The document discusses Tanzania's extractive industries and the implications of the VAT bill on the oil and gas sector. It provides details on:
1. Natural resources found in Tanzania including natural gas, oil, coal, uranium and other minerals.
2. The legal framework and fiscal regimes governing the oil and gas sector. It also outlines gas and oil discoveries, exploration activities and open areas for future licensing.
3. An overview of mining operations, licensing and the VAT regime. It discusses the mine lifecycle and how it relates to the VAT lifecycle. Historical tax incentive regimes for the mining sector are also examined.
Dr Dev Kambhampati | Crude Oil Royalty Rates by CountryDr Dev Kambhampati
This chart lists crude oil royalty rates for selected countries. Royalty rates vary by country, ranging from 0% to 30% of production value. They are usually set as a percentage of oil's wellhead value or selling price. Some countries allow royalty rates to vary according to factors like field location, water depth, production levels, or oil prices. National governments typically share royalties with subnational authorities.
The document proposes reforms to Tanzania's fiscal regime for the mineral sector. It begins by outlining the existing fiscal regime and its principles of stability, equity, and predictability. It then discusses challenges like low tax revenue and environmental issues. Reforms proposed include introducing ring fencing for mines, increasing royalty rates based on gross value rather than net back value, and a variable corporate tax rate between 30-35% depending on profitability. The goal is to provide a competitive and predictable fiscal system while addressing challenges in the mineral sector.
FY2014 and 2015-2019 Strategic Plan (26 marzo 2015)Terna SpA
Terna presented its 2015-2019 strategic plan focused on free cash flow generation to drive sustainable shareholder returns. Key elements include capex discipline with €3.2 billion planned, optimization of non-regulated activities like interconnectors and services to contribute €1.4 billion in revenues, and opex savings of €30 million annually by 2019. The plan aims to reduce net debt starting in 2017/2018 and maintain a dividend of €0.20 per share in 2015 as a basis for future dividends.
- The document provides consolidated results for 9M16 for an energy company. It includes sections on 9M16 results, strategic updates, and next catalysts.
- Key highlights from 9M16 results include total revenues of €1,551 million, a 2.3% increase over 9M15. EBITDA was €1,176 million and group net income was €487 million, up 1.3% and 7% respectively versus 9M15.
- The strategic update section outlines initiatives regarding grid integration, corporate simplification, and efficiency improvements.
- Terna reported its consolidated financial results for fiscal year 2015, with total revenues increasing 4.3% to €2,082 million driven by growth in both regulated and non-regulated activities. EBITDA rose 3.2% to €1,539 million.
- Key highlights included record electricity demand of 315 TWh and a peak demand of 59.4 GW. Renewable energy sources accounted for 40% of total generation.
- Total capex was €1,103 million, with €834 million spent on network development and €201 million on maintenance. Net debt increased to €8,003 million due to acquisitions and dividend payments.
TGI is the largest natural gas transportation company in Colombia with a network of 3,957 km of pipelines. It has several expansion projects underway to increase capacity, such as the La Sabana compression plant and increasing capacity on the Cusiana-Apiay pipeline. TGI has a stable business model with 98% of revenues coming from long-term regulated tariffs. It maintains strong financial metrics with low leverage and interest coverage of nearly 6 times.
CPFL reported its 3Q18 results, highlighting increases in net operating revenue (+4.4%), EBITDA (+21.4%), and net income (+60.5%). Energy sales in the concession area grew 2.0% due to increases in the residential (+2.0%) and industrial (+2.4%) segments. Net debt was R$15.5 billion with a leverage ratio of 2.92x. The company won projects in the 28th energy auction, including the Cherobim SHPP (28 MW) and Gameleira Wind Complex (69.3 MW). CPFL also discussed its renewable generation projects totaling 127.2 MW of installed capacity by 2024 and provided an update on its
Terna reported consolidated results for fiscal year 2016, with revenues increasing 1.0% to €2,103 million. EBITDA rose slightly by 0.4% to €1,545 million, while group net income increased 6.3% to €633 million. Capital expenditures decreased 23% to €854 million due to lower regulated capex. Net debt was reduced to €7,959 million compared to €8,003 million in 2015.
Dr Dev Kambhampati | Crude Oil Royalty Rates by CountryDr Dev Kambhampati
This chart lists crude oil royalty rates for selected countries. Royalty rates vary by country, ranging from 0% to 30% of production value. They are usually set as a percentage of oil's wellhead value or selling price. Some countries allow royalty rates to vary according to factors like field location, water depth, production levels, or oil prices. National governments typically share royalties with subnational authorities.
The document proposes reforms to Tanzania's fiscal regime for the mineral sector. It begins by outlining the existing fiscal regime and its principles of stability, equity, and predictability. It then discusses challenges like low tax revenue and environmental issues. Reforms proposed include introducing ring fencing for mines, increasing royalty rates based on gross value rather than net back value, and a variable corporate tax rate between 30-35% depending on profitability. The goal is to provide a competitive and predictable fiscal system while addressing challenges in the mineral sector.
FY2014 and 2015-2019 Strategic Plan (26 marzo 2015)Terna SpA
Terna presented its 2015-2019 strategic plan focused on free cash flow generation to drive sustainable shareholder returns. Key elements include capex discipline with €3.2 billion planned, optimization of non-regulated activities like interconnectors and services to contribute €1.4 billion in revenues, and opex savings of €30 million annually by 2019. The plan aims to reduce net debt starting in 2017/2018 and maintain a dividend of €0.20 per share in 2015 as a basis for future dividends.
- The document provides consolidated results for 9M16 for an energy company. It includes sections on 9M16 results, strategic updates, and next catalysts.
- Key highlights from 9M16 results include total revenues of €1,551 million, a 2.3% increase over 9M15. EBITDA was €1,176 million and group net income was €487 million, up 1.3% and 7% respectively versus 9M15.
- The strategic update section outlines initiatives regarding grid integration, corporate simplification, and efficiency improvements.
- Terna reported its consolidated financial results for fiscal year 2015, with total revenues increasing 4.3% to €2,082 million driven by growth in both regulated and non-regulated activities. EBITDA rose 3.2% to €1,539 million.
- Key highlights included record electricity demand of 315 TWh and a peak demand of 59.4 GW. Renewable energy sources accounted for 40% of total generation.
- Total capex was €1,103 million, with €834 million spent on network development and €201 million on maintenance. Net debt increased to €8,003 million due to acquisitions and dividend payments.
