OVER 500 participants are expected to attend the investment dialogue forum in Dar es Salaam scheduled for tomorrow.
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 on Monday, the Director of Investment Promotion at the Tanzania Investment Centre (TIC), Mr. 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).
ALSO READ: TIC, TRA team up to enhance investment
TRA’s Manager for Taxpayers Education, Mr. Paul Walalaze said the revenue authority will use the forum to update investors on recent tax reforms and payment systems.
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“It is essential for investors to understand all tax incentive reforms being implemented by the government during the ongoing Financial Year 2024/2025,” Mr. 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 Investm
Source: allafrica.com
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Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.
Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).
Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.
While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.
“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”
Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.
Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.
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“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”
ALSO READ: NBC participates in TFF 2023/24 awards, promises to enhance competition
On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.
He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:
At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.
There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.
Source: allafrica.com
