TEITI Releases Key Findings from 14th Report

Posted on: July 5th, 2024

*TEITI Releases Key Findings from 14th Report*

*Dar es Salaam, July 2024* - The Tanzania Extractive Industries Transparency Initiative (TEITI) has published the key findings of its 14th report, detailing of the contributions made by mining, oil and gas companies to the Tanzanian government and local authorities for the fiscal year 2021/22.

The report highlights significant contributions from the extractive industries, with a total of TZS 1.88 trillion reported in payments from selected companies for reconciliation. The mining sector alone accounted for 80.21% of the total government revenue from the extractive industries, with key contributors including North Mara Gold Mine Limited and Geita Gold Mining Limited, contributing TZS 767.9 billion and TZS 374.3 billion respectively.

*Key Findings:*

- *Corporate Tax:* The largest revenue stream, contributing TZS 1.34 trillion (71.17% of total government revenue).

- *Mining Royalties:* Amounted to TZS 317.4 billion (16.90%).

- *Profit Share for oil and gas sector:* Contributed TZS 65.26 billion (3.48%).

- *Service Levy:* Local government authorities received a total of TZS 16.8 billion (0.90%) from the extractive industries.

Notably, local government authorities also benefited from these contributions, with Geita Town Council receiving the highest amount of TZS 4.2 billion. The report underscores the importance of the extractive sector in supporting local development through these payments.

The report also identified discrepancies in the payments and revenues reported, with a noted difference of TZS 402.4 million (0.021%), emphasizing the need for improved accuracy and transparency in reporting processes.

*Social Contributions:*

- Companies made significant social contributions, with North Mara Gold Mine Limited leading with TZS 767.9 billion in payments, underscoring the sector's role in community development.

- Contributions to social security funds were substantial, with NSSF receiving TZS 88.48 billion, PSSSF TZS 2.27 billion, and WCF TZS 2.01 billion.

TEITI's 14th report reaffirms the critical role of the extractive industries in Tanzania's economy and highlights the ongoing need for transparency and accountability to ensure the benefits are widely shared. The report's findings will inform policy decisions and contribute to improved governance in the sector.

This news story is based on the key findings from the draft 14th TEITI report .