statement of capabilities - pwc: audit and assurance ... audit clients in tanzania include african...

Energy & Mining

Statement ofCapabilities

Bringing valueto your business

www.pwc.com/tz

to your business

February 2012

Energy & Mining

Statement ofCapabilities

1 Introduction

2 Specialised services - energy and mining

3 Our Clients – Energy and Mining

4 Out front on industry issues - Energy

5 Our People

6 PwC – International and local presence

Table of Contents

Section Overview

1

energy and mining 3

5

Energy 7

10

International and local presence 16

Page

Section 1Introduction

PwCStatement of Capabilities • Energy & Mining February 2012

1

Energy

Oil prices have somewhat stabilized, but natural gas prices continue to be low. Energy analysts and professionals alikewould certainly benefit from a crystal ball that could predict what commodity prices will do, not only in the shortover the decades to come. Most industry professionals and observers realize that as the supply of oil and gas becomes evenharder to find and access, prices have to go up. But the question remains, when will that be?Energy companies are facing an increasingly complex environment, with changing geopolitics, tightening regulatoryrequirements, greater competition and higher stakeholder expectations. Finding new reserves requires greater investmentand improved technology. International oil companies also face greater competition from national oil companies, as theglobal demand for energy continues to grow. The growth of renewable energy sources and unconventional hydrocarbons ishelping deliver additional energy sources, but companies must weigh the costs associated with these sources. While needingto invest more, energy companies are also looking for ways to improve efficiency and lower costs, while managing the manyrisks of the business.

Mining

An unparalleled period of soaring commodity prices and economic growth has given way to slowdown and recession. Thebig question is whether the sudden downturn represents a relatively shortsignal of a more long-run recession. Mining companies have to balance shortweighing the long timescales needed for major infrastructure projects, such as mine development, against sharp downturnsin prices and demand.

The mining industry, at first thought to be somewhat insulated from the debt crisis, is now fully impacted amid falling

Introduction

Section 1 – Introduction

PwC

The mining industry, at first thought to be somewhat insulated from the debt crisis, is now fully impacted amid fallingdemand, tumbling commodity prices, high operating and capital costs and falling share prices. New mines will be rare.Under-performing mines, or those with cost over-runs will be carefully scrutinized for potential closure.

PricewaterhouseCoopers

At PricewaterhouseCoopers, our goal is to put ourselves in our clients’ shoes, be able to understand their needs and addvalue from our knowledge and experience. To accomplish this goal, we maintain a robust training program, designed toenrich not only our technical skills, but also to keep us abreast of the industry issues that our clients face. We examine tissues, and build teams of subject matter specialists who develop appropriate solutions through our assurance, tax andadvisory services. For global clients, we put together experienced teams from around the world who contribute a localunderstanding in addition to global experience. At PricewaterhouseCoopers, we not only examine the industry issues tounderstand your concerns, but we are also committed to constantly evaluating and enhancing our wellbetter meet your needs.

PwC is the leading adviser to the energy and mining industry in Tanzania and globally, working with exploration,production and service companies to provide business solutions tailored to the energy and mining sector. Our strength inserving this truly international sector comes from our skills, our experience and our team of industry specialists.

Our involvement with you

We want to be involved as you identify issues and work towards solving them. We know you expect to be able to come to us,ask a tough question, and get a useful, thoughtful answer in reply. Our goal is to do moreexperience allows us to help you ask the right questions, not just provide the right answers

Statement of Capabilities • Energy & Mining

Oil prices have somewhat stabilized, but natural gas prices continue to be low. Energy analysts and professionals alikewould certainly benefit from a crystal ball that could predict what commodity prices will do, not only in the short-term, butover the decades to come. Most industry professionals and observers realize that as the supply of oil and gas becomes evenharder to find and access, prices have to go up. But the question remains, when will that be?Energy companies are facing an increasingly complex environment, with changing geopolitics, tightening regulatoryrequirements, greater competition and higher stakeholder expectations. Finding new reserves requires greater investmentand improved technology. International oil companies also face greater competition from national oil companies, as theglobal demand for energy continues to grow. The growth of renewable energy sources and unconventional hydrocarbons ishelping deliver additional energy sources, but companies must weigh the costs associated with these sources. While needingto invest more, energy companies are also looking for ways to improve efficiency and lower costs, while managing the many

An unparalleled period of soaring commodity prices and economic growth has given way to slowdown and recession. Thebig question is whether the sudden downturn represents a relatively short-term interruption in growth, or whether it is the

run recession. Mining companies have to balance short-term responses with long-term strategy,weighing the long timescales needed for major infrastructure projects, such as mine development, against sharp downturns

The mining industry, at first thought to be somewhat insulated from the debt crisis, is now fully impacted amid falling

February 2012

The mining industry, at first thought to be somewhat insulated from the debt crisis, is now fully impacted amid fallingdemand, tumbling commodity prices, high operating and capital costs and falling share prices. New mines will be rare.

runs will be carefully scrutinized for potential closure.

