TIC: government has scrapped all investment barriers
SIMIYU: THE Chairman of the Tanzania Investment Centre (TIC) Board of Directors, Dr Binilith Mahenge, has stated that the investment climate in the country has significantly improved, including the enhancement of investment laws and the removal of barriers that previously hindered potential investors.
Dr Mahenge noted that the relocation of the Investment Centre to the President’s Office has greatly contributed to eliminating obstacles for individuals wishing to invest in Tanzania.
He made these remarks during a recent visit to registered TIC investors in Simiyu Region to observe their investment activities and address challenges they face.
He emphasised that it is now the right time for both Tanzanians and foreigners to invest in various sectors of the country, as the investment environment has been improved and is investor-friendly.
“My call to Tanzanians and foreigners is to come forward and invest in the country; the environment has been greatly improved. At TIC, we are prepared to assist wherever necessary and now all obstacles have been removed. Anyone wishing to invest will spend very little time obtaining permits,” Dr Mahenge said.
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The Chairman also urged investors currently in the country or those intending to invest to register with TIC to benefit from tax relief and receive assistance in overcoming challenges.
“One of the benefits of registering with TIC is that investors get exemptions from certain taxes and they are also given time to start paying taxes when their investment begins. We urge all investors to join TIC to take advantage of these benefits,” Mahenge added.
Dr Mahenge also praised the leadership of the Alliance Ginnery located in Bariadi District for their significant investment in the region.
He commended the company for their contribution to the cotton farming, highlighting that they are registered with TIC and have received tax exemptions on certain items while being granted time to start paying taxes.
“Alliance Ginnery is one of the investors registered with TIC and they have received tax exemptions on certain items but have also been given time to start paying taxes to the government,” Mahenge said.
The ginnery manager, Mr Boaz Ogola, expressed gratitude to the government through TIC for their continued visits and support in addressing the challenges they face.
Mr Ogola noted that TIC has been instrumental in facilitating their investment, particularly with tax exemptions on imported cotton ginning machines.
