Browsing: Small and Medium Enterprises

Tax relief or a better legal framework for SMEs and start-ups would have been a major milestone for Tanzania’s private sector development agenda, however, the Finance Act does not address the heavy burden that start-ups and SMEs face when doing business in Tanzania and furthermore the proposed allocation of local government to the improvement of local entrepreneurship infrastructure was proposed, it was subsequently removed along with the contribution of local government finances to women entrepreneurs as well.

It would have been an opportunity for the Finance Act to enact amendments to certain Anti-Money Laundering Act and Economic Crimes Act provisions that treat tax offences as economic crimes or money laundering offences that are unbailable offences when they should be treated as tax offences that attract hefty fines and/or penalties.

Other areas that could have been amended are the problematic provisions of the Tax Administration Act including section 52(10) which provides …

The exhibition will hold a discussion where the panellists will highlight how SMEs were, are, and will always be critical to the growth of the global economy.

The majority of small and medium-sized enterprises account for most businesses worldwide and are significant contributors to job creation and global economic development. Small and Medium Enterprises represent about 90 per cent of businesses and more than 50 per cent of employment worldwide.

Formal SMEs in developing countries contribute up to 40 per cent of GDP, with the percentage getting significantly higher when informal SMEs are included. Experts say that over 500 million jobs will be needed by 2030 to absorb the growing global workforce caused by the increasing population.…

Many investors are getting more and more cautious about the stability of business environments and the risks that come with them.

Small and Medium enterprises are now poised to play a crucial role in stabilizing and fixing the global economy. SMEs substantially outnumber big shareholding companies and create more job opportunities. They are inherently entrepreneurial, substantially contributing to the shaping of innovation globally.

All the creators and participants of the Annual Investment Meeting agree that SMEs are the centre and the life of emerging and developed economies. Small and Medium Enterprises are also critically important for driving global economic growth and achieving global Sustainable Development Goals.…