The new budget signals start of industrialization journey, says CTI
Mr Leodegar Tenga
What you need to know:
Confederation of Tanzania Industries (CTI) hailed the government for coming up with a budget that aims at improving industrial sector, with its executive director, Mr Leodegar Tenga believing that more businesses and foreign investment inflows will increase in the country.
Dar es Salaam. Confederation of Tanzania Industries (CTI) said on Monday, June 17, 2019 that the 2019/20 budget is a starting journey to the industrial economy.
Addressing a press conference here, Mr Leodegar Tenga said the confederation was happy with the government decision to scrap some tax and make policy reforms as it tabled the 2019/20 budget through the ministry of Finance and Planning.
“The government is now committed to start the implementation of its Blueprint which aims at regulatory reforms to improve business environment. With it in the way, the government will remove at least 54 fees, charges and levies which seemed to hamper industrial development making it hard to do business in the country,” he said.
He added that, the move of reviewing taxes, adjusting various levies and fees and establishment of ‘Office of Tax Ombudsman’ under the ministry of finance also are good signs that the industrial sector has a bright future.
“With budgets like this, I am positive that the dream of becoming an industrial economy can be realised , even if it is not tomorrow,” he noted.
According to him, the budget is conducive enough to attract more businesses and increased Foreign Direct Investment (FDI) to the country.
