President Samia Suluhu Hassan. Photo:
Courtesy
By Adonis Byemelwa
President
Samia Suluhu Hassan chaired the 15th National Business Council (TNBC) meeting
at the State House in Dar es Salaam on July 29, 2024, and praised Tanzania’s
economic stability, noting its role in fostering business growth and attracting
investment.
In
her address, President Samia emphasized that despite global economic
challenges, Tanzania's economy remains resilient and continues to improve. She
highlighted that the economy grew by 5.2% in 2023, up from 4.7% in 2022, and
that inflation is steady at 3%, within the target range.
President
Samia also noted an increase in borrowing and lending capacity for both the
government and businesses, with a gradual decrease in interest rates,
reflecting positive economic conditions.
The
meeting aimed to explore ways to bolster business and strengthen the economy,
with TNBC serving as an advisory body on key economic issues.
Despite
the optimistic economic outlook, business representatives raised concerns about
challenges with the Tanzania Revenue Authority (TRA). Ali Amour, a Private
Sector representative, reported issues such as bank account freezes, improper
seizure of funds, and disruptions from EFD machine shutdowns.
“These
actions damage the relationship between businesspeople and the TRA,” Amour
said. He also pointed out deficiencies in the Tax Administration Act, Chapter
438, and Section 67, calling for specific amendments to improve the business
environment.
Amour
stressed that businesses should not be treated as adversaries and urged for a
more supportive approach in addressing issues of corruption and revenue loss.