Capital Markets & Securities Authority
Home     Sitemap     Web Mail     FAQ     Contact Us
 
Search:
About CMSA      Legislations      Information      Downloads      News      Links
Information    Educational Programmes
Information
Educational Programmes
Public
Brokers
Companies
Other
 
 
Educational Programmes

INVESTORS’ GUIDE TO CAPITAL MARKETS

Financial markets are the markets for financial assets held by different investors over time. Financial markets can divided into two categories namely capital markets (markets in which financial assets with maturities greater than one year are traded) and money markets (markets in which financial assets with maturities of one year or less) are traded. The main purpose of any financial system is to transfer funds from Surplus Spending Units (SSUs) to Deficit Spending Units (DSUs) in the most efficient manner possible read more:

ISSUERS’ GUIDE TO CAPITAL MARKETS

Capital markets are markets for listed securities. It is the market in which securities are traded through the use of professionals. The market intermediaries include brokers and dealers. These are companies licensed by the Capital Markets and Securities Authority (CMSA) to facilitate trading of securities. Capital markets are divided into primary and secondary markets. Primary markets involve securities when they are issued to the public for the first time. The time needed to market these securities is also limited, usually three to four weeks. Selling of securities beyond this time is not allowed. There are also selected receiving agents who facilitate the selling of securities to the public. Secondary markets, on the other hand is a continuous market for securities already sold to the public during the primary market and they are in their hands. Secondary markets facilitate the exchange of securities among investors. The price at which these securities exchange hands is the prevailing market price. The investor will also be required to pay commission whenever they participate in the secondary market. DSE is one of the secondary securities markets in Tanzania. read more:

GUIDE TO ENTREPRISE GROWTH MARKET (EGM)

In an effort to modernize and develop capital markets in Tanzania, Capital Markets and Securities Authority (CMSA) carried out a study on the market structure most appropriate for the country. The study identified the need to change the existing structure to cope with the requirements of the economy as well as to facilitate the implementation of national policies aimed at economically empowering Tanzanians. Such policies include policy on encouraging Small and Medium Enterprises (SME) to grow, the National Strategy for Growth and Poverty Reduction (NSGR - Mkukuta), the Properties and Business Formalization Programme (PBFP - Mkurabita) and the Zanzibar Economic Growth Programme (Mkuza). read more:

MAMLAKA YA MASOKO YA MITAJI NA DHAMANA TANZANIA

Mamlaka ya Masoko ya Mitaji na Dhamana ilianzishwa mwaka 1995 kufuatia kupitishwa kwa sheria ya Bunge namba 5 ya Masoko ya Mitaji na Dhamana ya mwaka 1994 (Capital Markets and Securities (CMS) Act). Mamlaka ilianza shughuli zake chini ya uangalizi wa Benki Kuu ya Tanzania tarehe 8 Aprili 1994. Shughuli za Mamlaka zilitekelezwa na Gavana wa Benki Kuu ya Tanzania chini ya kifungu namba 149 cha sheria hii. Mamlaka ilijitenga rasmi na Benki Kuu mwanzoni mwa mwaka wa fedha 1995/96. Kuanzishwa kwa Mamlaka kulifuatia mabadiliko makubwa katika sekta ya fedha yaliyoanza miaka ya 1990. Mabadiliko haya yalipelekea, miongoni mwa mambo mengine ambayo ni kuanzisha na kujenga masoko ya mitaji kwa ajili ya kusaidia ukusanyaji wa mitaji ya muda mrefu na kuhakikisha kuwa mitaji hiyo inatumika kikamilifu na kwenye vitega uchumi vyenye ufanisi ili kusaidia ukuaji wa uchumi wa Tanzania. read more:

MWONGOZO KWA WAWEKEZAJI KATIKA MASOKO YA MITAJI NA DHAMANA.

