Tanzanian officials have reiterated their determination to protect the country’s indigenous industries when it publishes its next budget. The country’s €12.3bn budget will focus on waiving export taxes on important commodities, including leather.
“The government’s priority is to foster an industrial-based economy by utilising locally available material from agriculture, livestock and fisheries”, finance and planning minister Phillip Mpango told MPs.
In practice that means – among other measures- waiving VAT on packaging produced specifically for use by local manufacturers as well as cutting investment tax in the pharma and leather industries.
“This measure is expected to promote investemtn in the manufacture of pharma and leather products, create employment and increase government revenue,” Mpango added.
“In a bid to stimulate industrial development, the government will direct more efforts in implementation of the Blueprint for Regulatory Reform to Improve Business Environment for Tanzania in order to attract private secotr investment, particularly in textiles, leather and meat.”