Electronic Tax Stamps Tanzania: What Must Be Stamped and Who Pays
Which goods need TRA electronic tax stamps? Under the Electronic Tax Stamps Regulations, 2018 (GN 16 of 2018), packs of scheduled excisable goods made or imported in Tanzania must carry a TRA stamp. TRA lists bottled water, juices, other beverages, cigarettes and film and music products. Producers and importers register, order stamps 90 days ahead, pay on approval and account monthly.
This guide on electronic tax stamps Tanzania explains the 2018 Regulations, the goods TRA stamps, who registers, and how stamps are ordered, paid for and accounted for. It also covers retailer checks, penalties, the January 2027 contract change, Zanzibar, and a worked example for a bottled water plant.
Who is affected
- Local manufacturers of bottled water, juices, soft drinks and other scheduled beverages, and of cigarettes.
- Importers of the same goods, who must stamp them after customs clearance.
- Producers and importers of film and music products, such as CDs and DVDs, and other items in the First Schedule.
- Distributors, wholesalers and retailers, who must check stamps before they accept stock.
- Investors buying a beverage plant, who inherit its stamp account, its equipment and its reconciliation history.
- Businesses in Zanzibar that make or move these goods across the Union.
An electronic tax stamp is not the tax. Excise duty is charged under the Excise (Management and Tariff) Act, Cap. 147. The stamp is a control that proves the pack was declared, and it costs money on top of the duty.
What the law says
The governing instrument is the Electronic Tax Stamps Regulations, 2018, Government Notice 16 of 2018, published on TanzLII. The Regulations state that they are made under section 122 of the Excise (Management and Tariff) Act, Cap. 147. In the consolidated text of 30 November 2019, section 122 is headed "Regulations" and section 124 imposes excise duty.
The Act has since been revised. The register line for the charging section now cites section 126, so section numbers in the 2018 Regulations may no longer match the Revised Edition. Cite the Regulations by GN number and confirm any Act section before quoting it in a filing.
TanzLII shows an amendment dated 12 October 2018 as "not yet applied" to its text. We could not obtain the amending notice, so its content is unknown. TRA lists the Electronic Tax Stamps Regulations, 2018 in its regulations library.
The provisions that matter most in practice are these:
| Regulation | What it requires |
|---|---|
| Reg. 2 | Applies to Mainland Tanzania and Tanzania Zanzibar |
| Reg. 4 | Packages of First Schedule goods, made locally or imported, must bear a stamp of the type the Commissioner specifies |
| Reg. 6 | Stamps are bought from the contractor at a fee the Commissioner prescribes |
| Reg. 7 and 8 | Registration with the Commissioner on Form 1, plus a licence from the relevant licensing authority |
| Reg. 9 | Green stamps for imported goods, blue stamps for local goods |
| Reg. 10 and 11 | Order on Form 2 at least 90 days ahead; annual forecast at least 90 days before the financial year |
| Reg. 14 | Local goods stamped at the factory after packaging; imports stamped within 14 days of clearance |
| Reg. 15 and 16 | Return of unused stamps; monthly accounting; 1% wastage allowance |
| Reg. 18 to 32 | Production line equipment, sealing, fault reports and new product notices |
| Reg. 35 to 38 | Supply chain verification, offences, general penalty and seizure |
| Reg. 43 | Revokes the earlier paper stamp rules, including the Films and Music Products (Tax Stamps) Regulations, 2013 |
Which goods must carry electronic tax stamps?
The First Schedule to GN 16 of 2018 lists the goods. TRA's Electronic Tax Stamp (ETS) page gives the working list and says it "may be changed from time to time to improve administration".
| Item in the First Schedule | On TRA's current ETS page | Status |
|---|---|---|
| Water (bottled water) | Yes | Stamped |
| Juices | Yes | Stamped |
| Beverages (soft drinks and other non-alcoholic drinks) | Yes | Stamped |
| Cigarettes | Yes | Stamped |
| Film and music products | Yes | Stamped |
| Discs and tapes | Not named separately | Listed in the Schedule; confirm with TRA |
| Perfumed products, petroleum jelly, lubricants, smart cards | Not listed | In the Schedule but not shown as stamped; confirm with TRA |
The Schedule and TRA's page also cover alcoholic drinks, which this site does not discuss.