Masoko ya fedha ni masoko yenye kuhusisha dhamana zinazomilikiwa na wadau mbalimbali. Masoko haya yamegawanyika katika sehemu kuu mbili: masoko ya mitaji na masoko ya fedha. Masoko ya mitaji ni masoko yanayohusisha dhamana za muda mrefu. Haya ni masoko ya dhamana na mitaji zenye kuiva baada ya muda wa zaidi ya mwaka mmoja. Masoko ya fedha yanahusika na dhamana za muda mfupi ambazo ni pungufu ya mwaka mmoja. read more:

JIEPUSHE NA MICHEZO YA PIRAMIDI “PYRAMID SCHEMES”

Katika siku za hivi karibuni baadhi ya watu wameshawishika kuwekeza katika mipango ijulikanayo kama “pyramid scheme” ambayo inaahidi faida kubwa ajabu ikilinganishwa na mchango mdogo ambao mwanachama anatakiwa kuchangia. read more:

MWONGOZO KWA SOKO LA KUKUZA UJASIRIAMALI NA KAMPUNI KUPITIA MASOKO YA MITAJI TANZANIA

Katika juhudi za kuendeleza soko, Mamlaka ya Masoko ya Mitaji nchini ilifanya utafiti kuhusiana na muundo wa masoko ya mitaji unaofaa kwa mazingira ya hapa nchini Tanzania. Matokeo ya utafiti huo yalionyesha haja ya kufanya marekebisho kwenye mfumo wa masoko ya mitaji kwa kuzingatia mahitaji ya nchi na vilevile kusaidia utekelezaji wa sera za taifa zinazolenga kuwawezesha wananchi kiuchumi. Miongoni mwa sera hizo ni mpango wa kuendeleza makampuni madogo na ya kati kwa kuzingatia umuhimu wa makampuni haya kwenye uchumi wa nchi. Pia serikali inatekeleza mipango mingine ya maboresho ya uchumi wa nchi kama vile mpango wa kuratibisha biashara (MKURABITA) na mkakati wa kukuza uchumi Zanzibar (MKUZA). read more:

Fiscal Incentives to Investors in Listed Securities
  1. Stamp duty – there is no stamp duty on the secondary market trades involving listed securities. The incentive is intended to develop an interest in the DSE secondary market activities.
  2. Capital gains tax – there is no tax on capital gain realized by selling listed securities. The tax on unlisted securities is 10%. This incentive is aimed at and is meant to encourage them to participate on the DSE secondary market; and
  3. Withholding tax on dividend income – this has been reduced from 10% for unlisted securities to 5% for listed securities. The incentive is intended to encourage investor participation on the DSE.
Fiscal Incentives to Issuers of Securities

Below are the incentives granted by the Government to issuers with the purpose of encouraging issuance and listing and development of capital markets in Tanzania.. :

  1. Reduced corporate tax from 30% to 25% for the period of three years provided that the issuer has issued at least 35% shares held by the public. The reduced rate is applicable for five years starting from the date of listing. The rationale for this incentive is to attract more listings.
  2. Tax deductibility of all IPO costs for the purposes of income tax determination. All IPO costs are accepted by the Tanzania Revenue Authority (TRA) as acceptable expenses used in the generation of income and profits, and therefore are taken into consideration when determining profit for tax purposes. This incentive is meant to make IPO costs tax deductible and extend the benefits to investors;
  3. Withholding tax on investment income made by CIS is final tax. Investors in CIS will not be charged tax on the income distributed by CIS after the scheme income taxation. The incentive is intended to develop an interest in the DSE secondary market activities.
  4. Stamp duty – there is no stamp duty on the secondary market trades involving listed securities. The incentive is intended to develop an interest in the DSE secondary market activities.
  5. Capital gains tax – there is no tax on capital gain realized by selling listed securities. The tax on unlisted securities is 10%. .This incentive is aimed at and is meant to encourage them to participate on the DSE secondary market.; and
  6. Withholding tax on dividend income – this has been reduced from 10% for unlisted securities to 5% for listed securities. The incentive is intended to encourage investor participation on the DSE.
 
© 2006 CMSA. All rights reserved. Solution by Affno. Terms & Conditions