Dar es Salaam. Independent Power Tanzania Limited (IPTL) and Pan Africa Power Solutions (T) Limited have been awarded $8 million in legal costs after successfully defending an appeal lodged by Standard Chartered Bank (Hong Kong) Limited and Standard Chartered Bank Malaysia Berhad.
The award was made by Deputy Registrar and Taxing Officer J.E. Fovo in a ruling delivered on August 5, 2026, in Taxation No. 65 of 2026, arising from Civil Appeal No. 386 of 2022.
The Court of Appeal had earlier struck out the banks’ appeal with costs, holding: “Being guided by the above legal principles and having sustained the first preliminary objection, we also find the instant appeal incompetent.Consequently, we are constrained to strike it out with costs.”
Also Read
Benefits galore as BoT opens govt securities to all foreign investors