The list has moved before. In February 2022 The Citizen reported that TRA would add cement, sugar and cooking oil. TRA's current page does not list them, and we found no notice bringing them in. Treat their status as unconfirmed.
Being on the list does not by itself set the excise rate. The rate comes from the Fourth Schedule to Cap. 147. Our excise duty guide covers rates, licences and returns in full.
Who must register for ETS?
Regulation 7 bars any person from manufacturing, producing, importing or dealing in stamped goods without registration with the Commissioner. Registration is on Form 1 and leads to a registration certificate. The Commissioner may attach conditions.
Regulation 8 adds a second gate. The person must also hold a licence from the relevant licensing authority. For a local maker of excisable goods, that includes the TRA excise manufacturing licence under Cap. 147. For a beverage plant it usually also means product certification by the Tanzania Bureau of Standards; see our TBS certification guide and the food business licence guide.
The words "deal in" are wide. On a plain reading they could reach a distributor. TRA's page describes registration as a duty of manufacturers and importers, and we have not seen TRA require distributors to register. Confirm before relying on either reading.
How are stamps ordered and paid for?
Ordering runs on two clocks. Regulation 10 requires each application, on Form 2, at least 90 days before manufacture or import. Regulation 11 requires a forecast of the next year's needs at least 90 days before the financial year starts. The Government financial year starts on 1 July, so the forecast is due by 2 April.
Payment falls due once the Commissioner approves the application. For imports, the Commissioner may first ask for proof of importation. The Commissioner may also allow delivery before the goods arrive, on conditions.
Under regulation 13 the Commissioner can direct the printer to deliver stamps straight to the manufacturer or importer. The printer then reports the quantity and type supplied.
How much does an electronic tax stamp cost?
Regulation 6 says stamps are bought from the contractor "at a prescribed fee", and that the Commissioner prescribes it. TRA's ETS page does not publish the amount. The Zatra fee register carries no ETS line, so we do not quote a price. The charge is set out in the approval for each order.
The price is under pressure. On 15 September 2026 The Citizen reported that manufacturers were seeking lower ETS rates as the tender closed. Budget from TRA's written figure, and re-check it after January 2027.
The production line equipment is a separate cost. Regulation 18 makes the manufacturer, producer or importer bear the costs of installing and maintaining the system at its facility.
How are stamps affixed, activated and accounted for?
The "System" in regulation 3 covers ordering, applying, activating and tracking stamps, authenticating products and monitoring production. It also transmits data to TRA. Regulation 20 requires each pack to be marked with codes for authentication, production accounting and track and trace.
- Where. Local goods are stamped in the production facility immediately after packaging. Goods must not leave the facility unstamped. Imports are stamped at an approved place within 14 days of clearance for home use, or in the exporting country if the Commissioner allows.
- Installation. TRA gives at least 30 days' written notice before installation (reg. 24). An authorised officer seals the equipment after it is installed (reg. 26).
- Faults. Faults and broken seals are reported within six hours (regs. 27 and 28). The line stays locked until the Commissioner approves reactivation, and the contractor repairs within 48 hours.
- New products. A new product, or a change of packaging or label, is declared at least 30 days in advance (reg. 32).
- Monthly accounting. Stamp use is accounted for every month and damaged stamps are kept for inspection (reg. 16).
The wastage rule carries the money risk. Regulation 16 allows wastage and damage up to 1% of stamps issued. Stamps that cannot be accounted for are charged to excise and other taxes at the highest applicable excise rate. The base is the value and volume of the goods that person makes or imports.
Unused stamps go back to TRA when production stops, an importer fails to import, stamps are defective, or TRA declares them out of use (reg. 15). Only the last case carries a refund of fees, within 60 days. Moving stamps between two facilities of the same owner needs the Commissioner's prior approval (reg. 17).
What must retailers and distributors check?
Regulation 35 applies to every "manufacturer, producer, importer, distributor, retailer or any other person involved in the supply chain". Each must verify and authenticate the stamps and goods before admitting them to the premises. The duty sits on the shop as well as on the supplier, so buying unstamped water from a van is a risk for both.
TRA's excise duty page links to the free Hakiki Stempu app for checking stamps by phone. TanzaniaInvest reported the app's launch in March 2021.
- Check that every pack carries a stamp; one unstamped carton is enough for seizure.
- Scan a sample from each delivery with the app and keep a note of the result.
