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Business Studies for Secondary Schools
for business registration, record-keeping, provisions for the presumptive tax regime,
annual returns, and corporate governance. simplifying tax compliance for eligible
It ensures that businesses operate with a small businesses by allowing them to pay
a fixed tax based on turnover rather than
degree of transparency and accountability.
detailed profit calculations.
Business Activities Registration Act Value Added Tax (VAT) Act (Cap 148 RE
FOR ONLINE READING ONLY
(Act No. 12 of 2007), and Business 2019): This Act governs the application
Registration and Licensing Reforms of VAT, which applies to businesses that
(2023): This Act mandates the registration
of various business activities, ensuring exceed a certain turnover threshold. It
that all businesses operate legally and are regulates the collection and remittance of
known to the government. It helps the VAT, which is a tax on the value added at
government to track business activities each stage of production and distribution.
and ensures that businesses operate
within the legal framework. Employment and Labour Relations Act (Act
No. 6 of 2004; CAP 366 rev. 2019): This Act
National Industries Licensing and protects the rights of employees, including
Registration Act (2002): These are those working in small businesses, to
government efforts to streamline business ensure fair treatment of employees. It
registration and licensing processes, makes provisions for core labour rights,
reducing the administrative burden on small establishes basic employment standards,
businesses. For example, BRELA’s online provides a framework for collective
registration system reduces bureaucratic bargaining, prevention and settlement of
hurdles as it creates a more efficient and disputes, and provides for related matters.
transparent business environment. Occupational Safety and Health Act (Act
Microfinance Act Cap. 407 (Act No. 10 No. 5 of 2003): This Act ensures that
of 2018) and Regulations (2019): The businesses provide employees with a
Central Bank of Tanzania famously safe and healthy working environment.
known as Bank of Tanzania has issued It sets out standards for workplace
regulations governing microfinance safety and requires businesses to take
business in Tanzania. These regulations measures to prevent accidents and
are meant to provide the operational injuries. Small businesses in Tanzania are
guidance for the management, supervision, legally obligated to comply with these
and administration of each Microfinance occupational safety and health regulations
business in the country. under the Occupational Safety and Health
Administration (OSHA).
Income Tax Act (Cap 332 RE 2019): This
Act outlines businesses’ tax obligations, Fair Competition Act (Act No. 8 of 2003):
including small businesses. It includes This Act promotes fair competition and
protects consumers from anti-competitive
Student’s Book Form Three 38
