Tanzania Act or statute

Parliament of Tanzania

The Tax Reserve Certificates Act

approval requirementscertificate holdingcertificate issuancecertificate redemptioncertificate replacementcertificate surrendercertificate transfercitationdefinitionsdelegation of powersfeesfinancial certificatesinterest paymentsnotificationsrecorded value exchangeredemptionregistrationrevenue collectionshort titletax administrationtax certificatestax paymenttax reserve certificatestransaction limits

Jurisdiction: Tanzania
Structure: 18 provisions
Citation: The Tax Reserve Certificates Act
Dates: Undated source snapshot

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Purpose and legislative effect

“This section says the Act may be cited as the Tax Reserve Certificates Act.”

This section says the Act may be cited as the Tax Reserve Certificates Act. This section defines several terms used in the Act, including “Accountant General,” “Act,” “Commissioner,” “Minister,” “prescribed,” “registered holder,” and “tax.” The Minister may issue and regulate tax reserve certificates, including their form, denominations, and any conditions he prescribes. A person may buy certificates if they apply in the prescribed manner to the Accountant General and pay an amount equal to the certificates’ face value. The Accountant General must register the purchaser, or the transferee if a certificate is transferred, as the registered holder in the prescribed manner.

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Short title

This section says the Act may be cited as the Tax Reserve Certificates Act.

Section 1

Registration of Purchase and transfer

The Accountant General must register the purchaser, or the transferee if a certificate is transferred, as the registered holder in the prescribed manner.

Section 5

Redemption by registered holder

A registered holder may redeem a certificate after three years by giving written notice and surrendering it to the Accountant General; early surrender may be allowed in special cases, and interest is normally not payable unless the Minister authorises it.

Section 10

Surrender for certificates of less value

A registered holder may surrender a certificate to the Accountant General, if done on application in the prescribed manner, and receive two or more certificates of lower face value that together equal the surrendered certificate.

Section 14

No derogation from Act

Nothing in this Act overrides the provisions of the Act.

Section 18

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Showing 18 of 18 provisions

Provision 17Short title

§ 1Short titleShort title

This section says the Act may be cited as the Tax Reserve Certificates Act.

1. This Act may be cited as the Tax Reserve Certificates Act. Interpretation Act No. 16 of 1983 s. 56 Cap. 332 Cap. 399

Section 1Verify source

§ 2Issue of certificatesProvision

This section defines several terms used in the Act, including “Accountant General,” “Act,” “Commissioner,” “Minister,” “prescribed,” “registered holder,” and “tax.”

2. In this Act, unless the context otherwise requires- “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; “Commissioner” means the Commissioner General appointed under the Tanzania Revenue Authority Act; “Minister” means the Minister responsible for finance; “prescribed” means prescribed by regulations made under section 17; “registered holder” means a person registered as the holder of a certificate pursuant to section 5; “tax” means income tax and surtax charged under the Act. Issue of certificates Act No. 16 of 1983 s. 57

Section 2Verify source

§ 34. Purchase of certificatesProvision

The Minister may issue and regulate tax reserve certificates, including their form, denominations, and any conditions he prescribes.

3. 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. Purchase of certificates

Section 3Verify source

§ 4Purchase of certificatesProvision

A person may buy certificates if they apply in the prescribed manner to the Accountant General and pay an amount equal to the certificates’ face value.

4. A 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. 322 ©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG. THE TAX RESERVE CERTIFICATES ACT [CAP. 374 R.E. 2023] Registration of Purchase and transfer

Section 4Verify source

§ 5Registration of Purchase and transferProvision

The Accountant General must register the purchaser, or the transferee if a certificate is transferred, as the registered holder in the prescribed manner.

5. 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. Satisfaction of tax by certificates

Section 5Verify source

§ 6Satisfaction of tax by certificatesProvision

The registered holder may transfer certificates to the Commissioner in the prescribed manner, and the Commissioner may accept them at face value to pay all or part of a tax debt.

