AfricaPress-Tanzania: THE private sector and the chamber of commerce, industry and agriculture have lauded the new budget, saying it serves as a roadmap focused on lifting the country’s economy by creating jobs, sustaining industrial growth, and speeding up the elevating Tanzania to an industrialised middle-income economy status.
Tabling the budget in the House on Thursday, Minister for Finance and Planning, Dr Philip Mpango noted that among other things, the government, would continue to implement a blueprint for regulatory reforms to improve the business environment.
Receiving the budget with open arms, Tanzania Private Sector Foundation (TPSF), commended President John Magufuli for creating a budget that focuses on stimulating the nation’s economy and protecting local industries.
TPSF Chairperson, Ms Angelina Ngalula, remarked that the private sector also commended Finance and Planning Minister Dr Philip Mpango, for recognizing its importance as an economic pillar.
“Steps taken by the government in the tabled budget is the implementation of the blueprint by reducing production costs, protecting and increasing employment opportunities and creating an economically independent country.”
The government showed great cooperation with the private sector by not only receiving feedback and advice but also recognising the outstanding achievements of the sector in increasing revenue collections, she explained.
Speaking to the ‘africa-press’, the Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA) Executive Director, Mr George Lengeju, remarked that the government had taken bold measures on issues of taxation.
“The budget is well crafted; it has taken into consideration and focused on improving the country’s business environment,” he commented.
Dr Mpango explained ways through which the business environment would be improved as including abolishing or reducing rates totaling 60 fees and levies that were charged by ministries departments, agencies, and regulatory authorities.
According to Dr Mpango, the budget theme for 2020/21 was stimulating the economy to safeguard livelihoods, jobs, businesses and industrial recovery, a plan agreed by EAC partner states.
“This is the final year of the implementation of the National Five-Year Development Plan 2016/17–2020/21 with the theme: “Nurturing industrialisation for economic transformation and human development”.
Therefore, this budget has been prepared in consideration of the main objective of the Plan which compels the Government to create an enabling environment for investment and business.” Dr Mpango said during the presentation.
