these directives resulted in automatic delisting from the DSE. As the first company in the history of the DSE to be delisted, NICOL constitutes a good example of the application of sanctions for breach of disclosure and accountability requirements. 841. During the interaction with corporate sector actors and the general public, a framework for identifying stakeholders of a given company was used to illustrate the perception that effective and regular stakeholder engagement could also enhance accountability. Such engagement could take the form of regular meetings, (for communities, these could be town hall meetings) as well as participation in other community activities. Accordingly, a framework to identify the nature of stakeholders (internal and external) and the attendant implications of the effect of company activities should be provided. In this regard, the internal and external codes of good business ethics and best practices in corporate governance should provide the required framework for accountability to identified stakeholders. Although compliance with external Codes is voluntary, they do provide a benchmark for assessing standards of accountability demonstrated by corporations, their boards and officers. 842. Consultations revealed that an improved Tanzanian Revenue Authority (TRA) delivers services through a more efficient system of identifying taxpayers in the corporate sector. Tax Identification numbers are now to be issued, along with the company registration certificate, part of the ongoing TRA digitalisation project, expected to be completed in May 2012. This should be a first step towards effective collection of taxes. 843. Consultations also revealed that Zanzibar is currently reviewing the 2004 Income Tax Act with a view to removing loopholes for tax evasion and avoidance. On the issue of manpower development, the CRM established that universities in Tanzania are making serious efforts to produce the work force (including professionals), that will render much needed services to the corporate sector. lll. Recommendations 844. The APR Panel recommends that the United Republic of Tanzania: • Review tax laws with a view to striking the right balance between providing much-needed incentives to attract foreign investment and protecting the sources of tax revenues; [Ministry of Finance, TRA] • Facilitate the formation of Shareholder Associations that will promote accountability in companies in which they have invested; [BRELA, DSE, CMSA, the Chamber of Commerce and other private sector groups] • Step up efforts towards producing more accountants and other professionals required for the development of the corporate sector. [Ministry of Education, Universities, Professional bodies in Tanzania] 169