TGI is the largest natural gas transportation company in Colombia with a network of 3,957 km of pipelines. It has several expansion projects underway to increase capacity, such as the La Sabana compression plant and increasing capacity on the Cusiana-Apiay pipeline. TGI has a stable business model with 98% of revenues coming from long-term regulated tariffs. It maintains strong financial metrics with low leverage and interest coverage of nearly 6 times.
CPFL reported its 3Q18 results, highlighting increases in net operating revenue (+4.4%), EBITDA (+21.4%), and net income (+60.5%). Energy sales in the concession area grew 2.0% due to increases in the residential (+2.0%) and industrial (+2.4%) segments. Net debt was R$15.5 billion with a leverage ratio of 2.92x. The company won projects in the 28th energy auction, including the Cherobim SHPP (28 MW) and Gameleira Wind Complex (69.3 MW). CPFL also discussed its renewable generation projects totaling 127.2 MW of installed capacity by 2024 and provided an update on its
Terna reported consolidated results for fiscal year 2016, with revenues increasing 1.0% to €2,103 million. EBITDA rose slightly by 0.4% to €1,545 million, while group net income increased 6.3% to €633 million. Capital expenditures decreased 23% to €854 million due to lower regulated capex. Net debt was reduced to €7,959 million compared to €8,003 million in 2015.
MPX Energia released its 1Q13 earnings report, highlighting:
- Revenues of R$196.1 million, up 159.2% year-over-year, driven by capacity additions.
- Adjusted EBITDA of R$37.3 million for Itaqui plant and R$32.3 million for 50% owned Pecém I plant.
- OGX Maranhão gas field achieving an EBITDA margin of 59.2-60.6% with production of 83.5 million cubic meters in its first 68 days of operation.
- Capital expenditures of R$305.6 million in the quarter to expand power generation capacity.
1) Terna reported solid results for the first half of 2017, with revenues increasing 0.7% to €1,047 million and net income growing 8.2% to €351 million compared to the same period last year.
2) Regulated transmission and dispatching activities drove revenue growth, increasing 2.1% to €962 million, while costs remained well controlled.
3) Positive cash flow was generated over the period, covering both capital expenditures of €326 million and dividend payments, while maintaining a solid financial position with net debt of €7,959 million.
Presentation by Andreea Mitirita 24/03/2017Irina Komarida
The document summarizes taxation regimes for the oil and gas industry in Romania. It discusses that Romania uses a concessionary tax system, where taxes are based on both revenue and profits. It notes that Romania currently uses a revenue-based royalty system but is considering a new mixed system that includes supplemental profit taxes. The document also provides an overview of production levels and forecasts for Romania's oil and gas industry, and discusses characteristics that attract investors like tax stability and competitiveness.
An analysis from Ernst & Young of a proposal by Ohio Gov. John Kasich to inflict a high severance tax on Utica Shale drillers in his state. The so-called analysis supposedly shows even with the nosebleed new tax in Ohio, it would still rank lower in overall effective tax rates on drilling than other competing states. No mention, however, of why it's OK for Ohio to steal money from a specific industry to redistribute it to those who didn't earn it.
- CPFL reported financial results for 2Q18 with net revenue growth of 16.5% and EBITDA growth of 33.3% compared to 2Q17.
- Key drivers included a 3.8% increase in energy demand, tariff increases, and the start-up of new renewable generation projects.
- Net debt was R$15.7 billion with leverage of 3.11x net debt/EBITDA, and the company secured R$3.4 billion in new funding.
The document provides an overview of VAT implementation in Saudi Arabia. It discusses the purpose of the discussion, which is to provide details on the VAT law, regulations, and implementation process. It covers topics such as VAT treatment by industry, with a deep dive on construction and engineering. It also discusses registration requirements, invoicing requirements, and the VAT return filing process. The overall document aims to outline the VAT framework and next steps for stakeholders in Saudi Arabia.
The Central Board of Direct Taxes (CBDT) issued a draft circular clarifying that no interest under section 234A of the Income Tax Act should be charged on self-assessment tax paid before the due date for filing a tax return. Previously, interest was charged on self-assessment tax even if paid before the due date. The CBDT reviewed this after the Supreme Court ruled that interest under section 234A should only apply to tax amounts unpaid before the due date. Therefore, the CBDT decided that no interest will be charged under section 234A on self-assessment tax paid before the due date for filing a return.
Philippine Mining Taxation, Royalties and Government incentivesFernando Penarroyo
Lecture on the Philippine mining fiscal and taxation regime as part of the continuing professional development program of the Philippine Mineral Reporting Code Committee on the "Elements of Mining Feasibility Study"
This document is an application for a nonprofit agricultural fuel refund from the Utah State Tax Commission, which provides a refund of taxes paid on motor fuel and undyed diesel fuel used solely for nonhighway agricultural purposes by nonprofit entities. The application requires the applicant to provide information such as total gallons of fuel purchased and used for qualifying agricultural purposes versus taxable purposes, and calculates the refund amount based on net gallons eligible. The applicant must certify they meet the requirements for the refund and submit fuel purchase invoices with the application.
The document outlines the roles and responsibilities of the office of the Comptroller and Auditor General (CGA) of Pakistan. It states that the CGA is appointed by the president at BPS 22 and is responsible for maintaining accounts for the federal, provincial, and district governments. The CGA authorizes payments from consolidated funds and submits accounts to the Auditor General. Several offices work under the CGA, including the AGPR and provincial accountant generals. The CGA is also responsible for preparing annual appropriation and finance accounts for the federal and provincial governments.
The document summarizes errors in the implementation of India's 101st Constitutional Amendment regarding the Goods and Services Tax (GST). Specifically, it notes that:
1) Notifying the effective dates of constitutional amendments through government notifications is problematic and the amendments should not be subject to notifications.
2) The government issued a notification on September 16th 2016 that created legal issues by bringing sections of the amendment into force prematurely, including invalidating existing excise duties.
3) This error has significant financial and legal consequences for both the central government's revenues and the implementation of GST.
The document provides consolidated financial results for 9M15 (January to September 2015). Key highlights include total revenues increasing 4.8% to €1,517 million driven by growth in both regulated and non-regulated activities. EBITDA was up 2.3% to €1,161 million and group net income increased 8.9% to €455 million. Total capex for 9M15 was €702 million, up 8% year-over-year. Net debt stood at €6,561 million as of September 30, 2015.
1) First Quantum Minerals held its annual general meeting on May 3rd, 2018 to discuss the company's strong financial results in the first quarter of 2018, benefiting from continued capital investment.
