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THE INSTITUTE OF FINANCE MANAGEMENT

THE FACULTY OF ACCOUNTING, BANKING & FINANCE


DEPARTMENT OF ACCOUNTING

NAME REG.NO
Ali Nassor Saleh UPA/DAC/17/92916
Aysha Haruna Hassan UPA/DAC/17/81793
Azzah Saleh Mohd UPA/DAC/17/80748
Alchelaus B Mushema UPA/DAC/17/92980
Alexander Prudence UPA/DAC/17/90457
Shaaban A Senzota UPA/DAC/17/93041

Question.1
Explore the following business regulatory agencies in Tanzania and
describe their functions; BRELA and TRA
The Business Registrations and Licensing Agency (BRELA) is an Executive Agency
under the Ministry of Industry and Trade responsible for business administration and
regulation of the laws; namely Companies Registration, Business Names Registration,
Trade and Service Marks Registration, granting of Patents and issuing of Industrial
License. It was established under the Government Executive Agencies Act No. 30 of
1997 and formally launched on 3rd December 1999.

The following are the functions of BRELA


 To administer companies and business names laws.
 To regulate business by administering business and industrial licensing laws. are
responsible for issuing permits that allow individuals or companies to conduct
business within the government's geographical jurisdiction.
 To administer intellectual property laws that includes intangible creations of the
human intellect.Intellectual property encompasses two types of rights: industrial
property rights and copyright
 To encourage and facilitate local and foreign business investment
 To stimulate scientific and technological inventiveness and innovation and
encourage technology transfer.
 To protect the development of creativity in artistic, literary works, and expression
of folklore by protecting such work in conjunction with rights owners.

The Tanzania Revenue Authority (TRA) is a government agency of Tanzania, charged


with the responsibility of managing the assessment, collection and accounting of all
central government revenue. It is a semi-autonomous body that operates in
conjunction with the Ministry of Finance and Economic Affairs.The TRA was
established by Act of Parliament Not. 11 of 1995, and it started its operations on 1
July 1996. In carrying out its statutory functions, TRA is regulated by law, and is
responsible for administering impartially various taxes of the Central Government.

The following below are the functions of TRA


 Assess, collect & account for Government Revenue by issuing correct tax
assessment in accordance with tax laws.
 Administer revenue laws by collecting taxes according to the existing tax laws,
regulations and procedures.
 Advise Govt on fiscal policy TRA will provide advice to the Government and
other government organs on matters pertaining to fiscal policy and its
implementation.
 Promote voluntary tax compliance by educating tax payers and other stakeholders
on their rights and obligations.
 Improve quality of service by providing high quality service to tax payers and
other stake holders.
 Counteract Fraud – tax evasion by providing feedback for tax evasion
information provided by taxpayers and the public, and in case of tax recovery, the
provider of information will be awarded 3 percent of tax collected provided that
the amount of reward will not exceed Tsh. 20 million.
REFFERENCES

1. https://www.zoomtanzania.com/biz/business-registrations-and-licensing-agency-
brela
2. http://www.tra.go.tz/index.php/80-taxpayer-s-charter/85-tra-obligations
3. http://tanzaniahighcommission.my/index.php/investment/brela
4. https://en.wikipedia.org/wiki/Intellectual_property