At PricewaterhouseCoopers, our goal is to put ourselves in our clients’ shoes, be able to understand their needs and addvalue from our knowledge and experience. To accomplish this goal, we maintain a robust training program, designed toenrich not only our technical skills, but also to keep us abreast of the industry issues that our clients face. We examine theissues, and build teams of subject matter specialists who develop appropriate solutions through our assurance, tax andadvisory services. For global clients, we put together experienced teams from around the world who contribute a localunderstanding in addition to global experience. At PricewaterhouseCoopers, we not only examine the industry issues tounderstand your concerns, but we are also committed to constantly evaluating and enhancing our well-developed services to

PwC is the leading adviser to the energy and mining industry in Tanzania and globally, working with exploration,production and service companies to provide business solutions tailored to the energy and mining sector. Our strength inserving this truly international sector comes from our skills, our experience and our team of industry specialists.

We want to be involved as you identify issues and work towards solving them. We know you expect to be able to come to us,ask a tough question, and get a useful, thoughtful answer in reply. Our goal is to do more — to help you plan for success. Ourexperience allows us to help you ask the right questions, not just provide the right answers.

2

Section 2Specialised servicesand mining

PwCStatement of Capabilities • Energy & Mining

Specialised services - energy

February 2012

3

Specialised services - energy and mining

Section 2 – Specialised services - energy and mining

Our energy and mining practice focuses on delivering professional services to companies of all sizes, across all segments ofthe industry. We provide industry-specific solutions in the fields of audit and assurance, tax, transactions, performanceimprovement, human resources and crisis management to help companies address their business and stakeholder issues.

Our significant experience in the energy and mining sector in Tanzania means that our professionals are able to leveragetheir industry knowledge to deliver immediate value to our clients by bringing our inissues to bear.

Audit and assurance

PricewaterhouseCoopers audits major energy and mining companies and junior mining companies in Tanzania and aroundthe world. Our audit clients in Tanzania include African Barrick Gold, the largest mining investor in Tanzania.

PwC auditors around the world use a single, global audit methodology, fully compliant with International Standards ofAuditing and applicable national standards. Our globally consistent approach to the audit means that, regardless of location,PwC people can understand and evaluate your business using a single language and common methods. In turn, that givesyou a uniform level of quality in all our audits. This methodology also enables us to quickly organise and deploy the kinds omultinational audit teams often required by our larger energy and mining clients.

In addition to audit services, we offer a full range of assurance services to energy and mining companies, covering areassuch as statutory audit, regulatory risk, Sarbanes-Oxley compliance, independent review of controls and processes, andadvice on acquisitions, alliances and disposals.


advice on acquisitions, alliances and disposals.

Tax services

We have the strongest international network of dedicated tax specialists of any professional services firm. Equally, we havethe largest team of dedicated tax specialists in Tanzania, and are the leader in the provision of tax advisory services to thenergy and mining sector in Tanzania. This means that we can support you both locally and globally, wherever you requiretax advice.

Our tax professionals solve challenging issues, anticipate changes that can impact your tax situation and financialstatements, and keep you appraised of tax issues of relevance to your company’s operations. We pride ourselves on whatwe believe is a unique ability to provide both the experience, technical knowledge and negotiating skills that you require inTanzania as well as the resources and skills of the PricewaterhouseCoopers international network of firms conducting theirpractices in accordance with agreed standards and procedures.

Advisory services

Through our deep understanding of finance, risk management/compliance, IT systems, operations and human resources,we can identify and implement cost-saving initiatives, improve management and control, improve performance, identifyand assist in management of risk, improve quality of reporting and deliver greater financial effectiveness. We also provideinternal audit resource solutions and also advise on project feasibility, finance raising, and transaction structuring.

energy and miningOur energy and mining practice focuses on delivering professional services to companies of all sizes, across all segments of

specific solutions in the fields of audit and assurance, tax, transactions, performanceimprovement, human resources and crisis management to help companies address their business and stakeholder issues.

