Contents - Tanzania Revenue Authority

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PART ONE 1.0 ART OF ENTREPRENEURSHIP STARTING A NEW BUSINESS 1.1 ART OF ENTEPRENEURSHIP The word entrepreneurship comes from the word enterprise and means: • Determination to look for and eagerness to get wealth • The ability to identify existing opportunities and courage to exploit emerging opportunities • The ability to overcome obstacles that may hinder business operations. Therefore an entrepreneur is a person who is able to identify and exploit existing opportunities to establish and manage viable enterprises by applying the main pillars of business, which are; manpower resources and working capital. He is a planner with a vision and mission who is dedicated to run his/her business with success. He is also confident, selfdriven ready to work for long hours; a person who is quick to realize his/her mistakes and take remedial measures; and one who is willing to spot out other talents and use them to accomplish business plans 1.2 MEANING OF BUSINESS Business is an act of buying and selling property, goods and/or delivering services, with the aim of earning profit. The national policy of 2003 of developing small and medium size entrepreneurs divides businesses into four main categories by considering the number of employees and operating capital as follows:- 1
SN BUSINESS TYPE NO. OF EMPLOYEES BUSINESS CAPITAL 1. Minor enterprise 1 to 4 Under TZS 5,000,000/= 2. Small enterprise 5 to 49 From TZS 5,000,000/= 3. Medium enterprise 50 to 99 To TZS 200,000,000/= From TZS 200,000,000/= To TZS 800,000,000/= 4. Large Enterprise Over 100 Over TZS 800,000,000/= Table no 1: CATEGORIES OF BUSINESS Other criteria used by Tanzania Revenue Authority to determine categories of taxpayers are the yearly net-capital sales or the magnitude of taxes one pays per year. As business location has a great influence on the performance of an enterprise, you should therefore: - • Make sure that your business site is legally recognized in terms of land registration and building permits • Identify existing institutions, resource people, and government departments which can play a role in strengthening your business • Make sure that there exists the necessary business infrastructure (roads, water, electrical supply, etc.) 1.3 CONSIDERATIONS FOR DETERMINING THE RIGHT BUSINESS Before you engage in business, you should decide what type of enterprise you would operate by considering the following parameters:- • The availability of raw materials, goods or services, you want to sell or offer • Competitors against your business • Market for your goods, and interests of the customers • Running cost of your business • Procedures of paying taxes and various fees 2
Page 3 and 4: CONTENTS PREFACE . . . . . . . . .
Page 5: administration, management skills w
Page 9 and 10: • Sole proprietorship • Partner
Page 11 and 12: offence and upon conviction the lic
Page 13 and 14: Schemes. PART TWO 2.0 DEVELOPING YO
Page 15 and 16: PART THREE 3.0 DEVELOPING A SUCCESS
Page 17 and 18: (b) Opportunities • External capi
Page 19 and 20: PART FOUR 4.0 EFFECTIVE SALESMANSHI
Page 21 and 22: • Attract customers to buy at fir
Page 23 and 24: GOODS (c) Running Cost • Avoiding
Page 25 and 26: have obtained from this training.
Page 27 and 28: 6.3 TYPE OF RECORDS There are many
Page 29 and 30: At the end of each tax period add t
Page 31 and 32: enter into the country for example,
Page 33 and 34: Computation of duty and tax will be
Page 35 and 36: Example 5 Calculations Duty/Tax Typ
Page 37 and 38: • Income from business A person
Page 39 and 40: Allowable costs (i) Salaries and re
Page 41 and 42: (ii) Partnership Under a partnershi
Page 44: To pay tax voluntarily is an act of

Contents - Tanzania Revenue Authority

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