DAR ES SALAAM, Oct 30 (NNN-DAILYNEWS) — OVER 500 participants are expected to attend the investment dialogue forum in Dar es Salaam scheduled for Thursday.
The forum will focus on informing foreign investors about the latest regulatory and tax reforms adopted by the government to facilitate investments in the country.
Briefing the media, the Director of Investment Promotion at the Tanzania Investment Centre (TIC), John Mnali said; “Through the dialogue forum, we aim to inform foreign investors on the various investment reforms, including tax incentives, that have been implemented by the government across all economic sectors.”
He added that the meeting will serve as a platform for investors to voice their challenges and receive tangible solutions and clarification from the TIC, in collaboration with other government agencies under the TIC’s one stop facilitation Centre, including the Tanzania Revenue Authority (TRA) and the Business Registration and Licensing Agency (BRELA).
“The meeting will significantly connect foreign investors with TIC experts and representatives from the One Stop Facilitation Centre’s founding agencies, who have been invited for discussions and consultations aimed at enhancing investment,” he said.
The forum is co-organised by TIC and the Tanzania Revenue Authority (TRA).
TRA’s Manager for Taxpayers Education, Paul Walalaze said the revenue authority will use the forum to update investors on recent tax reforms and payment systems.
“It is essential for investors to understand all tax incentive reforms being implemented by the government during the ongoing Financial Year 2024/2025,” Walalaze explained.
He explained that investments are vital source of revenue for the TRA, which is subsequently used to fund various development projects.
He commended the government, under President Samia Suluhu Hassan for making significant investment reforms, including the adoption of the new Investment Act, 2022.
“It is very important to note that since becoming operational, this act has attracted a notable influx of Foreign Direct Investments (FDIs) and Domestic Investments (DIs),” he said.
Reports from TIC indicate that in the last Financial Year 2023/2024, a total of 707 projects were registered in the country, worth 7 billion US dollars (approximately 19tri/-), compared to 369 projects valued at 5.4 billion US dollars (14tri/-) recorded in the 2022/2023 Financial Year—representing a 91 per cent increase in investments. Approximately 43 per cent of all recorded projects were Foreign Direct Investments. — NNN-DAILYNEWS