Our significant experience in the energy and mining sector in Tanzania means that our professionals are able to leveragetheir industry knowledge to deliver immediate value to our clients by bringing our in-depth understanding of your business

PricewaterhouseCoopers audits major energy and mining companies and junior mining companies in Tanzania and aroundthe world. Our audit clients in Tanzania include African Barrick Gold, the largest mining investor in Tanzania.

PwC auditors around the world use a single, global audit methodology, fully compliant with International Standards ofAuditing and applicable national standards. Our globally consistent approach to the audit means that, regardless of location,PwC people can understand and evaluate your business using a single language and common methods. In turn, that givesyou a uniform level of quality in all our audits. This methodology also enables us to quickly organise and deploy the kinds ofmultinational audit teams often required by our larger energy and mining clients.

In addition to audit services, we offer a full range of assurance services to energy and mining companies, covering areasOxley compliance, independent review of controls and processes, and

February 2012

4

We have the strongest international network of dedicated tax specialists of any professional services firm. Equally, we havethe largest team of dedicated tax specialists in Tanzania, and are the leader in the provision of tax advisory services to theenergy and mining sector in Tanzania. This means that we can support you both locally and globally, wherever you require

Our tax professionals solve challenging issues, anticipate changes that can impact your tax situation and financialstatements, and keep you appraised of tax issues of relevance to your company’s operations. We pride ourselves on whatwe believe is a unique ability to provide both the experience, technical knowledge and negotiating skills that you require inTanzania as well as the resources and skills of the PricewaterhouseCoopers international network of firms conducting their

Through our deep understanding of finance, risk management/compliance, IT systems, operations and human resources,saving initiatives, improve management and control, improve performance, identify

and assist in management of risk, improve quality of reporting and deliver greater financial effectiveness. We also provideinternal audit resource solutions and also advise on project feasibility, finance raising, and transaction structuring.

Section 3Our Clients – Energy andMining


Energy and

February 2012

5

Our Clients – Energy and MiningEntities in the energy and mining sector to whom we provide or have provided services include:

Mining

Anglo American Group entities (audit and tax)

AnglogoldAshanti entity (Geita Gold Mines Limited) (tax)

African Barrick Gold entities including Bulyanhulu mine (audit and tax), North Mara mine (audit and tax),Limited - Buzwagi and Tulawaka mines (audit and tax), Tusker Gold Limited

Helio Resources Corporation / Bafex (audit and tax)

Kabanga Nickel Company Limited (a Barrick Gold / Xstrata JV) (audit and tax)

Mantra Tanzania Limited (audit)

Resolute Tanzania Limited (tax)

TanzaniteOne Mining Limited (tax)

Various service providers to the mining sector

Section 3 – Our Clients – Energy and Mining

PwC

Oil and Gas

Artumas (tax)

Exxon Mobil (audit)

Maurel & Prom (accounting, tax)

Ophir Energy (tax)

Pan African Energy Limited (tax)

Petrobras (tax)

Songas Ltd / Songo Songo project (tax)

Statoil (tax)

TPDC (advisory - support in preparation of corporate plan and strategy)


Energy and MiningEntities in the energy and mining sector to whom we provide or have provided services include:

mine (audit and tax), North Mara mine (audit and tax), Pangea Minerals), Tusker Gold Limited - Tanzania subsidiaries (audit and tax)

Gold / Xstrata JV) (audit and tax)

February 2012

support in preparation of corporate plan and strategy)

6

Section 4Out front on industry issuesEnergy


Out front on industry issues -

February 2012

7

Out front on industry issues -Our commitment to the industry goes beyond our services. Each year we prepare industry specific reports on issues of keystrategic importance to our energy and mining clients and the challenges that lie ahead. Our extensive thought leadershipprogramme draws on the insights of our worldwide network of industry specialists, as well as energy and mining industryexecutives.

Visit http://www.pwc.com/gx/en/energy-utilities-mining/index.jhtml

Section 4 – Out front on industry issues - Energy

The scale of projects in the energy,utility and mining sectors presentimmense challenges at the best oftimes. In a world of economicinstability, with uncertain demandand plummeting commodity prices,these challenges are magnified.

Tax and the environment, a bookproduced jointly by


produced jointly byPricewaterhouseCoopers and theIBFD (International Bureau of FiscalDocumentation), is a valuable tool forcost-effective planning of investmentswhich help save the environment.