2) The meeting outlined the company's diversified portfolio of mining assets across 7 countries, highlighting recent additions at Sentinel and Kansanshi that have contributed to profitability.
3) Construction of the Cobre Panama project in on track for phased commissioning in 2018, with the project over 70% complete, which will drive further production growth for the company.
Corporate presentation CPFL Energia maio 2016CPFL RI
1) The document provides an overview of CPFL Energia, the largest private integrated player in the Brazilian electricity sector.
2) It discusses CPFL Energia's operations including its distribution, generation, renewable energy and trading/services segments.
3) Key financial figures for 2011-2016 show net revenue growth of 9.3% CAGR and EBITDA of 0.01% CAGR over the period while outlining the company's capital expenditure plan for 2016-2020.
9M 2014 Consolidated Results (12 novembre 2014)Terna SpA
The document summarizes the 9M14 consolidated results of an unnamed company. Key highlights include:
- Revenues increased 3.3% to €1.448 billion driven by growth in non-traditional activities. EBITDA was up 0.2% at €1.135 billion.
- Net income grew 1.5% to €418 million despite higher financial expenses. Capex was €652 million, down 14% year-over-year.
- Net debt increased slightly to €6.688 billion with 66% in bonds and 20% from EIB loans. The outlook for 2014 remains in line with 2013.
1. First Quantum Minerals held its annual general meeting on May 4th, 2018 to discuss the company's strong financial results in the first quarter of 2018, benefiting from continued capital investment.
2. The meeting overviewed the company's high-quality, diversified asset portfolio including operating mines, development projects, and smelting operations across 9 countries.
3. Construction of the Cobre Panama project in on track with phased commissioning in 2018 and overall project 70% complete, which will further drive growth for the company.
El asma es una enfermedad heterogénea caracterizada por inflamación crónica de las vías respiratorias que causa síntomas como sibilancias, dificultad para respirar y tos que varían en intensidad e intensidad. Los síntomas se deben al estrechamiento de las vías respiratorias causado por la contracción del músculo liso en respuesta a estímulos como alérgenos e irritantes, lo que conduce a la liberación de mediadores inflamatorios. Con el tiempo, cambios estructurales permanentes en las vías resp
Este documento describe el manejo de lesiones coronarias calcificadas. Explica que la calcificación es común en lesiones ateroescleróticas y que el IVUS es útil para detectarla. Las calcificaciones profundas tienen menor impacto en la compliance que las superficiales. Un arco de calcio >180° predipone a una expansión luminal subóptima luego de la angioplastía. Por lo tanto, las lesiones con un arco de calcio grande requieren citorreducción previa al stent. El documento también discute técnicas como el cutting balloon, aterectom
Este estudio analiza las necesidades de atención de 46 pacientes oncológicos en el área de atención primaria. Los resultados muestran que la mayoría de las consultas se deben a dolor o disnea y que más del 80% requieren medicación para el dolor o la sedación. El estudio concluye que es necesaria una mejor colaboración entre especialistas y atención primaria para satisfacer mejor las necesidades de los pacientes oncológicos.
El documento presenta a Alexander Fleming como la figura más importante en la historia de la medicina según Gregorio Marañón en 1955, destacando su descubrimiento de la penicilina. Además, incluye tablas sobre la sensibilidad a diversos antibióticos de diferentes bacterias.
Este documento define e informa sobre las infecciones de vías urinarias (IVU), incluyendo términos como bacteriuria, pielonefritis aguda y crónica, cistitis y uretritis. Describe la epidemiología, patogenia, clasificación, manifestaciones clínicas, diagnóstico y tratamiento de las IVU altas y bajas. Proporciona detalles sobre los principales patógenos, síntomas y complicaciones asociadas con estas infecciones.
MPX Energia released its 1Q13 earnings report, highlighting:
- Revenues of R$196.1 million, up 159.2% year-over-year, driven by capacity additions.
- Adjusted EBITDA of R$37.3 million for Itaqui plant and R$32.3 million for 50% owned Pecém I plant.
- OGX Maranhão gas field achieving an EBITDA margin of 59.2-60.6% with production of 83.5 million cubic meters in its first 68 days of operation.
- Capital expenditures of R$305.6 million in the quarter to expand power generation capacity.
1) Terna reported solid results for the first half of 2017, with revenues increasing 0.7% to €1,047 million and net income growing 8.2% to €351 million compared to the same period last year.
2) Regulated transmission and dispatching activities drove revenue growth, increasing 2.1% to €962 million, while costs remained well controlled.
3) Positive cash flow was generated over the period, covering both capital expenditures of €326 million and dividend payments, while maintaining a solid financial position with net debt of €7,959 million.
Presentation by Andreea Mitirita 24/03/2017Irina Komarida
The document summarizes taxation regimes for the oil and gas industry in Romania. It discusses that Romania uses a concessionary tax system, where taxes are based on both revenue and profits. It notes that Romania currently uses a revenue-based royalty system but is considering a new mixed system that includes supplemental profit taxes. The document also provides an overview of production levels and forecasts for Romania's oil and gas industry, and discusses characteristics that attract investors like tax stability and competitiveness.
An analysis from Ernst & Young of a proposal by Ohio Gov. John Kasich to inflict a high severance tax on Utica Shale drillers in his state. The so-called analysis supposedly shows even with the nosebleed new tax in Ohio, it would still rank lower in overall effective tax rates on drilling than other competing states. No mention, however, of why it's OK for Ohio to steal money from a specific industry to redistribute it to those who didn't earn it.
- CPFL reported financial results for 2Q18 with net revenue growth of 16.5% and EBITDA growth of 33.3% compared to 2Q17.
- Key drivers included a 3.8% increase in energy demand, tariff increases, and the start-up of new renewable generation projects.
- Net debt was R$15.7 billion with leverage of 3.11x net debt/EBITDA, and the company secured R$3.4 billion in new funding.
The document provides an overview of VAT implementation in Saudi Arabia. It discusses the purpose of the discussion, which is to provide details on the VAT law, regulations, and implementation process. It covers topics such as VAT treatment by industry, with a deep dive on construction and engineering. It also discusses registration requirements, invoicing requirements, and the VAT return filing process. The overall document aims to outline the VAT framework and next steps for stakeholders in Saudi Arabia.
The Central Board of Direct Taxes (CBDT) issued a draft circular clarifying that no interest under section 234A of the Income Tax Act should be charged on self-assessment tax paid before the due date for filing a tax return. Previously, interest was charged on self-assessment tax even if paid before the due date. The CBDT reviewed this after the Supreme Court ruled that interest under section 234A should only apply to tax amounts unpaid before the due date. Therefore, the CBDT decided that no interest will be charged under section 234A on self-assessment tax paid before the due date for filing a return.
