BUSINESS COMMUNITY SAYS BUDGET ‘VERY FOCUSED’

Tanzania Private Sector Foundation (TPSF) executive director Godfrey Simbeye

In Summary

This is after the minister of Finance and Planning, Dr Philip Mpango, tabled it in Parliament on Thursday.

Dar es Salaam. The business community has commended the 2017/18 Budget for focusing on developing industrialization and increasing competitiveness.

This is after the minister of Finance and Planning, Dr Philip Mpango, tabled it in Parliament on Thursday.

Speaking in an interview with The Citizen, Tanzania Private Sector Foundation (TPSF) executive director Godfrey Simbeye said the budget had changed, especially on industries, revealing a huge difference from last year’s.

“This year’s budget aims at increasing production of goods in the country,” he said.

Highlighting some areas, he said that VAT on animal feeds had been scrapped off, a fact that would increase competitiveness in the business while the exercise duty on soft and alcoholic drinks only increased slightly according to the inflation rate.

“It focuses on the law, which requires that they should be adjusted annually according to the country’s inflation rate,” he said adding that it would increase production as it encouraged members of the public to consume drinks.

He noted that VAT on auxiliary goods was also scrapped off as well as the VAT on capital goods, which would increase production in industries.

For his part, Tanzania Business Community national chairman John Minja said the 2018/19 budget had really looked at common people.

He said business people importing motor vehicles were overjoyed with the decision to amend Section 168 of the Traffic Act.

According to him, before the amendment, business people had to pay billions of money just for motor vehicle registration, which before had to be paid annually even in case a car was packed due to accident or other problems.

“This is an impressive achievement and it will boost our businesses,” he said.

The Citizen