ARUSHA: THE government’s commitment to fostering a conducive business environment has been lauded by local business leaders.
In the course, a tax conference held in Arusha over the weekend saw a convergence of business owners, industry experts and government officials.
Discussions on streamlining regulations, reducing tax burdens and incentivising investment were also held.
Chairman of the Conference, Mr Robert Manyama expressed gratitude to the government after acting on a recommendation from last year’s conference, which included exempting Value Added Tax on equipment and machinery used in beekeeping, locally blended tea and gold sold to domestic refineries.
“The government has provided tax relief for tea processors, reduced excise duty on processed drinking water, established health insurance funds for the vulnerable and increased import duties to protect domestic industries,” said Manyama.
Organised by the Ministry of Finance and the Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA), the conference brought together tax experts, industry stakeholders, business owners and producers to gather insights and recommendations for the upcoming finance bill.
Chairman of the Tanzania Business Community in Arusha Region, who is also the Secretary General of the Transport Association of Arusha, Kilimanjaro and Manyara Regions, Mr Locken Massawe, expressed appreciation for the government’s proactive approach. “These reforms are a step in the right direction.
They will not only boost local businesses but also attract foreign investment, create jobs and spur economic growth,” he said. However, some businesses raised concerns about the inconsistency of policy implementation and the need for further reforms to address specific sector issues.
ALSO READ: Tax Reform Commission: Charting fiscal excellence
Ester Msule, Treasurer of the Tanzania Business Community in Arusha Region, emphasised the importance of continued dialogue between the government and the private sector.
“By working together, we can identify and address the challenges facing businesses and ensure that policies are effective in driving economic growth,” she said.
The government has acknowledged the need for ongoing dialogue and has committed to engaging with stakeholders to refine policies and address emerging challenges.
“We thank the government for its commitment to a better tax system,” said Ms Sia Maruda, Executive Officer of TCCIA Arusha Region. She added, “the Minister of Finance’s visit to Arusha to listen to our concerns is a testament to their dedication.
We are hopeful that the upcoming Finance Bill will address our needs and foster an environment where businesses can thrive without undue burden.”
On 28 June 2024, the National Assembly Parliament passed the Finance Bill, 2024 (the Bill). On 30 June, the President assented to the Bill, which then became the Finance Act, 2024 (the Act).
Among key changes made, include the government giving the National Food Reserve Agency (NFRA) exclusive mandate to import, store and supply sugar for domestic consumption to cover the sugar gap.
