On 10th June, 2021, The Minister of Finance of the United Republic of Tanzania, Dr. Mwigulu Lameck Nchemba (Mb) presented the 1st Budget of the 6th Phase Government under the leadership of Her Excellency President Samia Suluhu Hassan, asserting the Government’s intention to sustain foundations set forth by previous regimes, to adopting the good practices and develop new ones.
Burhani Associates & Co. has reviewed the budget recommendations, and we are happy to present our overview here. Our report includes key priorities of the budget and specific changes in finance acts, including for motor vehicles, electronics and stamp duty.
Key Priorities of the 1st Budget of the 6th Phase Government of Tanzania:
- To maintain national values that is peace, unity and solidarity.
- To improve business environment by reviewing policies, laws and various regulations in order to attract private sector investment and increase employment opportunities.
- To improve tax collection and administration systems so as to simplify tax payments and widening the tax base.
- Strengthening parastatal operations.
- Increasing productivity in agricultural, livestock and fishery products and improving access to capital.
- Promoting industrial investments specifically those utilizing domestic raw materials and labour intensive.
- Curbing mineral trafficking and promoting construction of mining refining and processing industries.
- Improving transport, transportation and energy infrastructure.
- Improving provision of social services (esp. health, sanitation and education).
- Increase participation in Dar es Salaam Stock Exchange (DSE).