Philippine Mining Taxation, Royalties and Government incentivesFernando Penarroyo
Lecture on the Philippine mining fiscal and taxation regime as part of the continuing professional development program of the Philippine Mineral Reporting Code Committee on the "Elements of Mining Feasibility Study"
This document is an application for a nonprofit agricultural fuel refund from the Utah State Tax Commission, which provides a refund of taxes paid on motor fuel and undyed diesel fuel used solely for nonhighway agricultural purposes by nonprofit entities. The application requires the applicant to provide information such as total gallons of fuel purchased and used for qualifying agricultural purposes versus taxable purposes, and calculates the refund amount based on net gallons eligible. The applicant must certify they meet the requirements for the refund and submit fuel purchase invoices with the application.
The document outlines the roles and responsibilities of the office of the Comptroller and Auditor General (CGA) of Pakistan. It states that the CGA is appointed by the president at BPS 22 and is responsible for maintaining accounts for the federal, provincial, and district governments. The CGA authorizes payments from consolidated funds and submits accounts to the Auditor General. Several offices work under the CGA, including the AGPR and provincial accountant generals. The CGA is also responsible for preparing annual appropriation and finance accounts for the federal and provincial governments.
The document summarizes errors in the implementation of India's 101st Constitutional Amendment regarding the Goods and Services Tax (GST). Specifically, it notes that:
1) Notifying the effective dates of constitutional amendments through government notifications is problematic and the amendments should not be subject to notifications.
2) The government issued a notification on September 16th 2016 that created legal issues by bringing sections of the amendment into force prematurely, including invalidating existing excise duties.
3) This error has significant financial and legal consequences for both the central government's revenues and the implementation of GST.
The document provides consolidated financial results for 9M15 (January to September 2015). Key highlights include total revenues increasing 4.8% to €1,517 million driven by growth in both regulated and non-regulated activities. EBITDA was up 2.3% to €1,161 million and group net income increased 8.9% to €455 million. Total capex for 9M15 was €702 million, up 8% year-over-year. Net debt stood at €6,561 million as of September 30, 2015.
1) First Quantum Minerals held its annual general meeting on May 3rd, 2018 to discuss the company's strong financial results in the first quarter of 2018, benefiting from continued capital investment.
2) The meeting outlined the company's diversified portfolio of mining assets across 7 countries, highlighting recent additions at Sentinel and Kansanshi that have contributed to profitability.
3) Construction of the Cobre Panama project in on track for phased commissioning in 2018, with the project over 70% complete, which will drive further production growth for the company.
Corporate presentation CPFL Energia maio 2016CPFL RI
1) The document provides an overview of CPFL Energia, the largest private integrated player in the Brazilian electricity sector.
2) It discusses CPFL Energia's operations including its distribution, generation, renewable energy and trading/services segments.
3) Key financial figures for 2011-2016 show net revenue growth of 9.3% CAGR and EBITDA of 0.01% CAGR over the period while outlining the company's capital expenditure plan for 2016-2020.
9M 2014 Consolidated Results (12 novembre 2014)Terna SpA
The document summarizes the 9M14 consolidated results of an unnamed company. Key highlights include:
- Revenues increased 3.3% to €1.448 billion driven by growth in non-traditional activities. EBITDA was up 0.2% at €1.135 billion.
- Net income grew 1.5% to €418 million despite higher financial expenses. Capex was €652 million, down 14% year-over-year.
- Net debt increased slightly to €6.688 billion with 66% in bonds and 20% from EIB loans. The outlook for 2014 remains in line with 2013.
1. First Quantum Minerals held its annual general meeting on May 4th, 2018 to discuss the company's strong financial results in the first quarter of 2018, benefiting from continued capital investment.
2. The meeting overviewed the company's high-quality, diversified asset portfolio including operating mines, development projects, and smelting operations across 9 countries.
3. Construction of the Cobre Panama project in on track with phased commissioning in 2018 and overall project 70% complete, which will further drive growth for the company.
El asma es una enfermedad heterogénea caracterizada por inflamación crónica de las vías respiratorias que causa síntomas como sibilancias, dificultad para respirar y tos que varían en intensidad e intensidad. Los síntomas se deben al estrechamiento de las vías respiratorias causado por la contracción del músculo liso en respuesta a estímulos como alérgenos e irritantes, lo que conduce a la liberación de mediadores inflamatorios. Con el tiempo, cambios estructurales permanentes en las vías resp
Este documento describe el manejo de lesiones coronarias calcificadas. Explica que la calcificación es común en lesiones ateroescleróticas y que el IVUS es útil para detectarla. Las calcificaciones profundas tienen menor impacto en la compliance que las superficiales. Un arco de calcio >180° predipone a una expansión luminal subóptima luego de la angioplastía. Por lo tanto, las lesiones con un arco de calcio grande requieren citorreducción previa al stent. El documento también discute técnicas como el cutting balloon, aterectom
Este estudio analiza las necesidades de atención de 46 pacientes oncológicos en el área de atención primaria. Los resultados muestran que la mayoría de las consultas se deben a dolor o disnea y que más del 80% requieren medicación para el dolor o la sedación. El estudio concluye que es necesaria una mejor colaboración entre especialistas y atención primaria para satisfacer mejor las necesidades de los pacientes oncológicos.
El documento presenta a Alexander Fleming como la figura más importante en la historia de la medicina según Gregorio Marañón en 1955, destacando su descubrimiento de la penicilina. Además, incluye tablas sobre la sensibilidad a diversos antibióticos de diferentes bacterias.
Este documento define e informa sobre las infecciones de vías urinarias (IVU), incluyendo términos como bacteriuria, pielonefritis aguda y crónica, cistitis y uretritis. Describe la epidemiología, patogenia, clasificación, manifestaciones clínicas, diagnóstico y tratamiento de las IVU altas y bajas. Proporciona detalles sobre los principales patógenos, síntomas y complicaciones asociadas con estas infecciones.
A urinary tract infection (UTI) can affect either the lower urinary tract (bladder and urethra) or upper urinary tract (kidneys and ureters). Common symptoms include burning during urination, increased frequency, and hematuria. Escherichia coli is the most frequent cause. Treatment depends on whether the infection is uncomplicated cystitis, complicated cystitis, recurrent cystitis, pyelonephritis, or prostatitis and involves antibiotics for varying durations.