Appetite for change - Based on almost700 interviews, conducted in 15countries, Appetite for changeexamines attitudes in theinternational business communitytowards environmental regulation,legislation and taxes. Climate changeis testing the ability of the world’sleaders to develop effectiveenvironmental policies and many arefrustrated with the pace ofnegotiations, as evidenced by theCopenhagen summit.

- EnergyOur commitment to the industry goes beyond our services. Each year we prepare industry specific reports on issues of keystrategic importance to our energy and mining clients and the challenges that lie ahead. Our extensive thought leadershipprogramme draws on the insights of our worldwide network of industry specialists, as well as energy and mining industry

mining/index.jhtml to download or order hard copies of these reports.

The survey examines Europe's futurerenewable energy marketplacethrough the lens of progress towardsthe 2020 goals. The study considersthe market's potential, comparesapproaches in various countries, andputs forth some high-levelrecommendations for howgovernments and companies canachieve the high targets.

Renewable energy is accounting foran increasing slice of overall M&A

February 2012

8

an increasing slice of overall M&Aactivity in the power utilities sector.Deal numbers and total M&A value inthe sector as a whole declinedsignificantly in 2009 but the declinein deals for renewable assets ortechnology was much less markedthan in the wider sector.

This publication considers the majoraccounting practices adopted by theoil and gas industry underInternational Financial ReportingStandards (IFRS). The need for thispublication has arisen due to theabsence of an extractive industriesstandard under IFRS; the adoption ofIFRS by oil and gas entities across anumber of jurisdictions, withoverwhelming acceptance thatapplying IFRS in this industry will bea continual challenge

Out front on industry issues -Our commitment to the industry goes beyond our services. Each year we prepare industry specific reports on issues ofkey strategic importance to our energy and mining clients and the challenges that lie ahead. Our extensive thoughtleadership programme draws on the insights of our worldwide network of industry specialists, as well as energy andmining industry executives.

Visit http://www.pwc.com/gx/en/energy-utilities-mining/index.jhtmlreports.

Section 4 – Out front on industry issues - Energy

This study aims to bring greatertransparency to the fullcontribution that miningcompanies make to publicfinances. The results analysetheir total payments togovernment, focusing on theirmost significant operations inthe various locations.

This year's publication marksour seventh annual survey of theTop 40 mining companies by


Top 40 mining companies bymarket capitalisation, provides acomprehensive analysis of thefinancial performance andposition of the global miningindustry and also discussescurrent trends in the globalmining industry.

This year we have revised ourannual junior miningpublication to include asnapshot of 20 miningcompanies on the TSX withmarket capitalizations of $500million to 700 million, almost10 times the marketcapitalization of the averagecompany on the top 100 TSX-Vlist. The 20 companies on theTSX had a total marketcapitalization of $12 billion.

- EnergyOur commitment to the industry goes beyond our services. Each year we prepare industry specific reports on issues ofkey strategic importance to our energy and mining clients and the challenges that lie ahead. Our extensive thoughtleadership programme draws on the insights of our worldwide network of industry specialists, as well as energy and

mining/index.jhtml to download or order hard copies of these

PricewaterhouseCoopers' 1st2010 edition of our quarterlyGlobal Mine Bulletin specificallyfocuses on three of our recentPwC global thought leadershippublications that consideredevents and industry issues arisingacross the year 2009: MiningDeals, Aussie Mine and theGlobal Gold Price Survey. GlobalMine.

The total value of mining M&Ahalved in 2009. Highlighting thesignificance of this decline was

February 2012

9

significance of this decline wasthe fact that the biggest deal in2009 would not have made it intoa list of the top 10 deals by valuein 2008. Overall, deal value fellfrom US$153.4 billion in 2008 toUS$77.1 billion in 2009.

The 2009 edition of the annualGold Price Survey Report covers58 gold mining and developmentcompanies with globaloperations. These companies,based in six countries across theglobe, have reported expectedproduction of more than 39million ounces in 2009.

Section 5Our People

PwCStatement of Capabilities • Energy & Mining February 2012

10

Our People – Assurance – Energy and MiningLeonard Mususa, Partner -

Leonard is our country leader. Leonardpredecessor firm of PricewaterhouseCoopers, in 1978 as a qualified Accountant at AuditSenior level. Having gained experience at various levels of seniority (two of these inLondon, UK), he was admitted to partnership in 1985. Leonard is a Fellow of the UKAssociation of Chartered Certified Accountants (FCCA).

