Private sector outlines recommendations for next financial years' budget

“We have millions of livestock but the export of skin and hides is too low, this is not good for economic growth of the country,”

Private sector outlines recommendations for next financial years' budget

“We have millions of livestock but the export of skin and hides is too low, this is not good for economic growth of the country,”

27 February 2018 Tuesday 09:12
Private sector outlines recommendations for next financial years' budget

THE Tanzania Private Sector Foundation (TPSF) has outlined five key areas that need to be worked on in the next financial years’ budget to enable the country achieve the required economic growth.

TPSF director of Policy Gilead Teri said in an interview that the ministry of finance and planning will today start collecting budget recommendations from the private sector in Dar es Salaam.

“We shall use the opportunity to discuss and recommend various areas which we think can help to improve business and livelihood of Tanzanians,” he said.

TPSF will recommend on issues that will help the government to improve business operations, he said adding that among the issues also to be discussed would include tax system simplicity to businesses in East Africa.

“The reduction of import of edible oil, revival of medical plants, improvement of hides and skins and broaden tax collection would also be in the list,” he said.

The policy director also pointed out for the need to ensure there is a harmonised tax system that would enable traders in the regional bloc to conduct business without problems.

He said the government need also to put in place conducive environment to enable local edible oil factories increase production and reduce food oil imports.

Edible oil imports cost the country at least Sh300billion last year according to available reports.

Commenting on drug factories, Teri said in recent year drug export in Tanzania export has decreased to $1.7m from $8m in 2010 saying however that the country needed some improvement on skin and hides sector with abundant raw materials to earn it millions of dollars.

Reports claim Tanzania ranks third in African with the highest population of livestock but there was low export in the skin and hides sector derailing the country’s economic growth.

“Member from any chamber or an association wishing contribute their recommendations to the government regarding the next financial years’ budget should channel their writing to us before the end of this months,” he said.

Business stakeholders on their part requested the government to provide enough support to commercial banks and industrial parks to enable the two sectors serve the public with the required efficiency.

“Banks play crucial roles in the economic growth of any country and bring about positive change to the public,” they said.

Azania Post

Updated: 27.02.2018 12:12
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