- Check the stamp colour: blue for local goods, green for imports.
- Refuse packs with torn, reused or defaced stamps.
- Keep supplier invoices and EFD receipts that identify the seller; see our EFD receipt rules.
What are the penalties for unstamped goods?
Regulation 36 lists eleven offences. They include importing without registration, failing to keep stamp records, failing to affix stamps securely and defacing stamps. Others are incorrect returns, possessing goods without stamps, holding or making counterfeit stamps, and selling goods without proper stamps.
| Breach | Consequence | Source |
|---|---|---|
| Any reg. 36 offence, including selling or possessing unstamped goods | Fine of TZS 5,000,000 to 50,000,000, imprisonment up to three years, or both | Reg. 36; TRA ETS page |
| Other breaches with no specific penalty | Fine up to TZS 5,000,000, imprisonment up to twelve months, or both | Reg. 37 |
| Counterfeit stamps, equipment to make them, goods unstamped or wrongly stamped | Seizure by the Commissioner | Reg. 38 |
| Stamps not accounted for above the 1% allowance | Excise and other taxes at the highest applicable rate | Reg. 16(3) and (4) |
| Transfer of stamps without approval | Offence | Reg. 17 |
| Late excise return or payment | Higher of 2.5% of the tax or TZS 300,000 a month for a company (NEW-02-06), plus interest (NEW-02-08) | Tax Administration Act ss.87 and 89 |
A fine is imposed by a court on conviction, after prosecution. A seizure or a charge on unaccounted stamps is an administrative decision that can be objected to. Objections run for 30 days and need the deposit in NEW-02-19.
How do importers handle stamps at the border?
An importer orders stamps 90 days ahead like a local maker, but uses green stamps. The Commissioner may ask for proof of importation before releasing them. Stamping takes place at an approved place within 14 days of clearance for home use, unless TRA allows stamping before shipment.
The stamp sits on top of the import taxes. Imported bottled water pays excise of TZS 76.10 a litre, against TZS 56.00 for local water (F0259). Customs duty, VAT at 18% (F0239) and the other import charges follow; see our guide to import duty, VAT and excise. Goods in transit to another country are exempt from excise (reg. 34) and carry distinct export markings (reg. 33).
What is changing in January 2027?
The Daily News reported on 14 September 2026 that TRA had started procurement for a new ETS system. It said the contract with SICPA Tanzania Limited expires in January 2027. The Commissioner General linked the tender to counterfeit stamps used by some manufacturers and importers.
The Respondent reported on 17 September 2026 that the pre-qualification tender was advertised on NeST on 18 August 2026. Bids closed on 15 September 2026, and 13 firms applied. No award had been reported at publication.
The Regulations do not change with the contractor. The new system may still bring new equipment, new codes, a new price and a migration window. Producers should expect installation notices under regulation 24 and should not run down stamp stock in December 2026.
What is the position in Zanzibar?
Regulation 2 states that the Regulations apply "to Mainland Tanzania as well as Tanzania Zanzibar". Excise in Zanzibar, however, now runs under its own law, the Excise Duty Act No. 8 of 2017. The Zanzibar Revenue Authority (ZRA) administers it.
ZRA's excise page says nothing about tax stamps. TRA's ETS page does not mention Zanzibar. We found no ZRA notice on electronic stamps, so the Zanzibar position is unknown.
| Point | Mainland Tanzania | Zanzibar |
|---|---|---|
| Excise law | Cap. 147 | Excise Duty Act No. 8 of 2017 |
| Administrator | TRA | ZRA |
| Stamp rules | GN 16 of 2018, applied by TRA | GN 16 of 2018 claims to apply; ZRA publishes no stamp rules; confirm with ZRA and TRA |
| VAT on the goods | 18% (F0239) | 15% (F0246) |
| Supply chain check | Reg. 35 on every handler | Unknown |
A Zanzibar producer selling into the Mainland should get written guidance from TRA before the first shipment. Mainland traders must check stamps on all goods they handle, whatever their origin. See our guides to Union and non-Union taxes and Zanzibar VAT.
Worked example: a bottled water plant in Dodoma
A Tanzanian company bottles water in Dodoma under a TRA excise licence and TBS certification. In November 2026 it fills 300,000 bottles of 0.5 litres and 100,000 bottles of 1.5 litres. Each bottle carries one stamp. TRA issued 410,000 blue stamps for the month.