6. 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. Interest Ord. No. 21 of 1958 s. 2; Act No. 16 of 1983 s. 57

Section 6Verify source

§ 78. Certificates not normally transferableProvision

Interest on a certificate is paid at the prescribed rate for completed months after purchase, until the earliest transfer for tax, surrender, or the end of three years.

7.–(1) Subject to the provisions of section 10, there shall be paid on the face value of any certificate interest at the prescribed rate for every completed month commencing on the first day of the month next following the date of its purchase and ending on the last day of the month- (a) immediately preceding that in which it is transferred in payment of tax pursuant to section 6; (b) immediately preceding that in which it is surrendered pursuant to subsection (2) of section 10; or (c) which completes a period of three years after the first day of the month next following the date of its purchase, whichever is the earlier. (2) Interest payable under the provisions of subsection (1) of this section shall be paid by the Accountant General- (a) in the case of a transfer to the Commissioner pursuant to section 6, to the registered holder who so transfers it, on receipt by the Accountant General of notification in the prescribed manner of the transfer; and (b) in the case of a surrender to the Accountant General pursuant to section 10 (where the Minister has authorised the payment of interest), to the registered holder who surrenders it, on its surrender. (3) Where a certificate is transferred in payment of tax on or before the due date for payment within the meaning of the Act, that certificate shall, for the purposes of paragraph (a) of subsection (1) of this section, be deemed to have been transferred on the day following that due date for payment. 323 ©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG. THE TAX RESERVE CERTIFICATES ACT [CAP. 374 R.E. 2023] Certificates not normally transferable Ord. No. 36 of 1956 s. 2 Maximum holdings Act No. 16 of 1983 s. 57

Section 7Verify source

§ 8Certificates not normally transferableProvision

Certificates generally cannot be transferred without the Accountant General’s prior written consent, but some transfers by law or under execution are still allowed.

8.–(1) Save as is provided in section 6, a certificate may not be transferred to any person unless the Accountant General, being satisfied that the transfer is necessary for the avoidance of undue hardship to any person or is in the public interest, has given his prior consent in writing: Provided that, nothing in this section shall prevent the transfer or transmission of a certificate by operation of law or the attachment or sale of any certificate in execution of any decree. (2) On the transfer or transmission of a certificate pursuant to the provisions of this Act or by operation of law or on the sale of any certificate which has been attached in execution of any decree, the transferee shall notify the Accountant General of the transfer in the prescribed manner. (3) On the transfer or transmission of a certificate, otherwise than to the Commissioner pursuant to section 6, the transferee shall pay the prescribed fee to the Accountant General.

Section 8Verify source

§ 9Maximum holdingsProvision

A person cannot hold certificates worth more than fifty million shillings at one time unless the Minister gives prior written approval.

9.–(1) Save with the prior written approval of the Minister, no person may, at any one time, hold a certificate or several certificates of, or adding up to a value of more than fifty million shillings. (2) Where a person wishes to purchase a certificate of a value exceeding fifty million shillings, or a certificate which if bought in addition to the other certificate or certificates he already holds, would render him a holder of certificates of a value exceeding fifty million shillings, he shall apply in writing in that behalf to the Minister. (3) An application made to the Accountant General under section 4, pointing out the fact the certificate applied for where granted would render the applicant a holder of certificates of a value exceeding fifty million shillings, shall be deemed to be a proper application to the Minister for the purposes of this section. (4) Where it appears to the Accountant General that an application made for the purposes of section 4 does not comply with subsection (3) of this section and would, if granted 324 ©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG. THE TAX RESERVE CERTIFICATES ACT [CAP. 374 R.E. 2023] Redemption by registered holder Act No. 16 of 1983 s. 57 contravene the provisions of subsection (1), he shall forthwith refer the matter to the Minister whose decision on it shall be final and shall be complied with by the applicant as well as the Accountant General. (5) A decision by the Minister upon an application made under subsection (2) of this section shall be final, and shall be complied with by the applicant as well as the Accountant General.

