa kushiriki mmoja mmoja au hata kuunda vikundi vya watu wawili mpaka watatu.

Mwazo bora yaliyopatikana kati ya 400 yalikuwa 60 na wamiliki wa mawazo hayo ambao ni zaidi ya vijana 80 kutoka Lindi na Mtwara walipewa mafunzo maalum ya kuandaa andiko la biashara ambapo yalishindanishwa tena na kupatikana vijana kumi bora waliopelekwa mbele ya majaji ambao wiki hii walichagua maandiko matano bora kati ya kumi waliyopokea.

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“Vijana hawa watano watawasili jijini Dar es Salaam wiki ijayo ili kuja kutetea maandiko yao ya biashara mbele ya jopo la majaji ambao mwisho wake wataamua nani anafaa kuwa mshindi wa shindano letu,” alisema Bwana Mchome.

Mshindi wa shindano hili atatangazwa siku ya Ijumaa tarehe 15 Aprili jijini Dar es Salaam katika hafla maalum iliyoandaliwa na Statoil ili kumpongeza mshindi huyo na wenzake wanne ambao wamefanikiwa kuingia fainali. Mshindi huyo atajinyakulia kitita cha dola za kimarekani 5,000 wakati washindi wanne waliobakia watapata dola 1,500 kila mmoja. Washindi wengine watano waliofanikiwa kuingia kumi bora watapata dola 1,000.

“Statoil inaamini katika kuwawezesha vijana wenye vipaji katika maeneo yote ambayo tunafanya shughuli zetu na kwa kufanya hivi tunachochea maendeleo katika maeneo hayo ambayo nasi ni sehemu yake kwani tunafanya shughuli zetu za uendelezaji wa nishati kama gesi na mafuta.,” amesema Meneja Mkazi wa Statoil Tanzania, Øystein Michelsen.

 
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Posted by on April 12, 2016 in General Knowledge, Tanzania News

 

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Financing Agriculture not risky

LENDING to agriculture is no longer a risky undertaking, the Private Agricultural Sector Support (PASS), which has recovered over 95 per cent of its guaranteed credits to the sector, affirmed in Dar es Salaam yesterday.
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The TADB Executive Director Mr. Thomasi Samkyi (Left) and PASS Director General Mr. Nicomed Bohay (Right) Picture by: Issa Michuzi Blog

“The common perception that agriculture sector is not credit worthy is a myth,” PASS Managing Director Nicomed Bohay said, dismissing as unfounded the lame excuses of denying funding to agriculture on the pretext that the sector is highly risky.

He said the trust that operates as service provider between agriculture and financial sectors has so far guaranteed 314bn/- loans to agriculture, with 95 per cent of the amount recovered.

Mr Bohay, speaking at the signing of the guarantee facility agreement between PASS and Tanzania Agricultural Development Bank (TADB), invited more Tanzanians to explore business opportunities in agriculture to qualify for the affordable funding under the arrangement.

“All the commercial banks, which we work with haven’t been able to exhaust the financial resources available,” said Mr Bohay, hinting that the PASS managed Credit Guarantee Fund remains underutilised by 75 per cent.

TADB and PASS have under the agreement embarked on the promotion of lending to agriculture through risk mitigation, focusing on smallholder peasants, medium and large scale farmers as well as other stakeholders in the agricultural value chains.

TADB Managing Director, Thomas Samkyi said his bank was determined to work with low fee charging guarantee partners like PASS, saying high costs of agriculture production requires cheap funding, “If the guarantees costs are high, the overall financing cost increases, making it difficult to repay the loans.”

Mr Samkyi said the bank’s focus to youth agriculture enterprises require guarantees as majority of the youth lack the required collateral at their first engagement in agriculture activities.

Eligible beneficiaries of the Credit Guarantees, the bank boss said, will be farmers and other entrepreneurs in the agriculture value chains–agricultural producers, agro-processors, storage facility constructors, irrigation technology providers and other agriculture infrastructure developers.

Mr Samkyi said the bank whose key objective is to catalyse investments in the agricultural sector envisages to issue loans of at least 60bn/- to over 100,000 small peasants, 10 youth enterprises and one big farmer this year at an interest rate of between seven and 12 per cent.

“TADB invites farmers and other players to access the credit facilities for agricultural development projects in the priority value chains under this guarantee arrangement,” said Mr Samkyi, reaffirming his bank’s tenacity to work with other strategic partners to promote interventions aimed at transforming the agricultural sector.

TADB becomes the 10th bank to partner with PASS, which is already working with CRDB Bank, Amana Bank, Akiba Commercial Bank, Exim Bank, TIB Bank, FBME Bank, National Microfinance Bank, ACB Bank and BOA Bank.

Tanzania and Danish governments founded PASS under DANIDA funding in 2000. It operated as a project under the Agricultural Sector Programme Support until 2007 when it was registered as a trust, not for profit organisation, to help commercialisation of subsistence farming.

The trust invested 56bn/- in agriculture last year alone, in support of crop production, input supply, irrigation, tractor purchases, agro-processing, crop trading and transportation.

 

 
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Posted by on April 5, 2016 in Business News

 

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Buzz word: Money Laundering

What is ‘Money Laundering’

Money laundering is the process of creating the appearance that large amounts of money obtained from serious crimes, such as drug trafficking or terrorist activity, originated from a legitimate source.

Money Laundering Scheme

Money Laundering Cycle Source: http://www.unodc.org

There are three steps involved in the process of laundering money: placement, layering, and integration. Placement refers to the act of introducing “dirty money” (money obtained through illegitimate, criminal means) into the financial system in some way; “layering” is the act of concealing the source of that money by way of a series of complex transactions and bookkeeping gymnastics; and integration refers to the act of acquiring that money in purportedly legitimate means.

One of the more common ways that laundering takes place is when a criminal organization funnels their illegally obtained cash through a cash-based business, slightly inflating the daily take. These organizations are often referred to as “fronts.” In the popular television series “Breaking Bad,” the methamphetamine dealer funnels his earnings from selling illicit drugs through a series of car-wash businesses.

Other common forms of money laundering include smurfing (A smurf is a colloquial term for a money launderer. Also refers to one who seeks to evade scrutiny from government agencies by breaking up a transaction involving a large amount of money into smaller transactions that are below the reporting threshold. The term is derived from the cartoon characters known as The Smurfs) , where a person breaks up large chunks of cash and deposits them over an extended period of time in a financial institution, or simply smuggles large amounts of cash across boarders to deposit them in offshore accounts where money laundering enforcement is less strict.

 

 

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