TIC, TRA team up to enhance investment

DAR ES SALAAM: THE Tanzania Investment Centre (TIC) and the Tanzania Revenue Authority (TRA) are set to establish a joint investment facilitation technical team to address challenges faced by investors and improving the business environment.

The initiative seeks to simplify the investment process and enhance collaboration between the two entities, ultimately accelerating economic development in Tanzania.

TIC’s Executive Director, Mr Gilead Teri, said at a press conference yesterday that the formation of this expert team underscores the government’s commitment to positioning Tanzania as a preferred investment destination in East Africa and beyond.

Mr Teri said that the team will hold monthly meetings to assess cooperation between TIC and TRA, focusing on resolving emerging tax-related issues to ensure that investors are capable to operate smoothly.

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“We aim to provide a predictable and secure investment climate for both Tanzanians and foreign investors. The team will regularly evaluate our collaboration and propose solutions to enhance performance,” he stated.

The technical team is set to commence operations on November 8th, this year, with its first meeting scheduled for that date. It will be chaired by TIC’s Director of Investment Facilitation and TRA’s Commissioner for Customs and Excise.

Significantly, this team will also support the recently launched Tax Commission by President Dr Samia Suluhu Hassan, which aims to promote fair tax practices and support business development. Prior to the press conference, Mr Teri met privately with TRA’s Commissioner General, Mr Yusuph Mwenda, who visited the TIC to better understand the challenges faced by investors.

Together, they outlined strategies for strengthening collaboration in investment facilitation. Additionally, TIC and TRA will co-host a meeting in Dar es Salaam on October 31st this year with both foreign and domestic investors to listen to their concerns and identify lasting solutions.

They also agreed to exchange experiences to enhance service delivery.

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TRA’s Commissioner General, Mr Yusuph Mwenda, emphasised that his visit to TIC was focused on ensuring that investors receive their rightful entitlements related to taxes, enabling them to fulfil their roles as key players in the economy.

“The team will ensure that all investors acquire their incentives,” he affirmed.

Mr Mwenda touted the shared goal of TIC and TRA to boost the country’s economy, with TIC serving as the gateway for investors who, in turn, contribute through tax payments. He assured investors that the technical team will address their issues promptly.