Enterprise Television – Tanzania to Improve Business Environment
Tanzanian Government has revealed plans to take on board recommendations from a blueprint for regulatory reforms which will improve the business environment in Tanzania from the 2018/19 financial year.
The Minister for Finance and Planning, Dr Phillip Mpango, while moving budget proposals for the 2018/19 year in Parliament last Thursday, said the recommendations are aimed at harmonizing and simplifying procedures for payment of taxes, fees and levies.
According to him, the blueprint also recommends shortening time and bureaucratic procedures in registration of businesses and companies.
“Honorable Speaker, conducive environment is the basis of attracting business and investment including improvement of supportive infrastructure, tax incentives, policy consistency and predictability, land accessibility and well-structured legal and regulatory frameworks,” he said.
Tanzania is ranked 137 among 190 economies in the ease of doing business, according to the latest World Bank annual ratings deteriorating from 132 in 2016.
Meanwhile, the Ease of doing business index ranks countries against each other based on how the regulatory environment is conducive to business operations.
The minister said analysis undertaken by the government in 2017/18 revealed there were conflicting laws, regulations and procedures administered by different authorities.
This also revealed there were high start-up and operating business costs due to multiplicity of taxes, fees and levies accompanied by complex and unproductive bureaucratic procedures which fuel corruption, he said.
The analysis confirmed overlapping of responsibilities and multiplicity of regulatory authorities in approving, licensing, granting permits and certificates in business and investments, he said
All rights reserved. Kindly share news, opinion, contributions and press releases with us at email@example.com