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Business persons review national budget highlightsBy Erasto Jones
The business community is eager to know the implications of measures contained in the national budget in respect to private sector engagement in the economic development of the nation. This was expressed over the weekend during the reviewing of the repercussions of the national budget for the private sector. The session was organized by the East African Business Club, Arusha Chapter. Speaking at the luncheon of the second informal meeting with business persons at the Mount Meru Hotel, the guest speaker, Dr. Nyamajeje Weggoro, an economist - sectoral policies and programmes to the East African Community said there are several matters that would have a direct impact on business and individual welfare. Dr. Weggoro said: "The private sector should be innovative, dynamic and stimulant and in so doing, it will become a driving force in both demand and supply of the economy". Speaking of the East African partner states economies, Dr. Weggoro said that, the countries’ weak economies have not reached a stage where fiscal and monetary policies are effectively regulated and monitored. He added that this is due to small and unpredictable capital base because of the over dependence on donors support. Dr. Weggoro and the business persons reviewed some of the highlights of the national budget for the year 2004/2005 like abolishment of business licence fee for religious run hospitals, dispensaries and health centres, zero rate VAT on pharmaceuticals, veterinary drugs, mosquito nets, articles for the blind and disabled persons; business licences to be issued only once not every year as it was done previously and income tax relief on costs related to clearing land for farming, investment, irrigation system, agricultural research and preservation of the environment. Most of the business persons requested the government to look into the possibility of getting rid of some taxes especially VAT on internal products in order to protect internal industries. The East African Business Club, Arusha chapter was launched early this year by the East African Business Council (EABC) in collaboration with the Confederation of Tanzania Industries (CTI). This is an informal network of entrepreneurs and chief executive officers from the manufacturing, trade and services industries and will be established in all major cities in East Africa, with the aim of lobbing for the interest of the private sector and contribute to the creation of an enabling environment for the East African Business Sector and to increase competitiveness towards external markets. The luncheon was also attended by the EABC Executive Director, Elly Manjale who chaired the meeting, Anup Modha, CTI Chairman, EABC Advisor Busso Von Alvensleben, CTI and EABC officials and club members.
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