La prescripción de antibióticos debe ser un proceso dinámico de toma de decisiones basado en la información clínica, epidemiológica, microbiológica y farmacológica, pero a menudo se convierte en un hábito. El tratamiento antibiótico debe adaptarse a factores como la gravedad de la infección, los síntomas y los resultados de pruebas microbiológicas para priorizar la supervivencia del paciente, el alivio de síntomas, la prevención de resistencias y la minimización de toxicidad a través de
Este documento habla sobre las quinolonas, antibióticos ampliamente utilizados que han ido desarrollando resistencia debido a su alto consumo. Explica que España tiene altos niveles de resistencia a quinolonas en cepas de E. coli, Campylobacter, N. gonorrhoeae y Salmonella. También describe indicaciones apropiadas para el uso empírico y dirigido de quinolonas en infecciones respiratorias, urinarias e intestinales, así como interacciones y efectos adversos comunes.
Implantación en el ámbito de urgencias del Hospital de Dénia del algoritmo de detección precoz de la sepsis de Cerner
Dr. Agustín Navarro Juanes / FòrumCIS
Jefe del Área Clínica de Urgencias
Departamento de Salud de Dénia
In this module we will discuss:
What is Fraud and what are the different types of fraud?
What are the penalties levied in case of fraud?
How to avoid penalties?
This document provides an overview of offshore oil and gas production systems. It describes the major components which include wells, platforms, pipelines and processing facilities. It outlines different types of offshore platforms suited for varying water depths, such as fixed steel structures, compliant towers, jack-up platforms and floating production systems. It discusses the crews and roles required to operate offshore platforms. It also summarizes fire and explosion protection systems, environmental protection measures, and how supervisory control and data acquisition (SCADA) systems are used to remotely monitor wells.
This document provides instructions for editing product prices and statuses in bulk or individually through a seller panel. It outlines how to:
1) Edit individual product prices and view expected payouts.
2) Download a CSV file of selected product columns, edit prices and statuses in the file, and upload the file to change multiple products at once.
3) Change the status of individual products or download an inventory CSV to change statuses in bulk.
4) Share products on social media sites to promote products.
Este documento trata sobre la inteligencia emocional en la comunicación con pacientes. Explica conceptos como la inteligencia emocional, el aprendizaje emocional, las percepciones, sentimientos, necesidades y acciones de las personas. También analiza distorsiones cognitivas, la importancia de reconocer las emociones propias y ajenas, y estrategias efectivas para la comunicación como la escucha empática.
More recently, Nigeria began implementation of ambitious reforms aimed at significantly driving oil and gas industry impact on the domestic economy. This short paper focuses on major aspects on oil and gas industry regulation in Nigeria over the past 10 years, key impact of such regulations on the economy, challenges faced and highlights discussion points for the future.
Excitement in Tanzania’s gas potential is being tempered by
increasing resource nationalism as the East African country’s people
call for improved national development, other than gas exports.
Daniel Brett explores this intriguing situation exclusively for the
OPEC Bulletin.
It was published in the Official Gazette of August 18, 2017, with a republication dated August 21, 2017, the Decree No. 9,128/2017 (“Decree”) and the Provisional Measure No. 795/2017 (“MP 795/17”), which have modified the provisions of the tax legislation in regard to the exploration and production of oil and natural gas in Brazil.
SA GAS REGULATORY FRAMEWORK ANALYSIS.pptxPaul Vorster
This document provides an overview of South Africa's regulatory framework for natural gas. It outlines the key legislation and policies governing the country's gas industry, including the Gas Act which establishes the regulatory framework. It also discusses the role of the National Energy Regulator of South Africa (NERSA) in regulating gas transmission and prices. Bilateral agreements with neighboring countries around natural gas trade are also summarized.
Kazakhstan upstream fiscal and regulatory report alternative subsoil tax regi...Pravinkad941
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Daily dose of professional updates in newsletter form- 28th August 2019CA PRADEEP GOYAL
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IMPLICATIONS OF VAT BILL, 2014 ON OIL, GAS AND MINERALS [BAGAMOYO]
1. IMPLICATIONS OF VAT BILL,
2014 ON OIL AND GAS
INDUSTRY-THE CASE OF
TANZANIA
Macro-fiscal Policy, Advocacy and Tax Expert [URT]
Ministry of Energy and Minerals [TMAA]
Editors Forum on the Extractive Industry In
Tanzania
[
2. 1.0: EXTRACTIVE RESOURCES FOUND
IN TANZANIA
Natural
Gas
46.5
Trillion
Cubic
Feet
Oil
60 Million
Cubic Ft
Coal
>1.5
Billion
Tons
Uraniu
m
Mkuju
Project:
137.3
Million
Lbs
Namtumb
o - 35.9
Million
Lbs
Tunduru -
101.4
Million
Lbs
♦
MANYON
I
PROJEC
T: 19
Million
Lbs (57 M
Tonnes)
Iron Ore
103
million
Tons
Gold
45
Million
Ounces
Nickel
209
million
Tons
Tanzanite
&Other Colored
Gemstones
12.6 million
Tons
[Tanzanite]+51
Million
Carats
[Diamonds]
3. 2.0: OIL AND GAS OPERATIONS AND FISCAL REGIMES 2.1:
LEGAL FRAMEWORK OF OIL AND GAS SECTOR
Upstream legislations;
National Energy Policy 2003
Petroleum (Exploration and Production) Act, 1980
The Model Production Sharing Agreement, 2008
(MPSA) between the Government, TPDC and the Oil
Company.
Downstream legislations
Natural Gas Policy, 2013.
Natural Gas Act (in the making )
National Gas Utilization Master Plan
Crosscutting Legislations
Occupational Safety and Health Act, 2003
Environmental Management Act, 2004
Tax Legislations
Public-Private-Partnership Act, 2010
4. Source: Ministry of Energy and Minerals
Mkuranga 2007 (0.2 TCF)
Kiliwani 2008 (0.07 TCF)
Songo Songo [1974 (2.5 TCF)
Commercial operation, June2000 and
Commercial production, July, 2004]
Mnazi Bay 1982 (5 TCF)
[Located onshore at the Msimbati Peninsula,
Discovered in 1982]
Ntorya 2012 (0.178 TCF)
2.2: OIL AND GAS DISCOVERIES
TOTAL GIIP (December 2013): 46.5TCF
[38.5+8}
Deep Sea (2010-12) : 38.5 TCF
Total GIIP onshore = 8 TCF
[0.2+0.07+2.5+5+0.178]
5. 2.3: OIL AND GAS DISCOVERIES
LAKE TANGANYIKA NORTH
• The block is bordering DRC
• Lake Tanganyika
World's longest lake: 650 km
World’s second deepest lake: 1,500 m
Average width: 50 km
• Covered by sparse 2D seismic data which were
collected in the 1980s during the African Lakes’
Drilling Project.
