12 °c
London
Sunday, February 5, 2023
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

World Bank Faults Tanzania Tax System

FurtherAfrica by FurtherAfrica
October 27, 2016
in Africa, Banking, Currency, Economy, FDI, Finance, Industry and Commerce, Legislation, Tanzania, Tax, Uganda
Reading Time: 3 mins read
1.2k 75
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Tanzania has climbed up ease of doing business rankings, but the country is still lagging behind regional peers because of a complicated tax payment system, a new report shows.

According to the Doing Business 2017 Report released yesterday, East Africa’s second biggest economy adopted just one reform to improve aimed at improving the business environment. Tanzania is ranked 132nd, seven places up from its 139th position in last year’s report.

While the country has been credited for extending coverage of the credit reference bureau, the report notes that the government undermined this positive attribute by complicating the tax payment system.

Tanzania is also performing poorly in trading across borders, protecting minority investors, resolving insolvency and registering property.

Kenya and Rwanda undertook five and four reforms, respectively, to continue cementing their positions as East Africa’s most reformed economies during the period under review.

Uganda adopted three reforms, while Burundi made one improvement. No reform was reported in South Sudan, the newest member of the East African Community.

Regionally, Tanzania is ahead of Burundi and South Sudan, according to the latest rankings.

Doing business rankings are based on the average of how close each economy is to global best practices in business regulation.

A high score indicates a more efficient business environment and stronger legal institutions.

The report says that sub-Saharan Africa economies stepped up the pace of reform activity, with 37 economies undertaking a total of 80 business reforms in the past year, an increase of 14 per cent from the previous year.

For the second consecutive year, Kenya was among the world’s top 10 reformers, while seven economies implemented four or more reforms each.

The world’s other top 10 reformers, based on reforms undertaken, are Brunei Darussalam, Kazakhstan, Kenya, Belarus, Indonesia, Serbia, Georgia, Pakistan, United Arab Emirates (UAE) and Bahrain. However, 13 economies in the region had additional hurdles for women entrepreneurs.

Economic experts and private sector players see Tanzania as having a long way to go as far as a conducive investment climate is concerned.

Prof Honest Ngowi of the Mzumbe University Business School said the rankings mattered a lot for investment decisions and a low ranking could scare away potential investors who would prefer countries where they could operate smoothly.

“It’s good news that Tanzania has climbed up the rankings, but we still have a lot to do with regard to taxation, corruption and even infrastructure,” said Prof Ngowi.

The Tanzania Private Sector Foundation (TPSF) unveiled a report last week indicating that the local business environment was still not good.

The sixth Business Leaders Perceptions of the Investment Climate in Tanzania Report – 2015 mentions corruption as the biggest impediment to business growth that has been least addressed by the government. Other issues include tax administration, level of taxes and access to finance.

However, the private sector is banking on President John Magufuli following his crackdown aimed at restoring discipline and accountability in public service.

TPSF Executive Director Godfrey Simbeye said yesterday during the report’s launch that he was not entirely surprised by the findings, but voiced optimism that shortcomings highlighted would be addressed and improvement would be seen in the next report.

“There are no miracles in this, and we expect more improvement. We have confidence in initiatives being taken by the new government’s leadership,” he said.

The government said it would continue addressing issues which were adversely affecting the business environment.

“It’s a great achievement having improved in the rankings,” said Mr Chrispher Mramba, assistant director in the Prime Minister’s Office responsible for improving the business environment.

“We will continue improving property and business registration and other issues that affect the local investment climate,” he added.

Source: allAfrica

Related

Tags: Doing business rankinginvestmentInvestment ClimateTanzaniaTanzania Private Sector Foundationtax administrationTPSFUgandaWorld Bankタンザニア坦桑尼亚
ScanSendShare498Tweet311Share87Pin112Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Fintech

Proof of Reserve saves Africa’s crypto Industry from fake blockchain companies

by Web3Africa
February 5, 2023
Travel

Is travelling to Zimbabwe expensive? The truth

by See Africa Today
February 5, 2023
Insight – The rise of Women entrepreneur in Africa
Finance

AfDB provided US$1B to African women entrepreneurs

by FurtherAfrica
February 5, 2023
Travel

Untapped low budget tourist attractions in Nigeria

by See Africa Today
February 4, 2023
Tech

Heifer selects ThriveAgric DigiCow and Brastorne as winners of AYuTe Africa Challenge

by FurtherAfrica
February 4, 2023
Platform Africa 2023
 
Mozambique eVisa
 
MozParks
 

Translate this page

Read the Latest

Fintech

Proof of Reserve saves Africa’s crypto Industry from fake blockchain companies

by Web3Africa
February 5, 2023
0

Third-party auditors conduct crypto audits in blockchain or proof of reserve audits, creating a snapshot of all the company's balances...

Read more

Is travelling to Zimbabwe expensive? The truth

February 5, 2023
Insight – The rise of Women entrepreneur in Africa

AfDB provided US$1B to African women entrepreneurs

February 5, 2023

Untapped low budget tourist attractions in Nigeria

February 4, 2023

Heifer selects ThriveAgric DigiCow and Brastorne as winners of AYuTe Africa Challenge

February 4, 2023

FurtherAfrica Partners Network

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
O Económico Digilogic Africa Web3Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 100,777 other subscribers.
FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?