Economy
Tanzania’s President Announces Plan To Reduce Income Tax
Tanzania’s new President Samia Suluhu Hassan said on Saturday the government would reduce the income tax rate by 1 percentage point to 8%, in the 2021/22 financial year beginning in July, and also planned to remove “unfriendly taxes and charges to Tanzanians”.
Hassan, who took office in March following the death of President John Magufuli, said in a Labour Day speech in the northern Mwanza region that the COVID-19 pandemic had hurt global economic growth, and that Tanzania’s economy had not been spared.
Her remarks were the latest acknowledgement of the coronavirus, in stark contrast to the denials of her predecessor Magufuli, who was Africa’s most prominent COVID-19 sceptic. Last month, Hassan announced she was forming a committee to research whether Tanzania should follow the course taken by the rest of the world against the pandemic. read more
“Due to steps I’m planning to take by removing unfriendly taxes and charges to Tanzanians, tax revenues will decline for a short period and will later increase,” she said on Saturday.
The new president has indicated in public remarks since she took office on March 19 that she will also seek to improve the investment climate in the country of nearly 60 million people. Under Magufuli, foreign direct investment plunged and investors complained of a difficult business environment.
Kenya on the other hand has a murderous income tax rate that stretches upto 30%.
Kenya Insights allows guest blogging, if you want to be published on Kenya’s most authoritative and accurate blog, have an expose, news TIPS, story angles, human interest stories, drop us an email on [email protected] or via Telegram
From Daily Bribes to Billions Frozen: The Jambopay Empire Crumbles as CEO Danson Muchemi’s Scandal-Plagued Past Catches Up
Driver Claims Jirongo Swerved Into His Lane to Avoid Traffic, Causing Head-On Collision
Cyrus Jirongo Dies
Oketch Salah, Raila’s Confidant Now Swimming in Power Doesn’t Go Without Controversies
Shanta Gold’s Sh680 Billion Gold Discovery in Kakamega Becomes A Nightmare For Community With Deaths, Investors Scare
Official: Guinness World Records Certifies Truphena Muthoni’s 48-Hour Tree-Hugging Marathon
Why Truphena Muthoni Can’t Celebrate Her 72-Hours Tree Hugging World Record
Ghanaian Influencer Charged Over $8m Scam Targeting Elderly Americans
Talanta Stadium To Be Renamed Raila Odinga International Stadium, Ruto Announces
Kenya Police Officers Returning From Haiti Recount Horror Experiences of Fighting The Deadly Criminal Gangs
Kakuzi Investors Face Massive Loss as Land Commission Drops Bombshell Order to Surrender Quarter of Productive Estate
Kenyan Driver Hospitalized After Dubai Assault for Rejecting Gay Advances, Passport Seized as Authorities Remain Silent
Money Bior, Lawyer Stephen Ndeda Among 18 Accused Of Running An International Fraud Ring Involved With Scamming American Investor Sh500 Million
Nestlé Accused of Risking Babies’ Health in Africa with ‘Toxic’ Cerelac Product Sold Highest in Kenya
Construction Of Stalled Yaya Center Block Resumes After More Than 3 Decades and The Concrete Story Behind It
INSIDER LEAK REVEALS ROT AT KWS TOP EXECUTIVES
How Somali Money From Minnesota Fraud Ended In Funding Nairobi Real Estate Boom, Al Shabaab Attracting Trump’s Wrath
How Land Grabbing Cartels Have Captured Ardhi House
BANKS BETRAYAL: How Equity Bank Allegedly Helped Thieves Loot Sh10 Million From Family’s Savings in Lightning Fast Court Scam
CNN Reveals Massive Killings, Secret Graves In Tanzania and Coverup By the Govt
-
Investigations2 weeks agoNestlé Accused of Risking Babies’ Health in Africa with ‘Toxic’ Cerelac Product Sold Highest in Kenya
-
Investigations1 week agoHow Land Grabbing Cartels Have Captured Ardhi House
-
News2 weeks ago48-Year-Old Woman Who Pushed 25-Year-Old Boyfriend To Death From 14th Floor Kilimani Apartment Arrested
-
Investigations2 weeks agoKDC Rocked With Fresh Sh500 Million Tender Scam
-
Grapevine2 weeks agoMP Anthony Kibagendi Assault and Injures Kisii Man He Accuses Of Sleeping With One Of His Girlfriends
-
Investigations4 days agoInside the Deadly CBD Chase That Left Two Suspects Down After Targeting Equity Bank Customer Amid Insider Leak Fears
-
News3 days agoSeven KDF Soldiers Accused Of Stealing Meth From Sh192 Million Mombasa Bust Detained For 10 More Days
-
Business1 week agoPanic As Payless Africa Freezes With Billions of Customers Cash After Costly Jambopay Blunder