• The data and report are available at TPDC.
6. 2.3: OIL AND GAS DISCOVERIES
The 4th Tanzania Deep Offshore Licensing Round 2013
Launching date: 25th October 2013
Mwl. Nyerere Conference Hall, Dar es Salaam –
Tanzania
Number of Blocks to be offered: Seven (7) Deep
Sea Blocks and L. Tanganyika North
♠ Blk 4/2A,
♠ Blk 4/3A,
♠ Blk 4/3B,
♠ Blk 4/4A,
♠ Blk4 /4B,
♠ Blk 4/5A,
♠ Blk 4/5B
7. 2.3: OIL AND GAS DISCOVERIES
OPEN ACREAGES FOR FUTURE LICENSING ROUND
FUTURE BIDDING
ROUNDS
Onshore:
Ruvuma
Mandawa Block
Kisangire Block
Selous Block
8. 2.3: OIL AND GAS DISCOVERIES
4
0
10
17
3
32
10
76
0
10
20
30
40
50
60
70
80
1952 - 1962 1963 - 1970 1971 - 1981 1982 - 1992 1993 - 2003 2004 - 2012 2013 - 2014 TOTAL
NUMBEROFWELLS
YEARS OF DRILLING REALIZATION
WELLS DRILLED from 1952 to APRIL, 2014
NO. OF
WELLS
9. 2.3: OIL AND GAS DISCOVERIES
[CURRENT EXPLORATION ACTIVITIES]
PSAs signed 25
Onshore Licenses 17
Offshore Licenses 8
Operating
Companies
17
Development
Licenses
3
10. 2.4: UTILIZATION OF THE NATURAL GAS AS TAXABLE BASE
IN ABSENCE OF VAT EXEMPTIONS
Power generation: 3,000 MW
LNG (Onshore)
Smelting plants
Cement industries
Other industries
Household (Homes)
Motor vehicles (CNG)
Fertilizer production
Methanol plants
Plastics industries
Other Petrochemical
Industries
11. 2.5: HISTORICAL PERSPECTIVE OF TAX INCENTIVES REGIMES IN
OIL AND GAS SECTOR
Tanzania does not have a specific tax regime for oil and gas,
but uses existing tax laws to tax the industry operators amid a
number of challenges.
Although Tanzania has had modest hydrocarbon production
since 2004, the tax framework of law and practice is not well
developed. There are no specific rules in the VAT Act, Cap 148
and Income Tax Act Cap 332 to deal with upstream projects so
there is nothing to cover situations like farm-in agreements,
development carries, or other sorts of M&A activities.
Tanzanian PSAs are not Principal Tax Legislations hence, the
TRA may not rely upon because they are overriding domestic
tax legislation unless they have been “legalized” by way of a
GNs. The government has so far been reluctant to provide
such a formalization of its contractual obligations and this is
becoming a more and more pressing issue as projects move
towards development.
12. 2.5: HISTORICAL PERSPECTIVE OF TAX INCENTIVES REGIMES IN
OIL AND GAS SECTOR
In addition to general taxes there are a number of levies
which are specific to PSAs. Annual charges are levied
based on the area covered by the license. Once
production commences royalty is due in cash or in kind.
This is a liability of TPDC as formal holder of the license
and the liability is discharged before the calculation of
production sharing. The rate of royalty for deep water is
5% under the 2004 Model PSA.
The 2008 Model PSA also provides for an additional
profits tax („APT‟). This is a contractual obligation, and is
not covered by tax legislation. The 2004 Model PSA does
not provide this though we are aware that some older
PSAs also include it. The APT is based on the project's
rate of return.
13. 2.5: HISTORICAL PERSPECTIVE OF TAX INCENTIVES REGIMES IN OIL AND
GAS SECTOR
Under the VAT Act, Cap 148, the First Schedule is for
Export goods which stipulates that,
“Exportation of goods and services from the United Republic of
Tanzania provided evidence of exportation is produced to the
satisfaction of the Commissioner.”
The Evidence for the Oil and Gas Export License has to be
covered though this Law however, was in place before Oil
and Gas had come up with the new Policy and expectations
for export.
Under the Second Schedule of VAT Act Cap 148 the
Petroleum Products like Aviation spirit, spirit type jet fuel
and kerosene type Jet fuel (Jet A-1), LPG gas and LPG
cylinders, Petrol (MSP and MSR), diesel (GO), kerosene
(IK), heavy furnace oil (HFO), industrial diesel oil (IDO) and
AVGAS were given exemption.
14. 2.5: HISTORICAL PERSPECTIVE OF TAX INCENTIVES REGIMES IN OIL
AND GAS SECTOR
Third Schedule Under the VAT Act a special relief is
available to companies in the exploration phase to
eliminate VAT on procurement of goods and services.
Though the precise cut-off point is unclear, this relief will
not be available for development costs. This gives rise to
the potential for significant Tanzanian input VAT to be
incurred on services during the development and
production phase. Even once sales begin to be made by a
project most of these are likely to be exports and therefore
zero rated, leaving companies with excess input VAT.
Though most E&P companies that have made VAT
repayment claims so far have been paid by the TRA after
an audit, there is a high risk that the process will slow
once the size of the claims increases.
Likewise, Oil and Gas companies were given Relief on
Capital goods under Item 26 which says:
“The importation by or supply of capital goods to any person”.
15. 2.5: HISTORICAL PERSPECTIVE OF TAX INCENTIVES REGIMES IN OIL AND
GAS SECTOR
The Third Schedule to the VAT Act Cap 148 gives Relief for
the
“Importation by or supply to AES Tanzania Services Limited,
Ocelot International Tanzania Ltd, Pan African Energy Tanzania
Limited and Songas Limited of goods and services required for
the Songo Songo project.”
The aim here has been to enhance productivity at Songo
Songo project through costs reduction on importation of
goods and services .The VAT Act does not specifically
address activities under a JOA. This gives rise to
uncertainty over how VAT applies, for example it is not
clear whether a JV billing is a VATable transaction or
whether the operator is entitled to recover all VAT on behalf
of the JV. Many other areas of uncertainty are likely to
emerge as development programmes move forward.