Leonard has extensive accounting and advisory skills and knowledge of the localenvironment make him well placed to provide constructive advice on the businessactivities of your company. Over his career with the firm, Leonard has been involved inthe audit of various energy and mining companies in Tanzania:subsidiaries, IAMGOLD Tanzania Limited, Williamson Diamonds Limited and other keyclients like Tanzania Breweries Limited, TANESCO, BP Tanzania etc.

Leonard has a keen interest in financial reporting and acts as the local champion inIFRS technical matters. In this regard he regularly attends IFRS update coursesorganised by PwC’s Global Accounting Consulting Services unit based in London.

Section 5 – Our People

PwC

Nelson Msuya, Partner – Assurance

Nelson has extensive experience of over 16 years in providing assurance and advisoryservices to energy and mining and mining related companies, gained while working withthe firm in Tanzania and South Africa. He is a Tanzanian Certified Public Accountant.

In June 1998 he was seconded to our Johannesburg office where he gained valuableexperience in financial reporting at an international level. While in Johannesburg officehe was mainly involved in a number of high profile assignments offering both audit andbusiness assurance services to a number of local and multiEnergy & Mining sector. Nelson is currently based in Darextensively in the region.

Over his career with the firm, Nelson has been involved in the audit and due diligenceassignments in various energy and mining companies in Tanzania, South Africa, WestAfrica and Canada.


Energy and Mining- Assurance

Leonard is our country leader. Leonard Mususa joined Coopers and Lybrand, apredecessor firm of PricewaterhouseCoopers, in 1978 as a qualified Accountant at AuditSenior level. Having gained experience at various levels of seniority (two of these inLondon, UK), he was admitted to partnership in 1985. Leonard is a Fellow of the UKAssociation of Chartered Certified Accountants (FCCA).

Leonard has extensive accounting and advisory skills and knowledge of the localenvironment make him well placed to provide constructive advice on the businessactivities of your company. Over his career with the firm, Leonard has been involved inthe audit of various energy and mining companies in Tanzania:- Barrick Goldsubsidiaries, IAMGOLD Tanzania Limited, Williamson Diamonds Limited and other keyclients like Tanzania Breweries Limited, TANESCO, BP Tanzania etc.

Leonard has a keen interest in financial reporting and acts as the local champion inIFRS technical matters. In this regard he regularly attends IFRS update coursesorganised by PwC’s Global Accounting Consulting Services unit based in London.

February 2012

Assurance

Nelson has extensive experience of over 16 years in providing assurance and advisoryservices to energy and mining and mining related companies, gained while working withthe firm in Tanzania and South Africa. He is a Tanzanian Certified Public Accountant.

In June 1998 he was seconded to our Johannesburg office where he gained valuableexperience in financial reporting at an international level. While in Johannesburg officehe was mainly involved in a number of high profile assignments offering both audit andbusiness assurance services to a number of local and multi-national clients in theEnergy & Mining sector. Nelson is currently based in Dar es Salaam and has worked

Over his career with the firm, Nelson has been involved in the audit and due diligenceassignments in various energy and mining companies in Tanzania, South Africa, West

11

Our People – Assurance/AdvisoryChaitanya Mawji, Senior Manager

Chaitanya is a Senior Manager in the Darof assurance services to clients in various sectors

Chaitanya is a member of the Association of Chartered Certified Accountants (ACCA)with over 8 years experience with PwC

Chaitanya returned back in November 2009 from a 2 year secondment from Perth,Australia. During this time, some of his major mining clients included theAustralia, Dampier Salt and Luzenac Australia (subsidiaries of Rio Tinto), AvocaResources, Tiger Resources and India Resources.

Barbara Harris, Director –

Barbara is a UK Chartered Accountant with an earlier university science degree and overtwenty years’ financial and management consultancy experience. Barbara has been


PwC

twenty years’ financial and management consultancy experience. Barbara has beeninvolved in providing financial advisory support mainly to governments, privatisationagencies and parastatal organisations specialising in the utility and infrastructuresectors.


Assurance/Advisory – Energy and Mining, Senior Manager – Assurance

is a Senior Manager in the Dar es Salaam office specialising in the provisionof assurance services to clients in various sectors.

is a member of the Association of Chartered Certified Accountants (ACCA)with over 8 years experience with PwC.

returned back in November 2009 from a 2 year secondment from Perth,Australia. During this time, some of his major mining clients included the Barrick GoldAustralia, Dampier Salt and Luzenac Australia (subsidiaries of Rio Tinto), AvocaResources, Tiger Resources and India Resources.