Step 1: excise. Volume is 300,000 x 0.5 = 150,000 litres plus 100,000 x 1.5 = 150,000 litres, a total of 300,000 litres. At TZS 56.00 a litre (F0259), excise is 300,000 x 56.00 = TZS 16,800,000. It is due by the 25th of December with the November return.
Step 2: stamp cost. TRA does not publish the stamp price. For illustration only, assume the approval shows TZS 8 a stamp. The month's stamps then cost 410,000 x 8 = TZS 3,280,000, paid to the contractor on approval. Replace this with TRA's written figure.
Step 3: reconciliation.
| Line | Stamps |
|---|---|
| Issued by TRA | 410,000 |
| Affixed to bottles | 400,000 |
| Unused, in stock | 5,000 |
| Damaged and preserved for inspection | 3,000 |
| Missing | 2,000 |
| Wastage allowance: 1% of 410,000 | 4,100 |
| Damaged and missing above the allowance: 5,000 minus 4,100 | 900 |
If TRA treats the 900 stamps as unaccounted, it charges excise at the highest applicable rate. On the 1.5 litre bottle that is 900 x 1.5 x 56.00 = TZS 75,600. On the 0.5 litre bottle it would be 900 x 0.5 x 56.00 = TZS 25,200. TRA chooses the base, and other taxes may be added under regulation 16(3).
Step 4: late payment. If the TZS 16,800,000 is paid a month late, the penalty for a company is the higher of 2.5% (TZS 420,000) or TZS 300,000 (NEW-02-06). That makes TZS 420,000, plus interest at the statutory rate (NEW-02-08).
Step 5: forecast. At 410,000 stamps a month, the forecast for 2027/28 is 12 x 410,000 = 4,920,000 stamps. It must reach TRA by 2 April 2027.
The month's two government charges are TZS 16,800,000 of excise and TZS 3,280,000 of stamps, a total of TZS 20,080,000 on the illustrative price. Specific excise rates are indexed each year by inflation plus 2 percent (F0331), so re-run the figures every July.
What to do now
- Check the list. Confirm with TRA in writing whether each of your products is stamped today.
- Register and license. Hold the ETS registration certificate, the excise licence and the product approvals before the first batch.
- Diarise the 90-day clocks. Order 90 days before production or import, and file the annual forecast by 2 April.
- Get the price in writing. Record the stamp fee on each approval and budget it apart from excise.
- Reconcile monthly. Count issued, affixed, unused, damaged and missing stamps, and keep damaged stamps for inspection.
- Report faults fast. Train line supervisors to report equipment faults and broken seals within six hours.
- Brief your buyers. Tell distributors and shops how to verify your stamps with the app.
- Plan for January 2027. Hold enough stock and expect new installation notices when the new contractor starts.
Key dates
| When | What | Source |
|---|---|---|
| 24 January 2018 | GN 16 of 2018 made | TanzLII |
| 15 January 2019 | Phase one: cigarettes and other phase one goods | TRA ETS page |
| 15 August 2019 | Phase two: sweetened or flavoured water and other non-alcoholic drinks | TRA ETS page |
| November 2020 | Phase three: juices and film and music products, as reported | Food Business MEA, 7 January 2021 |
| 31 January 2021 | Deadline for all stamped products to carry ETS, as reported | Food Business MEA |
| 15 September 2026 | Bids closed for the new ETS system | The Respondent |
| January 2027 | Current ETS contract expires | Daily News |
| 2 April each year | Annual stamp forecast due | Reg. 11 |
| 90 days before production or import | Stamp application on Form 2 | Reg. 10 |
| Within 14 days of clearance | Imported goods stamped | Reg. 14 |
| Monthly | Stamp accounting | Reg. 16 |
Bowmans, writing on 1 November 2019, dated phase two to 1 August 2019 and excluded fruit juice under heading 20.09 from it. Food Business MEA, on 7 January 2021, placed soft drinks in August 2020. TRA's dates are used above.
How Zatra helps
Zatra sets up the ETS file for producers and importers: registration, licences, the order and forecast calendar, and a monthly stamp reconciliation tied to the excise return. We test a plant's wastage against the 1% allowance before TRA does. We also prepare buyers' verification guides.