16. 2.5: HISTORICAL PERSPECTIVE OF TAX INCENTIVES REGIMES IN OIL AND
GAS SECTOR
Once VAT refunds payment fully operational many issues
go away; unfortunately, there was no budget for net VAT
revenue except gross revenue and refunds; VAT refunds
had not been made on a timely basis
The current VAT exemptions on general business inputs
such as fuels, commercial land sale and lease, IT
equipment are problematic; which causes “cascading “of
VAT that raise costs for midstream in investments.
The VAT exemptions in PSAs had not been treated to be
necessary taking into account that refund system had
not been properly worked ; The VAT treatment of gas has
not been effected at transfer points: upstream to
midstream and downstream.
17. Registration Threshold [Turnover in
the twelve months is above
40million or 10 million Shillings in a
period of three consecutive months
w.e.f July, 2004 [As per Regulation
of the VAT Act, Cap 148 and
Section 30 of the VAT Bill
Normally holders of Special
Mining License and Mining
License for the Gemstone and
Cement Producing Companies
LARGE SCALE MINING
[SML fee USD 5,000; ML fees USD2,000]
Normally holders of Mining
License; They May keep
records but not proper
MEDIUM SCALE
MINING
[ML fees USD 2,000]
Normally holders of Small
Mining License or artisanal
miners; They Do not keep
records
SMALL SCALE
MINING
[Primary License TZS
50,000/=]
Commission
er General
of TRA
TRA
Compulsory VAT-registration by the
Commissioner General under
Section 35 of the VAT bill
Mining
Industry
Prospecting
and
Development
Activities are
Tax Shelter
Ventures; metallic
minerals; energy
minerals; gemstone
excluding kimberlitic
diamond; kimberlitic
diamond ; industrial
minerals; or building
materials.
Closure Operations
as part of Mining
Operations
[VAT Deregistration
under Non-
Continuity of
Economic
Activities/Business
3.0: MINING OPERATIONS, LICENSING AND VAT REGIME
18. 3.1: MINE LIFE CYCLE AND VAT LIFE CYCLE
Phases of Mining Operations
Source: Mafw enga H.M (2013)
19. 3.2: HISTORICAL PERSPECTIVE OF TAX INCENTIVES REGIMES IN
MINING
Under the VAT Act, Cap 148 tax incentives are categorized into
three Schedules: First Schedule for Zero rated, Second
Schedule for Exemptions and the Third Schedule for Special
Relief;
First Schedule is for Export goods which stipulates that;
“Exportation of goods and services from the United Republic of
Tanzania provided evidence of exportation is produced to the
satisfaction of the Commissioner.”
The Evidence for the Mineral exportation is Export License issued
by the Mine Zonal Officer. This Law however, was in place before
Oil and Gas had come up with the new Policy and expectations for
export though could have been covered as well upon export.
Second Schedule covers all exempt supplies where mineral
products had not been exempt.
20. 3.2: HISTORICAL PERSPECTIVE OF TAX INCENTIVES REGIMES IN MINING
CONT…..
Third Schedule gives relief to mining industry; under Item 8
which states that Special relief prevails for the;
“Importation by or supply to a registered licensed drilling, mining,
exploration or prospecting company of equipment to be used
exclusively for drilling, mining, exploration or prospecting
activities”.
The aim of the Finance Act, No 5 of 2011 has been to provide
Relief to Mining companies on goods and services whether
acquired outside URT or within the URT. This however,
confiscated the rights to enjoy Relief for the Mining companies
which have MDAs dealing with mining operations; on contrary
mining companies which were not for exploration or
prospecting had to pay VAT and claim for the refund.
However, due to the Challenges in the lag-refund repayments
which affect Cash flows on part of the mining companies , this
methodology has not been preferred by the mining companies
bearing in mind that the Government has not been able to pay
21. 3.2: HISTORICAL PERSPECTIVE OF TAX INCENTIVES REGIMES IN MINING
CONT…..
The Finance Act, No 5 of 2011 ISSN 0856 - 033IX came up
with the following narration under Para 8(2);
“The importation by or supply to a registered and licensed mining
company which has a mining development agreement with the
Government executed before 1st July, 2009.“
In this case, Mining Companies holder of MDAs which
signed MDAs before 1st July, 2009 were given Special
Relief so as to respect terms and conditions pertaining to
the Contracts; Other Companies have no such relief the
aim being to reduce erosion of tax base resulting from the
Special Relief on part of the Government.
22. 3.2: HISTORICAL PERSPECTIVE OF TAX INCENTIVES REGIMES IN MINING
CONT…..
Likewise, Mining companies as it is for the Oil and Gas
companies were given Relief on Capital goods under Item
26 which says:
“The importation by or supply of capital goods to any person”.
The Major Mining Companies are holder of MDAs hence
were given this Relief similar to any other companies, they
had also been able to get relief on the capital goods
acquired or purchased from the domestic market contrary
to the objective of the VAT Act, Cap 148.
23. 4.0: IMPLICATIONS OF VAT ACT, 2014 [HEREINAFTER KNOWN AS VAT BILL,
2014] ON OIL GAS AND MINING COMPANIES
As a General Rule! The VAT Bill, restrict exemptions that
could occur outside the scope specified by the Law; this
also prohibit promise, commitment or understanding given
whether in writing or otherwise by any person or any
Government entity to override such General rule. However,
the Law has adopted the Exemption and Credit Methods
that could be applicable under the Treaties upon approval
by the Minister.
Implications:
The Bill protects Sovereignty of Parliamentarians and protect
the tax base; while on contrary does not preserve room for
the flexibility and may distort economic choice to investors if
Parliamentary Session is to be held after a longer period of
time
24. 4.0: IMPLICATIONS OF VAT ACT, 2014 [HEREINAFTER KNOWN AS VAT
BILL, 2014] ON OIL GAS AND MINING COMPANIES
The VAT Bill has only one Schedule as compared to the VAT Act Cap
148; the Oil and Gas industry is covered under Part II Item 10 whereby
the imports of goods are exempt on the following Conditions;
1.The import of goods must be made by the registered and licensed
explorer or prospector of oil and gas;
2.The goods imported be exclusively in use of an oil or gas
exploration or prospecting activities;
3.The goods imported must first be eligible for relief under
Customs duties under East African Customs Management Act,
2004
Implications:
1) Goods imported by the Oil and Gas companies after the commercial
operation or production starts will not be exempt thereby adding
costs on part of the companies especially for the goods which may
not fall under deferment scheme thereby affecting cash flow on their
part
2) The VAT net will be increased and the tax base will be broadened
25. 4.0: IMPLICATIONS OF VAT ACT, 2014 [HEREINAFTER KNOWN AS VAT
BILL, 2014] ON OIL GAS AND MINING COMPANIES CONT…..