– Advisory

Barbara is a UK Chartered Accountant with an earlier university science degree and overtwenty years’ financial and management consultancy experience. Barbara has been

February 2012

twenty years’ financial and management consultancy experience. Barbara has beeninvolved in providing financial advisory support mainly to governments, privatisation

organisations specialising in the utility and infrastructure

12

Our People – Taxation – Energy and MiningDavid Tarimo, Partner – Tax

David heads our tax and company administration services group. He joined Coopersand Lybrand, a predecessor firm of PricewaterhouseCoopers, in Tanzania in 1995 andprior to this worked for ten years with KPMG in London. David is a Fellow of theInstitute of Chartered Accountants in England & Wales, the Chartered Institute ofTaxation (UK), and in Tanzania is registered with the National Board of Accountantsand Auditors.

David’s tax advisory and planning experience spans a wide range of industries andorganisations including agriculture, construction, energy, financial, manufacturing,mining, telecoms and tourism sectors. Energy and Mining is an area of particularspecialism, and he has advised most of the major mining entities operating in Tanzania.

David has been very active in making proposals for change to the tax system inTanzania. In 2003 and 2004, he was instrumental in catalysing the Government intomaking significant changes to the original version of Tanzania’s new Income Tax Act.He is a member of the “Think Tank on Tax Reform”, an advisory group reportingdirectly to the Minister for Finance.


PwC

David was active in liaising with the tax authorities regarding practical difficulties inimplementation of the new fiscal regime for the Mining Sector, including participatingin representations in relation to the VAT reliefs required for the Mining Sector. In 1998he made a presentation on the tax regime for mining at an international conference“Mining in Tanzania – A new Engine of Growth”Tanzania Chamber of Mines requested David to prepare a report analysing the impact ofthe 1999 budget on the mining sector. In 2003 David assisted with the preparation ofpresentations on the fiscal regime for mining made both to a Chamber of Minesworkshop, as well as to the Parliament. In 2004 David prepared a detailed submissionon Tanzania’s fiscal regime for mining, which included a comparison of this fiscalregime with mining regimes in certain other African countriesGovernment appointed Taskforce that had been specially set up to review the fiscalregime instituted in 1997. In 2006 David presented at the EAMIC conference on thetopic of the taxation of mining in East Africa including making comparisons with miningregimes elsewhere in Africa. For a number of years David was also a member of thefiscal committee of the Chamber of Minerals and Energy. In 2007 David prepared apre-budget submission in relation to issues relevant to the oil and gas sector. InNovember 2007, David was appointed by the President of Tanzania to be part of acommittee set up to review the mining sector.


Energy and MiningTax

David heads our tax and company administration services group. He joined Coopersand Lybrand, a predecessor firm of PricewaterhouseCoopers, in Tanzania in 1995 andprior to this worked for ten years with KPMG in London. David is a Fellow of theInstitute of Chartered Accountants in England & Wales, the Chartered Institute ofTaxation (UK), and in Tanzania is registered with the National Board of Accountants

David’s tax advisory and planning experience spans a wide range of industries andorganisations including agriculture, construction, energy, financial, manufacturing,mining, telecoms and tourism sectors. Energy and Mining is an area of particularspecialism, and he has advised most of the major mining entities operating in Tanzania.

David has been very active in making proposals for change to the tax system inTanzania. In 2003 and 2004, he was instrumental in catalysing the Government intomaking significant changes to the original version of Tanzania’s new Income Tax Act.He is a member of the “Think Tank on Tax Reform”, an advisory group reportingdirectly to the Minister for Finance.

February 2012

David was active in liaising with the tax authorities regarding practical difficulties inimplementation of the new fiscal regime for the Mining Sector, including participatingin representations in relation to the VAT reliefs required for the Mining Sector. In 1998he made a presentation on the tax regime for mining at an international conference

A new Engine of Growth” - hosted by the President. In 1998 theTanzania Chamber of Mines requested David to prepare a report analysing the impact ofthe 1999 budget on the mining sector. In 2003 David assisted with the preparation ofpresentations on the fiscal regime for mining made both to a Chamber of Minesworkshop, as well as to the Parliament. In 2004 David prepared a detailed submissionon Tanzania’s fiscal regime for mining, which included a comparison of this fiscalregime with mining regimes in certain other African countries – this report was sent to aGovernment appointed Taskforce that had been specially set up to review the fiscalregime instituted in 1997. In 2006 David presented at the EAMIC conference on thetopic of the taxation of mining in East Africa including making comparisons with miningregimes elsewhere in Africa. For a number of years David was also a member of thefiscal committee of the Chamber of Minerals and Energy. In 2007 David prepared a

budget submission in relation to issues relevant to the oil and gas sector. InNovember 2007, David was appointed by the President of Tanzania to be part of acommittee set up to review the mining sector.

