Tanzania Budget Analysis 2022/23
Among of the main objectives Tanzania’s budget is to build the economy,and reduce poverty and unemployment, especially to the youth.
Tanzania’s budget for the financial year 2022/23 is TZS 41.48 trillion Shillings ($18 billion) with the theme of “Accelerating economic recovery and enhancing productive sectors for improved livelihood.”
The key sectors for the financial year 2022/23 and 3rd Five-Year Development plans are:
Among of the main objectives led by Her Excellency Samia Suluhu Hassan, the budget is to build the economy, reduce poverty and unemployment, especially to the youth.
As a key sector in the budget, the agricultural sector’s budget is raised from TZS 294 billion to TZS 954 billion so that Tanzania can produce enough food for domestic demands and exports. Other initiatives include encouraging more investment in meat processing industries, scale up small irrigation, increase large scale farmers with focus on palm and sunflowers.
Minister for Finance and Planning, Hon. Dr. Mwigulu Nchemba has proposed exemption of VAT on equipment used for soil testing to promote research and development in agriculture.
The Government of Tanzania is looking to impose strategic fiscal measures to contain rising prices in the importation of crude edible oils though on the other hand, reduction of license fee from 500,000 to 300,000 for manufacturers and importers of excisable goods has been proposed.
Ministry of livestock and fisheries budget has increased by TZS100 billion, from TZS 168.3 to TZS 268.3 billion.
Hon. Mwigulu Nchemba also encouraged foreign investors to invest in Tanzania tourism industry for mutual benefits.
For additional business insights and to analyze your company’s prospects in this growing region, contact Commercial Assistant Shalom Katule, at the U.S Commercial Service, U.S Embassy, Dar es Salaam, firstname.lastname@example.org.