The First Schedule which dealt with Zero rating is to be eliminated
instead the VAT Bill provides Zero rating in the Specific Provision i.e.
Section 58 on the following conditions;
1.When goods have been exported outside URT shall not be
imported into the URT by the supplier or installed or assembled;
2.When goods have not been entered for home consumption after
being imported shall be deemed to be export and subject for zero
rating;
3.When such sale of goods are supplied to tourist or visitor by a
licensed duty free vendor shall be zero rated but only if they have
not been re-imported.
Implications:
1) The Bill introduce the destination Principle while only exports will be
zero rated thereby enhancing the VAT Net and protect the erosion of
the tax base and reduce scope of the input tax claim
2) However, companies that could deal with services associated to the
export of goods and other related activities may add costs
27. 4.0: IMPLICATIONS CONT…..
Distinct characteristics of each element of the value chain require
different treatment to attract investments. in that regard VAT Bill under
Section 14 stipulates for Single and Multiple supplies where a supply
consists of more than one element, the following Criteria shall be
taken into account when determining how the supply applies;
1.Every supply shall normally be regarded as district and
independent
2.Supply that consists of single supply from an economic,
commercial or technical points of view shall not be artificially
split [e.g. Gas Cylinder and LPG]
3.Essential features of transactions should be ascertained in
order to determine whether the customer is being supplied with
several district principal supplies or with a single supply;
4.A supply shall be regarded as ancillary or incidental to a
principal supply if it does not constitute for customers an aim in
itself but is merely a means of better enjoying the Principal
thing supplied.
28. 4.0: IMPLICATIONS CONT…..
What if Upstream, Midstream and Downstream projects offer products that
would be deemed to be Single Supplies but one element is exempt and
the other zero rated?
In the current VAT Act Cap 148 exempt supplies when exported were
deemed to be exempt and zero rated were deemed to be zero rated;
the exempt had no chance of attracting input tax; in the VAT bill
where a supply is both exempt and zero rated the supply shall be
zero rated; this means upon export when there is exempt and zero
rating, the zero rating would prevail
Implications:
1) Under the VAT Bill, the taxable person will be able to enjoy input tax
claims which would enhance value chain and ensures predictability
of cash flows
2) This would reduce the VAT net and tax base that would likely
decrease the budget cake
29. 4.0: IMPLICATIONS CONT…..
What if One of the segment of Economic activity is sold
e.g. Songosongp Project opts to sale Downstream
Segment or ABG opts to sale one of its Mine project?
Implications:
1) The VAT Bill broaden the tax base by introducing VAT on partial
sale of economic activity as going concern
30. 4.0: IMPLICATIONS CONT…..
Are Oil, Gas and Minerals Taxable Products? YES
Oil, Gas and Minerals are supply which are not exempt
supply unless stipulated under specific provisions; and
whenever, are made in Mainland Tanzania by Oil, Gas and
Mining companies which are taxable persons when acquire
supply for the furtherance of an economic activity carried
out by them (Section 2) and when they are exported will be
taxable at a zero rate no matter there are exempt supplies
or not (Section 58)
Implications:
1) If they are not exported; companies will pay 18% of
invoice value of taxable supplies or taxable imports
(Section 3) this will increase the VAT net and preserve for
the predictable tax base, the tax burden will shift to the
ultimate consumer of oil, Gas and minerals.
2) If exported; companies will reclaim all the input tax
relating to the furtherance of the person’s economic
activities (Section 71(1)(b)(c) this will enhance
productivity, predictability in cash flows on the person’s
economic activity as incentive and will reduce the VAT
31. 4.0: IMPLICATIONS CONT…..
Are Petroleum Products taxable? NO
They are exempt under Para 15 of the Schedule
Aviation Spirit 2710.12.30
Spirit Type Jet Fuel 21710.12.40
Kerosene Type Jet Fuel (JET A-1) 2710.19.21
Petrol (MSP and MSR) 2710.12.20
Diesel (GO) 2710.19.31
Kerosene (JK) 2710.19.22
Bitumen 27.14
LPG 2711.11.00
Implications :
1) They have no VAT element hence, enhance productivity,
ensures predictability of cash flows and increase economic
efficiency to taxable persons
2) However, Would likely reduce the VAT net and reduce the tax
base
32. 4.0: IMPLICATIONS CONT…..
Deferment of VAT on Capital Goods
The definition of Capital goods is based on the “Use Test Rule”
in line with Section 11(10) of the VAT Bill; under the following
conditions;
a)The goods must be for use in the economic activity;
b)The Economic activity must be owned by the registered
person;
c)The goods must have a useful economic life not less
than one year and which are not consumables or raw
materials or imported for the Principal purpose of resale
on the ordinary course of carrying on person’s economic
activity.
Implications:
The mining companies typically export most, if not all of their
outputs combined with their large investment needs may
complicate deferment objective because they will be in a net-
refund situations seeking to reclaim input tax
33. 4.0: IMPLICATIONS CONT…..
What about the Refund administration?
The refund will be made when the output tax exceed input tax
and when there is no set-off between output tax and input
tax; the extent to which the balance will be carried forward for
six month or more tax periods
Implications
1) This enhance stability and predictability in the cash flows
for taxable persons as would serve as tax savings from the
outset
2) However, the period of six months has been the practice
under VAT Act, Cap 148, apart of having special account
and the extent to which VAT refunds are not guided by the
Appropriation Act, has remains to be a big challenge
34. Is 50% Rule a Solution? YES
The 50% Turnover Rule on zero-rated is adopted where 50% or more of
the person’s turnover are zero rated there will be no carry-forward. This
means turnover is not able to collect output tax e.g. the case of mining
companies; or 50% input tax Rule is applicable on acquisition or imports
that relate to making supplies that are or will be zero-rated; e.g. Input tax
associated to the production of minerals (eg quarry operation on
cement) if are 50% or more will be refunded without carried forward.
The application for the refund shall not be made more than 3 years
after the end of the tax period to which the negative net amount
relates . The decision shall be made by CG within 90days of its
receipts.
The refund application are not subject to audit and investigations so
as to preserve room for the “Principle of Certainty” that taxpayers
information will be trusted by the TRA
Implications: In the absence of effective tax administration would cause
fictitious declaration; however, this gives taxable persons stable,
predictable and effective planning of economic arrangement if the
period of 90 days could be reduced to 30 days.