Our tax and regulatory compliance desk runs the monthly cycle. Our import and export compliance team handles stamping for imports. Our TRA audit and dispute team handles assessments on unaccounted stamps.
Costs come in two separate buckets. Government charges, such as excise and stamp fees, are paid at the official rate against the authority's control number or to the contractor TRA names. Zatra's professional fee is quoted on its own line. Zatra prepares and files, but does not decide or guarantee any authority's outcome. Prosecution, seizure, disputes before the Board or the courts, and formal legal opinions go to an advocate.
Sources and status
Accurate as at 21 October 2026.
- Electronic Tax Stamps Regulations, 2018, GN 16 of 2018: TanzLII, version of 2 February 2018; regs. 2 to 43 and First Schedule read. Accessed 21 Oct 2026.
- TRA Electronic Tax Stamp (ETS) page: TRA, undated. Accessed 21 Oct 2026.
- TRA Excise Duty page: TRA, undated; Hakiki Stempu link. Accessed 21 Oct 2026.
- Excise (Management and Tariff) Act, Cap. 147: TanzLII, consolidated to 30 November 2019. Accessed 21 Oct 2026.
- Finance Act, 2026: TRA copy, in force 1 July 2026; s.10(a) drink rates. Accessed 21 Oct 2026.
- ZRA excise duty page: ZRA, undated. Accessed 21 Oct 2026.
- Daily News, 14 Sep 2026; The Respondent, 17 Sep 2026; The Citizen, 18 Feb 2022 and 15 Sep 2026; Bowmans, 1 Nov 2019; Food Business MEA, 7 Jan 2021; TanzaniaInvest, 23 Mar 2021. Accessed 21 Oct 2026.
- Zatra fee register lines F0239, F0246, F0259, F0331, NEW-02-06, NEW-02-08, NEW-02-19: fees at 26 Sep 2026. Accessed 21 Oct 2026.
Figures to confirm before you act
- Stamp price: the fee the Commissioner prescribes for each product, not published by TRA
- Product list: whether perfumed products, petroleum jelly, lubricants, smart cards, cement, sugar or cooking oil are stamped today
- October 2018 amendment: the content of the amending notice shown on TanzLII
- Act section: the current section number of the regulation-making power in Cap. 147
- Distributors: whether TRA requires distributors to register under regulation 7
- Unaccounted stamps: how TRA picks the rate and pack size for stamps above the 1% allowance
- New contractor: the award, the price and the migration timetable from January 2027
- Zanzibar: whether ZRA applies stamps to goods made or sold in Zanzibar
This article is general information based on official sources available at the date of publication. It is not legal, tax or financial advice. Laws and notices change. Verify with the issuing authority or consult Zatra before acting.
Frequently asked questions
Is the stamp fee part of excise duty?
No. Excise is a tax charged under Cap. 147 and paid to TRA with the monthly return. The stamp fee is the price of the stamps, paid to the contractor under regulation 6 when TRA approves an order. Both are costs of putting the product on the market, and both belong in the product's pricing.
Can a small water bottler start selling before its stamps arrive?
No. Regulation 14 bars goods from leaving the production facility unstamped, and selling unstamped goods is an offence under regulation 36. A new plant should file its registration and first order early, because the 90-day lead time runs from the application, not from the date the line is ready.
Do exported goods need Tanzanian tax stamps?
Goods for export are treated differently. Regulation 33 requires distinct markings on duty-free and export packs, and export wrapping must show the destination country. Regulation 34 exempts goods in transit to a foreign destination from excise. Confirm the marking TRA expects for each export line before shipping.
What happens to stamps left over when a product is discontinued?
They go back to TRA under regulation 15. Returning them protects the producer from a charge for unaccounted stamps. A refund of fees within 60 days applies only where the Commissioner declares the stamps out of use, so stamps for a discontinued product are usually not refunded.
Can a company move stamps from its Dar es Salaam plant to its Mwanza plant?
Only with the Commissioner's prior written approval under regulation 17. A transfer without approval is an offence, even inside one company. Apply before moving stock, and record the transfer in both plants' monthly stamp accounts so the reconciliation balances.
Who can check whether a stamp is genuine?
Anyone with a smartphone. TRA's excise page links to the free Hakiki Stempu app, which reads the stamp code. Traders have a legal duty under regulation 35 to authenticate stamps before accepting goods. Consumers can use the same app and report suspect goods to TRA.
