BUSINESSPEOPLE PRAISE GOVERNMENT FOR ADDRESSING TAX CHALLENGES

Head of Banking Operations at Absa Bank Tanzania, Alfred Urasa (left), speaks during the South African Business Forum in Tanzania (SABFT) meeting, sponsored by the bank, in Dar es Salaam over the weekend. One of SABFT's main goals is to connect investors from South Africa with Tanzanian investors interested in investing in South Africa, benefiting from opportunities in both countries.

Director of Foreign Exchange Markets at Absa Bank Tanzania, Ms. Irene Rwegalulira, speaks during the South African Business Forum in Tanzania (SABFT) meeting, sponsored by the bank, in Dar es Salaam over the weekend.

Head of Retail Products and Strategy at Absa Bank Tanzania, Mr. Heristraton Genesis, speaks during the South African Business Forum in Tanzania (SABFT) meeting, sponsored by the bank, in Dar es Salaam over the weekend.

Some businesspeople and members of the South African Business Forum in Tanzania (SABFT) who attended the forum’s meeting, sponsored by Absa Bank Tanzania, in Dar es Salaam over the weekend. 

Chairman of the South African Business Forum in Tanzania (SABFT), Mr. Manish Thakrar (center), along with some of the forum's leaders, cut a cake to celebrate the forum's achievements during their meeting, sponsored by Absa Bank Tanzania in Dar es Salaam over the weekend.

Members of the South African Business Forum in Tanzania (SABFT) have expressed their appreciation to the governments of both countries for tackling long-standing issues related to tax burdens that have affected them for a long time.

Speaking in Dar es Salaam over the weekend during a meeting of the businesspeople, which was sponsored by Absa Bank Tanzania, in collaboration with South African Airways (SAA), the Chairman of the Forum, Mr. Manish Thakrar, said that the issue of double taxation has been a long-standing grievance, but through the ongoing efforts by the governments of Tanzania and South Africa, as well as business chambers and other stakeholders, they are confident that by the end of this year, these issues will be completely resolved.

He noted that the South African Business Forum in Tanzania (SABFT) was established 24 years ago with the primary goal of connecting investors from South Africa with Tanzanian investors who are interested in investing in South Africa, thereby benefiting from the opportunities available in both countries.

"Since 1997, through the privatization plan, there has been a significant increase in investment from South African businesspeople in major projects in the telecommunications, production, beverages, and food sectors, which have created job opportunities for Tanzanians and benefited local businesspeople as well."

“I would like to give special thanks to Absa Bank Tanzania for their significant sponsorship in this event, but also congratulate the bank for its efforts in providing services, products, and various solutions to meet the financial needs of South African and Tanzanian businesspeople,” said Mr. Thakrar.

Speaking at the same event, the Director of Foreign Exchange Markets at Absa Bank Tanzania, Ms. Irene Rwegalulira, representing the bank's Managing Director, Mr. Obedi Laiser, said they are well-prepared to serve their customers from outside Tanzania with more innovative solutions, offering various banking services for small, medium, and large clients.

“Platforms like these are very beneficial because we, as a bank, come in as a connector to help them in their businesses that require financial services such as loans, foreign exchange, as well as advice on the best ways to conduct business in Tanzania in line with government regulations and guidelines.”

“Absa operates in line with its primary objective of empowering Africa and creating a better tomorrow for Tanzania and Africa, step by step, guided by our new bank brand promise, ‘Your story matters.’ By providing quality banking services to these businesspeople, we believe we are helping to write their success stories for their benefit and for the broader interests of Tanzania and South Africa,” Ms. Irene added.

The South African Business Forum now has 100 members from various sectors such as banking, mining, telecommunications, manufacturing industries, supermarkets, and others.