Tanzania
Tax Reserve Certificates Act
Chapter 374
- Published in Tanzania Government Gazette
- Not commenced
- [This is the version of this document at 31 July 2002.]
- [Note: This legislation has been thoroughly revised and consolidated under the supervision of the Attorney General's Office, in compliance with the Laws Revision Act No. 7 of 1994, the Revised Laws and Annual Revision Act (Chapter 356 (R.L.)), and the Interpretation of Laws and General Clauses Act No. 30 of 1972. This version is up-to-date as at 31st July 2002.]
1. Short title
This Act may be cited as the Tax Reserve Certificates Act.2. Interpretation
In this Act—"Accountant-General", in relation to any power or duty to be exercised or performed under this Act, includes any person to whom that power or duty has been delegated under section 13;"Act" means the Income Tax Act 1;"Commissioner" means the Commissioner for Income Tax appointed under section 129 of the Act;"Minister" means the Minister responsible for finance;"prescribed" means prescribed by regulations under section 17;"registered holder" means the person registered as the holder of a certificate pursuant to section 5;"tax" means income tax and surtax charged under the Act.3. Issue of certificates
The Minister may issue, and may regulate the issue of, tax reserve certificates in any form and of the denominations and subject to any conditions which he may prescribe.4. Purchase of certificates
Any person, on making application in the prescribed manner to the Accountant-General and on paying an amount equal to its face value, shall be entitled to purchase certificates.5. Registration of purchase and transfer
The purchaser and, in the case of a transfer, the transferee, of a certificate shall be registered by the Accountant-General as its registered holder in the prescribed manner.6. Satisfaction of tax by certificates
It shall be lawful for the registered holder to transfer in the prescribed manner to the Commissioner, and for the Commissioner to accept, any certificates at their face value in payment of the whole or, as the case may be, of part, of any amount due or payable in respect of any tax.7. Interest
8. Certificates not normally transferable
9. Maximum holdings
10. Redemption by registered holder
11. Redemption by Commissioner
The Commissioner may at any time surrender a certificate to the Accountant-General by delivery and on so surrendering the certificate shall be entitled to be paid an amount equivalent to its face value.12. Issue of duplicate certificates
13. Devolution of powers and duties of Accountant-General
The Minister may, by notice published in the Gazette, order that all or any of the powers and duties of the Accountant-General under this Act shall be exercisable and performed by any person specified in the notice and the powers and duties so delegated shall accordingly be exercisable and performed by the person so specified.14. Surrender for certificates of less value
15. Proceeds of certificates to form part of general revenue
The moneys received for the purchase of any certificate shall be paid into and form part of the general revenues and other funds of the United Republic and any amount required for the redemption of any certificate and for the payment of any interest omit shall be paid by the Accountant-General from the general revenues and other funds of the United Republic which are hereby charged with such payments for that purpose.16. Certificates to be deemed a cheque under Cap. 16
For the purposes of Chapter XXXV of the Penal Code a certificate shall be deemed to be a cheque.17. Regulations
The Minister may make regulations for the better carrying out of the purposes and provisions of this Act and for prescribing anything which is or may be prescribed.18. No derogation from Act
Nothing in this Act shall derogate from the provisions of the Act.History of this document
31 July 2002 this version
Consolidation