13

Our People – Taxation – Energy and MiningRishit Shah, Partner – Direct and Indirect Tax

Rishit joined us in 1997 and is a member of the Association of Chartered CertifiedAccountants (UK) and a member of the National Board of Accountants and Auditors.

From January 2004, Rishit has specialised in indirect taxes and effective July 2005heads the indirect tax practice of the firm.

Rishit’s has significant experience in advising in the energy and mining sector onindirect tax matters. Rishit has been involved in significant lobbying and recently madea pre-Budget submissions on technical issues relevant to the industry and apresentation to protect the mining provisions during the transition to the Income TaxAct, 2004. He has recently completed a tax review of a major energy company inTanzania. In 2003, on behalf of the Tanzania Chamber of Minerals and Energy,made presentations to various stakeholders in Darin Dodoma to educate on the fiscal provisions for the mining industry.

Radoslav Kratky, Senior Manager

Rado joined PwC in 2001 and has taken up a role within the Tanzania firm in the energy


PwC

Rado joined PwC in 2001 and has taken up a role within the Tanzania firm in the energyand mining industry since 2010. During his career he has provided tax advisory andcompliance services for a large number of local and multinational companies, investorsand financial institutions. He is a direct tax specialist with extensive experience inproviding mergers and acquisitions services, international tax and corporate tax advice.

Rado graduated from the University of Economics in Bratislava, Slovakia, EUMember of the Association of Chartered Certified Accountants (ACCA). He is registeredTax Advisor with the Slovak Chamber of Tax Advisors and member of the NationalBoard of Accountants and Auditors of Tanzania.


Energy and MiningDirect and Indirect Tax

joined us in 1997 and is a member of the Association of Chartered CertifiedAccountants (UK) and a member of the National Board of Accountants and Auditors.

has specialised in indirect taxes and effective July 2005heads the indirect tax practice of the firm.

has significant experience in advising in the energy and mining sector onhas been involved in significant lobbying and recently made

Budget submissions on technical issues relevant to the industry and apresentation to protect the mining provisions during the transition to the Income TaxAct, 2004. He has recently completed a tax review of a major energy company inTanzania. In 2003, on behalf of the Tanzania Chamber of Minerals and Energy, Rishitmade presentations to various stakeholders in Dar es Salaam as well as the Parliamentin Dodoma to educate on the fiscal provisions for the mining industry.

, Senior Manager – Direct Tax

Rado joined PwC in 2001 and has taken up a role within the Tanzania firm in the energy

February 2012

Rado joined PwC in 2001 and has taken up a role within the Tanzania firm in the energyand mining industry since 2010. During his career he has provided tax advisory andcompliance services for a large number of local and multinational companies, investorsand financial institutions. He is a direct tax specialist with extensive experience inproviding mergers and acquisitions services, international tax and corporate tax advice.

the University of Economics in Bratislava, Slovakia, EU. He isMember of the Association of Chartered Certified Accountants (ACCA). He is registeredTax Advisor with the Slovak Chamber of Tax Advisors and member of the NationalBoard of Accountants and Auditors of Tanzania.

14

Our People – Taxation – Energy and MiningAngelica Tarimo, Senior Manager

Angelica Tarimo is an experienced consultant within our direct tax team.

Angelica joined us in 2002 and holds a degree of Bachelor of Science in ElectricalEngineering from the University of Dar es Salaam and is a member of the Association ofChartered Certified Accountants (ACCA) . She also has a certificate in Mining Taxationfrom the University of South Africa

Angelica is a key resource in our direct tax team and is currently specialising in miningtaxation

Joseph Lyimo, Senior ManagerAdministration Services

Joseph is a qualified lawyer , registered advocate, and has worked with PwC in Tanzaniafor eight years. He has principally specialised in indirect taxes and recently spent twoyears on secondment to PwC New Zealand where he worked in the VAT(GST) practice.

