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TANZANIA’s tourism earnings increased by 12.1 per cent to 4.68tri/- last year from 4.18tri/- in 2015 contributed by the surge of the number of tourist arrivals.

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THE government through National Economic Empowerment Council (NEEC) has launched the inclusive national entrepreneurship strategy to foster industrialisation drive. The Deputy Minister for Industry, Trade and Investment, Ms Stella Manyanya, said the goal and objective of the strategy is to foster the government efforts to empower its ordinary people.

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AZANIA Bank Limited (ABL) has embarked on supporting the government's ambition to industrialise to achieve economic transformation.

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THE International Monetary Fund (IMF) has revealed that the Tanzania economy has grown strongly by 6.8 per cent in the first half of 2017.

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CRDB Bank, one of the largest banks in the country, said yesterday it will increase the lending amount to industrial sector. The bank said it will raise the amount from the current 15 per cent to 20 per cent to 700bn/- by next year.

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TWENTY-four students from the University of Dar es Salaam (UDSM) yesterday have been awarded full scholarships from Barclays Bank Tanzania, supporting government efforts and investments in the area of education.

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IRINGA Municipality has agreed to cut service levy imposed on local businesses from 0.3 per cent to 0.1 per cent of gross profit to bring relief to entrepreneurs based in the municipality.

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LOCAL manufacturers should strive to improve quality of their products so as to compete in the market as the government will not curb imports to protect them, the Deputy Minister for Industry, Trade and Investment, Ms Stella Manyanya, has cautioned.

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THE domestic debt stock has increased by 24 per cent to 12.37tri/- in a year ending September from 10.01tri/-. The Central Bank's monthly economic review for October showed that treasury borrowed through the government securities—Treasury bills and bonds—issued in September for budget financing.

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TANZANIA Social Action Fund (TASAF) has said some 70 per cent of poor households in the country so far benefited from the programme. The targeted households have been reached as the programme is on its third phase.

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TRADERS and service providers have been given three months ultimatum to submit consumer contracts or face the music. The contract is a legally binding agreement between traders and the consumer concerning the sale of goods or the supply of services - with or without goods.

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DAR ES SALAAM Stock Exchange (DSE) turnover decreased by 11 per cent to 3.72bn/- from 4.16bn/- of the previous period..

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A NEW ride-hailing app Taxify, has launched its services in Dar es Salaam to give commuters more options in private urban transport.

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THE United Nations Industrial Development Organisation (UNIDO) believes that Tanzania can bring positive changes in the industrial sector since it has enough resources, raw materials and manpower to support the plan.

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TANZANIA Women Bank (TWB) has given 14 days to its defaulters to settle their outstanding loans or risk auctioning of their properties.

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TANGA Cement Company Limited has been named as the overall winner of the best presented financial statement for the year 2016 at an award gala organized by the National Board of Accountants and Auditors (NBAA) in Dar es Salaam over the weekend.

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THE Minister of Industries, Trade and Investment, Charles Mwijage yesterday issued two month ultimatum to importers of substandard goods to stop the illegal business otherwise the legal measures will fall on them.

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TANZANIA Trade Development Authority (TanTrade) plans to establish a plant for producing sewing machines for the blind and visually impaired people to help them participate in industrialisation efforts.

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DIGITAL money transfer service WorldRemit, has raised 40 million US dollars to drive its next phase of global growth, aiming to serve 10 million customers connected to emerging markets. Half of these customers will be in Africa.

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Minister for Finance and Planning, Dr Philip Mpango

Business

THE government welcomes views by the private sector on the improvement of tax collection and management systems so as to speed up and contribute to both social and economic development, the Minister for Finance and Planning, Dr Philip Mpango has said.

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THE government has paid some 15bn/- in tax refund last month, in a new drive to settle all Value Added Tax claims.

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THE average of cattle supply at Pugu Auction market declined slightly by 6.2 per cent to 29,008 in November from 30,940 in the preceding month, the trend that pushed slightly retail prices in Dar es Salaam.

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ECOBANK Tanzania Limited has facilitated the restructuring of the water supply system at Hananasif Primary School in Kinondoni District enabling pupils’ access to clean and safe water.

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CEMENT makers are experiencing a bearish run at the Dar es Salaam Stock Exchange as they struggle with increased competition in the market and overcapacity challenges.

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THE Tanzania-Zambia Railway Authority (TAZARA) announced an indefinite suspension of all train services between New Kapiri Mposhi and Nakonde Stations, following a strike by workers in Zambia.

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THE Tanzania National Business Council must ensure local and foreign investors have a peace of mind and are contented with the country business environment.

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SOME 101 women and youth groups in the Arusha City Council have been offered 505m/- as a support in their investment initiatives.

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MOTORISTS will spend more on fuel during year end festivals following increase in the prices of petroleum products yesterday.

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PARENTS have been implored on cultivating savings culture on their children that will assure bright future and contribute to economic growth.

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TANZANIANS in diaspora have remitted over 25 million US dollars (some 55bn/- ) through Tigo Pesa using a cheap means—WorldRemit channel.

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THE proposed Central Bank of East Africa may not necessarily be built in Arusha, despite the city’s position as community headquarters.

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MBEYA City is set to reduce service levy by two-third as most businesses are not complying while some cannot afford paying.

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Prof Honest Ngowi

Business

MULTINATIONAL companies have lower effective tax rate than domestic companies in developing countries.

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