Section 9Verify source

§ 10Redemption by registered holderProvision

10.–(1) The registered holder of a certificate may at any time after the expiration of three years after the first day of the month next following the date of purchase, on giving not less than three months’ notice in writing to the Accountant General, surrender the certificate to the Accountant General in the prescribed manner and, on so surrendering the certificate, shall be entitled to be paid an amount equivalent to its face value. (2) In the event of the death of the registered holder, or in any other special circumstances, the Accountant General may permit the surrender of a certificate before the expiration of the period of three years specified in subsection (1) of this section. (3) No interest shall be payable in respect of any certificate surrendered under the provisions of this section unless, in the opinion of the Minister, the circumstances in which the certificate is surrendered justify the payment of interest and he authorises the payment of interest accordingly. Redemption by Commissioner

Section 10Verify source

§ 11Redemption by CommissionerProvision

The Commissioner may surrender a certificate to the Accountant General at any time by delivery, and on surrender the Commissioner is entitled to payment equal to the certificate’s face value.

11. 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. Issue of duplicate certificates

Section 11Verify source

§ 1213. Devolution of powers and duties of Accountant GeneralProvision

A registered holder may get a duplicate of a lost, destroyed, or mutilated certificate from the Accountant General, if the prescribed application and fee are met; lost certificates also require Gazette notice before issue.

12.–(1) Subject to the provisions of subsection (2) of this section, a duplicate of any certificate lost, destroyed or mutilated may, on application in the prescribed manner and on payment of the prescribed fee, be obtained by the registered holder from the Accountant General. 325 ©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG. THE TAX RESERVE CERTIFICATES ACT [CAP. 374 R.E. 2023] (2) In the case of a lost certificate, no duplicate may be issued until the loss has been advertised in the Gazette at the expense of the registered holder. (3) On the issue of a duplicate, the certificate which it replaces shall immediately for all purposes cease to be operative and become null and void. (4) On the issue of a duplicate, the certificate which it replaces shall immediately become the property of the Accountant General and shall be immediately returned to him by any person into whose possession, custody or control it comes. Devolution of powers and duties of Accountant General

Section 12Verify source

§ 13Devolution of powers and duties of Accountant GeneralProvision

The Minister may, by Gazette notice, delegate all or any of the Accountant General’s powers and duties under this Act to a specified person.

13. 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. Surrender for certificates of less value Ord. No. 36 of 1956 s. 3 Proceeds of certificates to form part of general revenue

Section 13Verify source

§ 14Surrender for certificates of less valueProvision

14.–(1) The registered holder may at any time on application in the prescribed manner surrender a certificate to the Accountant General in exchange for two or more certificates of a face value less than, but in the aggregate equivalent to the face value of the certificate so surrendered. (2) Every certificate issued in exchange for a certificate surrendered under the provisions of subsection (1) shall, for the purposes of section 7, be deemed to have been purchased on the date on which the surrendered certificate was purchased or deemed to be purchased.

Section 14Verify source

§ 15Proceeds of certificates to form part of general revenueProvision

Money received from buying certificates must go into the United Republic’s general revenues and funds, and the Accountant General must pay redemption and interest amounts from those funds.

15. 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 on it 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. 326 ©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG. THE TAX RESERVE CERTIFICATES ACT [CAP. 374 R.E. 2023] Certificates to be deemed cheques Cap. 16 Regulations

Section 15Verify source

§ 16Certificates to be deemed chequesProvision

For Chapter XXXV of the Penal Code, a certificate is treated as a cheque.

16. For the purposes of Chapter XXXV of the Penal Code a certificate shall be deemed to be a cheque.

Section 16Verify source

§ 17RegulationsProvision

The Minister may make regulations to carry out this Act and prescribe matters that can or must be prescribed.

17. 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. No derogation from Act

Section 17Verify source

§ 18No derogation from ActProvision

Nothing in this Act overrides the provisions of the Act.

18. Nothing in this Act shall derogate from the provisions of the Act. 327 ©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG. ©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.

Section 18Verify source

Legislative relationships

3 referenced instruments

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A–F

2 instruments

Accountant General’s powers and duties under this Act
Section 13
Act. 18. Nothing in this Act
Section 18

N–S

1 instrument

Penal Code
Section 16

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