Browsing: SMEs

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 that an objected assessment/decision is confirmed and subject to appeal if the Commissioner fails to determine it within 6 months of admission to name just a few.

Covid-19, according to UNECA’s Vera Songwe, was evidence that Africa cannot be ignored if the rest of the world is to reap from the 1 billion-plus African population.

Speaking at the Global Leaders Debate: Investments in Sustainable Innovation for a Thriving Future, Songwe said that 60 million electric vehicles are needed by 2050 and the raw materials are in Africa. “The continent controls 30 per cent of the raw materials and the sector needs to be relooked at to see how to attract more investment in the sector.”

Due to MSMEs’ contribution to socio-economic infrastructures in both developed and developing countries during the transition from market-oriented economies, they remain an important part of the continent’s economy.

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.

AIM 2022 comprises a broad array of features and activities that give real value to all participants and stakeholders of the conference, including AIM Pre-conference Workshop & Seminar, AIM 2022 Conference, AIM 2022 Exhibition, AIM 2022 Innovation Showcase, Startup Hackathon,  Startup Live Pitching Sessions, Site Visits, B2B, G2B, & G2G Meetings, Exclusive Breakfast, High-level Networking Lunch, Gala Dinner, AIM Global 2022 Investment Awards, AIM 2022 Startup Pitch Competition, and AIM 2022 Future City Awards, among other features.

With the Annual Investment Meeting’s 6 Pillars providing value to all the event’s participants, therefore, attending AIM is imperative for all stakeholders of the global investment landscape.  

The details and topics of the meeting are available on the AIM website and for participation or questions regarding AIM, you can contact Angie Marhan.

SMBs share a similar technology adoption trend to SACCOs exposing them to Cybersecurity threats that are detrimental to their growing business.
Speaking during the launch of a cyber security sensitisation campaign, Dimension Data East and West Head of Managed Security Services Dr. Bright Mawudor said there’s a looming misconception that threat actors are only focusing on large enterprises yet small businesses equally possess sensitive data that is lucrative to attackers.