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State pledges to strengthen local financial  institutions, improve fund management

State pledges to strengthen local financial institutions, improve fund management

MINISTER for Finance and Planning, Dr Mwigulu Nchemba on Thursday said the government will continue to strengthen domestic financial institutions so that they can facilitate access to credit, improve fund management and control government electronic payment systems.

Dr Nchemba made the remarks while presenting the report of the state of the national economy and the national development plan for the financial year 2021/2022, in Parliament. Minister Dr Mwigulu said in the coming fiscal year, the government will also continue to strengthen management of mobilisation of tax and non-tax revenues by improving investment and business environment for the development of small and medium enterprises for sustainable economic growth.

“We will continue to improve the environment for voluntary tax compliance including encouraging use of Information Communication Technology (ICT) systems as well as by creating public awareness and continue with formalisation of the informal sector,” said Dr Nchemba.

On revenue collection, the Minister said the government is focusing on strengthening the management of revenue collection through ensuring proper enforcement of tax laws and reduce tax evasion, which results to revenue losses.

“We will also continue with harmonisation of multiple fees and levies and continue to implement Tanzania Electronic Single Window System (TeSWS) to simplify freight movement at border stations and reduce the costs of doing business in the country,” he said.

On financing the 2021/22 plan, the Minister said the government will continue to toughen mobilisation of tax and non tax revenues by improving investment and business environment for the development of small and medium enterprises.

“The business environment will be improved to support economic growth through both small and medium enterprises,” he noted.

According to Dr Nchemba, the plan also explained the need for ensuring proper enforcement of tax laws to reduce tax evasion and revenue losses.

He said the move will also help to support the harmonisation of multiple fees and levies. Dr Nchemba said that in 2020/21, the government managed to monitor and evaluate 215 development

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Author: DAILYNEWS REPORTER

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