Am delighted to let you know about wonderful news to investors and businessmen.
The Tanzanian government has launched a one-stop shop to improve services for investors. The aim is to raise the country’s position in global doing business ranking.
The facility, by the Tanzania Investment Centre (TIC), has departments that deal with matters such as land, taxation and product standards.
The goal is to shorten the time taken to register an organisation or venture from 14 days to three.
Hon. Charles Mwijage elaborated this aspect as shown below;
“It is a shame for an investor to spend two years to get a title deed while it takes just two weeks to have one in Rwanda,” Industry, Trade and Investment minister Charles Mwijage has said. He said the immediate goal is to ensure that when the World Bank launches its next Doing Business Report in October next year, Tanzania should have improved significantly to become one of the best 100 countries in the world.
During the Doing Business 2017 Report, which was released last month, East Africa’s second biggest economy adopted just one reform and was ranked number 132, seven places up from its 139th position in last year’s report.
While the country was credited for extending coverage of the credit reference bureau, the Doing Business 2017 report notes that the government undermined this positive attribute by complicating the tax payment system.
Tanzania also performed poorly in trading across borders, protecting minority investors, resolving insolvency and registering property. Mr Mwijage hopes the situation will improve.