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Browsing: President Magufuli
Members of Parliament in Tanzania are urging the government to consider giving tax breaks to businesses in a bid to help them stay afloat.
Alternatively, the government is encouraged, through the Central Bank, to scrap interest on loans so that borrowers do not fall into default.
At the moment, despite the global slowdown, businesses are still operational but they are operating way below their year revenue projections. Already, at the start of the second quarter, the country is facing potentially huge loan defaults by both large corporations as well as small and medium sized companies.
Big businesses are now turning to the government to intervene. While the Central Bank, the Bank of Tanzania (BoT) has already issued a stimulus package for commercial banks, the Tanzania Private Sector Foundation (TPSF) is working on an arrangement to save large borrowers from mega defaults that would in effect ripple throughout the economy.
Countries neighbouring Tanzania including Uganda, Rwanda and Zambia have barred truck drivers from the country to cross their borders. The development comes as cases of the COVID-19 in Tanzania now reach 480 with 196 new cases reported both on the mainland and on the island of Zanzibar.
Of these, 174 are from Tanzania Mainland and the other 22 are from spice isles of Zanzibar. The grim news gets only worse with the announcement of six more deaths bringing the total number of deaths to 16.
Not all is doom and gloom, there are reports of 167 people recovering from the virus and of these, 36 are from Zanzibar and 83 are from the Mainland.
Meanwhile, truck drivers are protesting the strict border measures placed on transit vehicles. For example, at the Mutukula border with Uganda, it is reported that several drivers have tested positive for the coronavirus and been denied …
The higher your salary, the higher your taxes, that is why it is called P.A.Y.E that is Pay-As-You-Earn. You earn more, you pay more, its that simple, or is it.
Apparently it is not that simple. Companies are giving the top management and expatriates leeway to weasel out of the earning tax. You see, PAYE is a function of your earning that is, it is tax deducted from your monthly salary.
The way it works is that you earn a gross amount from which taxes are deducted and your pension contribution is also deducted as well. What remains after these deductions is your take home salary otherwise called net salary.
Legal consultant for corporate law in Tanzania Mr. Peter Makinda told a press conference that to keep their salaries up, top management in many companies under report their gross earnings for themselves on the one hand and to attract expatriates …
At a time when physical contact is discouraged due to spread of coronavirus, Tanzania’s little town of Kilimanjaro, has set up Automated Teller Machines (ATM) for the sale of milk. There is little human contact involved apart from the exchange of money making the machines a vital game changer in curbing spread of the virus.
The move has set a global precedence in the use of digital telecommunication for commercial purposes. What stands out is the fact that the technology has not been set up in the bustling urban town of Dar es Salaam but rather on the outskirts in the small town.
“This is what technology is for…it not only for the urban centers, it should be used to make life easier in rural areas as well, and the set up of automated milk dispensers in rural Kilimanjaro is a good example,” says milk producer Ivan Mangesi.
Ivan is …
Tanzania has eventually allowed teenage mothers to return to school after the World Bank approved a USD500 million loan as support for the improvement of Tanzania’s education system.
Tanzania had until now denied pregnant girls to return to school after delivery and to push it to change its mind, for over the last two years, the World Bank withheld the requested loan in a bid to push Tanzania to ease the law.
Tanzania’s President John Magufuli is known to hold a hard stance against pregnant teenagers returning to school after delivery. As a result, activists in the country and abroad signed petitions against the World Bank funding the country’s education programs.
Now two years down the road, the World Bank’s board has reversed its stance and approved the loan. While the International Development Association is in support of the loan approval, other international donors like the US cautioned strongly against …
There is need for Tanzania to involve the private sector to help it fight against illegal fishing if the country is to curb the devastating economic sabotage.
The country is now grappling with illegal fishing, but with the ever depleting amount fish in Lake Victoria and other inland water masses as well, it seems to be a losing battle this far.
The already trouble sector, contributing an average of 2.2 per cent to the Gross Domestic Product (GDP) is taking more hits from illegal fishing.
So bad is the crisis that last month, while addressing the nation from the Lake City of Mwanza, the country’s President John Magufuli made a public appeal in to end the detrimental practice.
The president described illegal fishing as economic sabotage and warned that the nation is losing a vital natural resource, a key economic activity that provides daily livelihood for many and is a…
In a bid to keep the sector going, the Tanzanian government has announced plans to significantly lower hunting permit fees.
The relief comes shrouded by coronavirus threat which is the push behind the announced review of annual hunting blocks license fees.
Local media quoted the Deputy Minister for Natural Resources and Tourism, Mr Constantine Kanyasu, announcing the fee slash plans. According to the high government official, the planned fee cut is in response to requests by hunting companies who are complaining of reduced bookings owing to the global coronavirus threat.
“The Ministry of Natural Resources and Tourism will meet hunters again before the end of this month to inform them on the government’s action to rescue the subsector,” the Deputy Minister told media.
On behalf of the hunting companies, the Tanzania Hunting Operators Association (Tahoa) pointed out that there is still room to review the fees ahead of the hunting …
When it comes to extractive industries, Tanzania is one of Africa’s richest countries. From minerals to marine resources, Tanzania has it all. It is the World’s only source of Tanzanite, a blue gem said to be 1000 times rarer than diamond. It is home to the highest mountain on the continent and Lake Tanganyika, the World’s deepest lake.
How to manage the extractive industries is an insurmountable task that has seen many countries plunge into endless civil wars. At the center of this strife is a matter of much deliberation but one word can describe the complex mechanisms that are required to efficiently manage the extractive industries, transparency.
Transparency in this case is a very touchy subject after all, who wants to let the world know the details of the 100 years renewable contract that they have signed with a multi-national corporation?
However, that is exactly what transparency demands, stifle …
Coffee production in South America is on a sharp increase and the resulting market flood is severely hurting East African coffee growers.
As supply increases, the market price is steadily falling. For trading blocs like the East African Community (EAC) where coffee is traditionally among the leading export commodities, the lower market prices spell a gloomy period up ahead.
In fact, for most of the East African countries, coffee accounts for 76 percent of the value of all agricultural exports put together. So losing the coffee market is a severe blow to economic development in East Africa and across the continent too.
Sector pundits say South America is using improved hybrids that are growing fast, producing better yields and they also have better after harvest storage and transportation facilities which are important to maintain the quality of the grain.
For example, statistics show that Brazil is now the world’s leading …
Over the past decade, Tanzania’s oil and gas industry has demonstrated astonishing milestones in energy generation and consumption, demonstrating that an industrialized Tanzania might be a feasible ambition for East Africa’s fastest-growing economy.
Since Tanzania discovered natural gas in 1974, remarkable developments have been achieved. These include saving over $ 10 billion USD, used in purchasing heavy fuel oil (HFO) and other fossil fuels (diesel and petrol in particular) for industrial production and power generation.
According to the Ministry of Energy, until May 2019, the Tanzania Petroleum Development Corporation (TPDC) had collected over $ 210 million USD (from gas sales and exploration), exceeding the intended target of over $ 171 million for the fiscal year 2018/ 2019.
Currently the energy arena in Tanzania seems to be working positively. The upcoming Oil and Gas Congress (commencing on 2nd and 3rd of October), anticipates profitable sectorial merits, necessary to expanding …