President Samia Suluhu, in her New Year speech, provides insights into Tanzania’s economic strategies, particularly in tax collection and the pivotal production sectors.
The announcement of a remarkable 8% increase in tax collection, totalling TZS 22.6 trillion for the fiscal year ending June 2023, signifies a positive trend in revenue generation.
This growth aligns with the President’s vision of a thriving economy, reflecting increased economic activities and financial health. The commitment to continue improving collection systems and ensuring just and lawful taxation emphasises the government’s dedication to fiscal responsibility.
President Samia’s emphasis on the production sectors—Agriculture (farming, livestock, and fishing), Mining, and Tourism—underscores their critical role as the backbone of the economy. By prioritising these sectors, the government aims to reach a broader base of producers, with a specific focus on small-scale producers.
This approach supports grassroots economic development and aligns with inclusive economic policies, ensuring that the benefits of growth are distributed more equitably across different segments of society.
The President’s commitment to fostering production from the grassroots level is a strategic move to stimulate economic growth and create a more resilient and sustainable economy. By emphasising these key sectors, President Samia aims to drive economic expansion uplift smaller producers and promote a more inclusive and robust economic landscape.
President Samia Suluhu’s address reflects a holistic approach to economic development, combining sound fiscal policies, effective tax collection strategies, and a targeted focus on key production sectors to ensure a more inclusive and sustainable economic future for Tanzania.