TANZANIA Revenue Authority (TRA) urges business owners to comply with receipt issuance laws by providing authentic receipts when conducting transactions. This ensures transparency and accountability in their commercial activities.

Flavian Byabato, the Principal Tax Supervisor Officer of TRA in Tanga region, addressed journalists at the TCCIA 11th Tanga Trade Fair and Tourism Exhibition held at Usagara grounds. 

He emphasized the significance of issuing authentic receipts under the law, stressing the importance of using the company's real name on Electronic Fiscal Devices (EFD) during business transactions.

Byabato further encouraged emerging business owners to register their businesses with the Tanzania Revenue Authority at local offices.

It is said that authentic receipts play a pivotal role in fostering transparency within business transactions, serving as a cornerstone for accountability and financial integrity.

In fact, economists emphasize that the issuance of genuine receipts is not merely a regulatory requirement but a fundamental practice that bolsters trust between businesses and consumers. By providing authentic receipts, businesses not only adhere to legal obligations but also demonstrate their commitment to ethical conduct and financial transparency.

From an economist's perspective, the act of issuing authentic receipts is integral to the overall economic ecosystem as the documents serve as tangible evidence of financial transactions, aiding in the tracking of revenue streams and expenditure patterns.

Such transparency not only enables businesses to maintain accurate financial records but also facilitates compliance with tax regulations and other statutory requirements, thereby contributing to a more robust and sustainable economic environment.

Moreover, economists assert that the practice of issuing authentic receipts enhances market efficiency by reducing instances of fraud, tax evasion, and other illicit activities. By promoting transparency in business dealings, authentic receipts help to level the playing field and create a fair marketplace where all participants operate on equal footing.

This, in turn, fosters healthy competition, stimulates innovation, and ultimately leads to economic growth and prosperity.

On the other hand, Business Registration and Licensing Agency (BRELA) urged entrepreneurs to register their businesses and companies through the trade ministry's executive agency which would ensures easier access to tender applications issued by government institutions.

BRELA’s Legal Officer Lupasyo Mwambiga shared this insight with journalists seeking clarity on the registration conditions and advantages of enrolling with the agency.

He said that it's important for entrepreneurs and business owners to see how potential to formalizing their businesses and companies for registering and obtain business licenses that will not only abstain them from any legal disturbances but also will helping them to implement their daily business activities softly.

"There is often confusion between A and B business licenses issued by district and municipal councils and those issued by BRELA. These licenses vary, with national and international-level licenses solely available through BRELA, which holds the mandate for such offerings,” he explained.

Adding that: “To prevent unnecessary disruptions and costs, I strongly recommend that individuals seek business license education at a BRELA office to gain clarity on the process. The main goal is to educate customers on the specific type of license that best suits their needs.”

He further highlighted that Small and Medium-sized Entrepreneurs (SMEs) looking to register their small factories and industries, as well as large enterprises new to the sector, should visit their respective offices. Those in the Tanga region are encouraged to attend the trade fair exhibition to receive free education.