Tax Partner from Price watershouse Coopers (PwC) Joseph Lymo told reporters in Dar es Salaam on the sideline of the CEO round table discussion that reducing payee’s taxes will have multiple economic advantages.
Lymo who is also the Director of Tax added that through savings, people will be able to establish new generating incomes that can also create new employments.
“It is the right time to work and enable people to save and invest. Once you invest you can create employment opportunities to other people,” he said.
In his comments, the CEO Roundtable -Tanzania Chairman Sunjay Rughani said the CEO had met to share insights on the finance act 2018 in line with Tanzania’s long-term objective for economic growth.
He said with the new financial year firmly underway and following the recently passed finance Act 2018, business and opportunities represented within the Finance Act 2018 were enormous.
Rughani who is also the Standard Chartered Chief Executive Officer (CEO), echoed what he termed as finance minister Dr Philip Mpango’s words over the prevailing challenging business environment.
Furthermore, the minister announced some key measures aimed at improving the business environment including a six-month tax amnesty, which he said could result in broadening the existing tax base.
He said the CEO roundtable forum will continue to hold meaningful engagements aimed at informing the government on the need to create enabling business environment, which supports socio economic growth through job creation, capacity building and skills development.