TANZANIA, Dodoma THE Tanzania Investment Centre (TIC) has recorded an increase of 26.1 per cent of new registered projects between July 2022 and June 2023 compared to the projects registered in the previous period between July 2021 and June 2022.
A total of 234 projects were registered in the 2020/2021 financial year while 273 investment projects were registered in 2021/2022 fiscal year, which was an increase of 39 projects, equivalent to 14.3 per cent.
In 2022/2023 financial year, a total of 369 projects were registered, recording an increase of 96 projects which is equivalent to 26.1 per cent.
Speaking here on Thursday at the ongoing Nanenane exhibition in Dodoma, TIC Regional Investment Acting Manager Mr Juma Nzima said the increase in number of registered projects was due to various factors including reduction in registration fees for local investment projects from 100,000 US dollars to 50,000 US dollars.
“In the past, the investment projects that were owned by locals were registered with a fee of 100,000 US dollars but now half of that fee has been reduced, and now Tanzanians are paying only 50,000 US dollars,” he said.
He said that the TIC’s good performance was also due to the use of the electronic system (Tanzania Electronic investment Single Window System-TeSWS), an arrangement that has made it easier for the Centre to deliver services, including simplifying access to TIC services by their clients.
“Through TeSWS, our clients and stakeholders can access all the information needed at the same time and anywhere. When customers log in into our system they can access information of all our co-working institutions such as BRELA, TRA, NEMC, OSHA, TBS, TMDA, NIDA and all other key institutions dealing with the investment issues, hence making it easier for them to complete their activities quickly and efficiently,” he said.
Mr Nzima noted that improvements made on the laws governing investment matters in the country have further created conducive and enabling investment environment.
According to the TIC official, following the improvements on the laws, the expansion and rehabilitation projects are now being given an opportunity to benefit from tax incentives.
“Before the improvements on law governing investment matters, all the rehabilitation and expansion investment projects were not given tax incentives on the basis that they had already benefited from the incentives at the time of registration, but now all projects are getting these incentives,” he said.
He said that the use of Investment One Stop centres was also another reason behind the increase in registered projects, explaining that the benefits that investors and TIC get from the use of TeSWS is similar to benefits that all One Stop Investment centres bring.
“If you go to all our facilities (Centres) you will receive the services from all the stakeholders involved in investment matters, meaning that you will meet BRELA, TRA, RITA and NEMC officials etc in our offices physically,” he said.
He noted that since the establishment of TIC in 2017 Dodoma and Singida regions have registered a total of 213 projects, with 165 projects registered in Dodoma Region and 48 projects in Singida Region.
Low power tariffs, political stability, strategic geographical location, availability of skilled manpower and improvement of transport infrastructure also make Tanzania an attractive investment destination.