Joseph is currently the manager in charge of the Company Administration Servicesdepartment.


PwC

department.

Aloys Byemerwa, Managerservices

Aloys joined Coopers & Lybrand Tanzania, now PricewaterhouseCoopers, in February1993 as an audit trainee after graduating from the University of Darfield of engineering. He qualified as a Certified Public Accountant [CPA (T)] in May1999.

Aloys’s career pattern while in audit department clearly reveals a depth of experience inall commercial areas including auditing, accounting, due diligence, receiverships,liquidations and advisory services

In 2006, Aloys transferred to tax. Since joining tax he has worked predominantly onproviding accounting and payroll services, and consulting on indirect taxes. Currently heis manager in-charge of the group specialising in providing accounting and payrollservices as well as VAT refund audits.


Energy and Mining, Senior Manager - Direct Tax

is an experienced consultant within our direct tax team.

Angelica joined us in 2002 and holds a degree of Bachelor of Science in ElectricalEngineering from the University of Dar es Salaam and is a member of the Association ofChartered Certified Accountants (ACCA) . She also has a certificate in Mining Taxationfrom the University of South Africa

is a key resource in our direct tax team and is currently specialising in mining

, Senior Manager – Indirect Tax and Company

Joseph is a qualified lawyer , registered advocate, and has worked with PwC in Tanzaniafor eight years. He has principally specialised in indirect taxes and recently spent twoyears on secondment to PwC New Zealand where he worked in the VAT(GST) practice.

Joseph is currently the manager in charge of the Company Administration Services

February 2012

Aloys Byemerwa, Manager – Indirect Tax and Company Administration

joined Coopers & Lybrand Tanzania, now PricewaterhouseCoopers, in February1993 as an audit trainee after graduating from the University of Dar es Salaam in thefield of engineering. He qualified as a Certified Public Accountant [CPA (T)] in May

career pattern while in audit department clearly reveals a depth of experience inall commercial areas including auditing, accounting, due diligence, receiverships,liquidations and advisory services.

transferred to tax. Since joining tax he has worked predominantly onproviding accounting and payroll services, and consulting on indirect taxes. Currently he

charge of the group specialising in providing accounting and payrollaudits.

15

Section 6PwC – International and localpresence


International and local

February 2012

16

International presencePwC (www.pwc.com) is one of the world’s largest providers of assurance, tax, and business consulting services.We believe that the best outcomes are achieved through close collaboration with our clients and the manystakeholder communities we serve. So every day, 161,000 PwC people in 154 countries work hard to build strongrelationships with others and understand the issues and aspirations that drive them.

“PwC” refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which isa separate and independent legal entity.

Local presenceThe Tanzanian firm (www.pwc.com/tz) of PricewaterhouseCoopers (and its legacy firms) has operated inTanzania for more than 60 years and has 7 partners and more than 150 professional staff based in Tanzania.

We offer a full range of services including:

• Assurance and regulatory reporting;

• Tax compliance and tax advisory;

• Corporate support, including company formation / registration, company secretarial;

• Corporate finance;

• Transaction services;

Section 6 – PwC – International and local presence

PwC

• Business recovery;

• Forensic services;

• Financial management and accounting;

• Human resource services;

• Policy and management;

• Process improvement.

Contact details are as follows:


Dar es Salaam

Address Pemba House,369 Toure Drive, OysterbayP O Box 45,Dar es Salaam

Phone +255 (0) 22 219 2000Facsimile +255 (0) 22 219 2200Email [email protected] www.pwc.com/tz

is one of the world’s largest providers of assurance, tax, and business consulting services.We believe that the best outcomes are achieved through close collaboration with our clients and the manystakeholder communities we serve. So every day, 161,000 PwC people in 154 countries work hard to build strongrelationships with others and understand the issues and aspirations that drive them.

“PwC” refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is

of PricewaterhouseCoopers (and its legacy firms) has operated inTanzania for more than 60 years and has 7 partners and more than 150 professional staff based in Tanzania.

Corporate support, including company formation / registration, company secretarial;

February 2012

17

Arusha

Ground Floor, Office No A1,PPF Kaloleni Commercial Complex,Moshi Arusha RoadP O Box 3070Arusha

+255 (0) 27 254 8881+255 (0) 27 250 8166

statement of capabilities - pwc: audit and assurance ... audit clients in tanzania include african...

Documents