Tanzania Lost $48 Billion From Under-Stated Value Of Exported Mineral Concentrates, Reveals Report

Africa | Tanzania June 13, 2017

A damning report on mineral sand investigation in Tanzania has revealed that between 1998 and March 2017 Tanzania lost a staggering Tanzania shillings 108 trillion that is equivalent to $48 billion, in unpaid revenue taxes accruing from under-declared value of mineral concentrates exported by mining companies operating in the country. The investigation was conducted a presidential committee led by professor Nehemiah Osoro of the University of Dar es Salaam, with the report presented to president John Magufuli on June 12, 2017. The report that is the second and probably the last, about mineral sand investigation in Tanzania, is very likely to lead to radical and water tight mining policies to ensure such colossal losses in the mining sector do not occur again. It is totally unacceptable that Tanzania should allow a loss from the export of its own mineral concentrates that amounts to the cost of almost 6 projects of the magnitude of its planned Standard Gauge Rail (SGR) project the country is now struggling to finance!

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