Govt of Tanzania: ’We will continue monitoring business trends, take appropriate measures when needed’

Mpango said the Ministry of Industry Trade and Investment in collaboration with the ministry of Finance and Planning promised to continue monitoring closely business trends and will take appropriate measures when needed.

Govt of Tanzania: ’We will continue monitoring business trends, take appropriate measures when needed’

Mpango said the Ministry of Industry Trade and Investment in collaboration with the ministry of Finance and Planning promised to continue monitoring closely business trends and will take appropriate measures when needed.

08 June 2017 Thursday 20:04
Govt of Tanzania: ’We will continue monitoring business trends, take appropriate measures when needed’

By Azania Post Reporter

The Government of Tanzania has appeals to the business community in the country to conduct their businesses confidently by adhering to the country’s laws, regulations and procedures and promised to continue monitoring closely business trends and will take appropriate measures when needed.

This was said by Minister of Finance and Planning, Dr. Phillip Mpango during tabling the new 2017/2018 budget in Dodoma yesterday.

He said the Ministry of Industry Trade and Investment in collaboration with the ministry of Finance and Planning promised to continue monitoring closely business trends and will take appropriate measures when needed.

According to him, there have been assertions that business community have lost confidence due to statements given by leaders and steps taken by the government in streamlining business operations.

“I would like to reassure the business community that the Fifth Phase Government strongly believes that the private sector is an engine of the economy and highly values the contribution of the business community in economic development and the nation welfare in general” he said.

He said it is vivid that the great portion of goods and services for domestic use and exports which earn the country the foreign exchange are produced by the private sector.

He said similarly, private sector is the main employer and source of government revenue. Therefore, private sector is a great partner of the government in an effort of bringing national development.

The Minister said in recognition of great importance of the private sector and business community, the government has continued to improve business and investment environment by strengthening macroeconomic stability, minimize bureaucracy, timely decision making, promote peace and security and ensure availability of improved infrastructure and services including access to reliable power and credit to private sector.

He said those are the areas that the Government focuses on and will continue to get priority. In addition, the Government is still determined to continue dialogue with business community through Tanzania National Business Council (TNBC), Tanzania Private Sector Foundation (TPSF) and other fora.

He said; “We have now started to witness improved business environment as reflected through various performance indicators. According to the World Bank Doing Business report of 2017, Tanzania has done better in doing business by moving 12 positions up from 144 in 2016 to 132 in 2017”.

Moreover, according to the report by Quantum Global Research Lab of UK on Africa Investment Index 2016, Tanzania was ranked as the most attractive investment destination in East Africa and the 8th in Africa up from 19th in 2015.

Mpango assured that the Government of Tanzania will sustain dialogue with business community aimed at getting their proposals on policy reforms and consider their concerns for economic development.

He insisted that the Government aspiration is to ensure that businesses are conducted under predictable and conducive environment conducive to economic growth and job creation; revenue generation for financing development projects; and social services delivery.

However, he said the Government, through Tanzania Revenue Authority (TRA), will continue to modernize tax systems, improve procedures and create an enabling business environment to facilitate smooth operations.

According to the minister, TRA in collaboration with other government entities, will continue to conduct public awareness programs on the importance of formalization of their economic activities.

“I would like to emphasize that, paying taxes is an obligation, which every Tanzanian should adhere to, for national development. Hence, the Government will protect business community but will not tolerate looting of national resources and tax evasion,” he said.

Azania Post

Updated: 08.06.2017 23:40
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