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The Single Customs Territory, whose major objective is to overcome the hurdle of slow and costly movement of goods and services and also improve the business environment in the region, is yet to be fully operational even after the lapse of the July 1 deadline. In the Northern Corridor comprising Kenya, Uganda and Rwanda, the […]
The Prime Minister, Mr Mizengo Pinda, has ordered the Ministry of Transport to monitor closely public institutions, to curb unnecessary bureaucracy at customs posts. Moving a motion to adjourn the National Assembly until November, this year, Mr Pinda said such a situation has hindered government from getting the desired revenues. He noted that when he […]
East Africa’s second largest economy, Tanzania has recorded the fastest growth in the East Africa Community (EAC) partner states for the period of 2013. Deloitte’s Economic Outlook 2014 shows that Tanzania’s economy grew by 6.9% in 2013 and there are expectations that growth will hit the 7% mark in 2014 and 2015. “Gas discovery is […]
Beverages such as mineral water, soft drinks and beer have been added onto items to be cleared under the Single Customs Territory system, a regional initiative meant to speed up the clearance of goods and quicken revenue collection. Other goods that have also been cleared under the system include; wines, spirits and plastics. “Beginning June […]
East African countries face a budget deficit of $6 billion in the next financial year amid narrowing funding options due to the region’s high debt levels, limited revenue sources and unpredictability of key donors. Kenya, Tanzania, Uganda and Rwanda face $3.4 billion, $2.2 billion, $311 million and $261 million respectively in budget deficits. The total […]
Tanzania Revenue Authority (TRA) has said that the effective implementation of the Single Customs Territory (SCT) would help to curb cheating in the cargo declarations. As a result, the TRA Chief told East African Business Week during the awareness workshop to stakeholders on the implementation of the SCT in Dar es Salaam last week that […]
Observers have said that trade within the East African Community has improved tremendously as the regional integration within the bloc has spurred the movement of goods and services across the borders. Speaking to The Observer recently, Isaac Shinyekwa, a trade and integration research fellow at the Economic Policy Research Centre (EPRC), said trade in the […]
Execution of Single Customs Territory (SCT) will curb cheating in cargo declarations, thus increasing revenue collection, so says the Tanzania Revenue Authority (TRA). The TRA Commissioner General, Mr Rished Bade, told an awareness workshop to stakeholders on implementation of the SCT that the system will have special mechanism of monitoring the whole process from declaration […]
TANZANIA Freight Forwarders Association (TAFA) has urged the government to postpone the introduction of Single Customs Territory (SCT) to give room for stakeholders’ opinions. The TAFA President, Mr Steven Ngatunga told reporters over the weekend that the SCT set to take off next month came as a surprise to them despite the fact that they […]
The massive budgetary allocations by East African countries to infrastructure development are a pointer to the seriousness with which the regional governments are taking this key aspect of the economy. Together with a raft of proposed changes to taxation legislation, the focus on East Africa as a regional economic hub is clearer now than ever […]
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