Does a change of bottle label need a fresh notice to TRA?
Yes. Regulation 32 requires an advance report at least 30 days before a new product or a change in packaging or label. A plant that changes the production line or equipment must also apply for installation or removal of the system. Plan relabelling around that notice period.
Can Zatra represent a trader whose goods were seized?
Zatra prepares the reconciliation, the records and the objection file for an administrative decision. Seizure, prosecution and any hearing before the Board or a court go to an advocate. Act quickly, because objection periods are short and the deposit must be paid for the objection to be admitted.
Sources & regulators
Verify before filing: Rates, forms and thresholds move by Finance Act, Government Notice and portal revision. Confirm the live schedule on the mandate-holder portal before you budget or submit. Law-firm alerts and Big Four notes are discovery only.
- Electronic Tax Stamps Regulations, 2018 (GN 16 of 2018): TanzLII, Government Notice 16 of 2018, made 24 Jan 2018, version of 2 Feb 2018, made under Cap. 147 s.122; regs 2 to 43 and First Schedule read 21 Oct 2026; primary source. Accessed 2026-10-21.
- TRA: Electronic Tax Stamp (ETS): Tanzania Revenue Authority web page, undated, read 21 Oct 2026; goods list, phase dates 15 Jan 2019 and 15 Aug 2019, 90-day orders, penalties; primary source. Accessed 2026-10-21.
- TRA: Excise Duty (electronic tax stamps section): Tanzania Revenue Authority web page, undated, read 21 Oct 2026; ETS rules and Hakiki Stempu app link; primary source. Accessed 2026-10-21.
- TRA: Regulations library: Tanzania Revenue Authority resource centre, read 21 Oct 2026; lists the Electronic Tax Stamps Regulations, 2018; primary source. Accessed 2026-10-21.
- Excise (Management and Tariff) Act, Cap. 147: TanzLII consolidation to 30 Nov 2019; s.122 Regulations and s.124 imposition of excise read; primary source. Accessed 2026-10-21.
- The Finance Act, 2026: Parliament, published by TRA, in force 1 Jul 2026; s.10(a) water TZS 56.00 local and 76.10 imported per litre, juices 10.69 and 275.62; primary source. Accessed 2026-10-21.
- ZRA: Excise duty: Zanzibar Revenue Authority web page, undated, read 21 Oct 2026; Excise Duty Act No. 8 of 2017, no mention of tax stamps; primary source. Accessed 2026-10-21.
- Daily News: TRA overhauls tax stamp system to curb counterfeits: Daily News, 14 Sep 2026; SICPA contract expires January 2027, bids due 15 Sep 2026; news source. Accessed 2026-10-21.
- The Respondent: TRA shortlists 13 firms for electronic tax stamp tender: The Respondent Online, 17 Sep 2026; tender on NeST 18 Aug 2026, 13 applicants; independent news source. Accessed 2026-10-21.
- The Citizen: Manufacturers seek lower ETS rates as tender comes to an end: The Citizen, 15 Sep 2026, headline and date only; independent news source. Accessed 2026-10-21.
- The Citizen: TRA puts three more items on ETS regime: The Citizen, 18 Feb 2022; cement, sugar and cooking oil announced; independent news source. Accessed 2026-10-21.
- Bowmans: Combating counterfeiting through electronic tax stamps: Bowmans, 1 Nov 2019; independent source on phases, 30-day new product notice and penalties. Accessed 2026-10-21.
- Food Business MEA: Tanzanian beverage manufacturers to affix digital stamps by end of January: Food Business Middle East and Africa, 7 Jan 2021; phase three November 2020 and 31 Jan 2021 deadline; independent source. Accessed 2026-10-21.
- TanzaniaInvest: TRA app to identify fake electronic tax stamps: TanzaniaInvest, 23 Mar 2021; launch of the stamp verification app; independent source. Accessed 2026-10-21.
Disclaimer
This article is informational orientation. It is not legal, tax or investment advice and not a government decision. Tanzanian instruments move by Act, Government Notice, Finance Act and portal revision. If a sentence here disagrees with the live mandate-holder, the mandate-holder wins. Zatra Consultants Limited does not issue licences, permits, tax clearances or approvals, and gives no assurance of any regulatory or banking outcome. Professional fees are published only on /pricing/.