Tanzania Parliament endorses 2020/21 budget

15 Juin 2020

Dar es Salaam, Tanzania, June 15 (Infosplusgabon) – Tanzania Parliament on Monday endorsed the national budget for 2020/21 financial year as President John Magufuli is set to address the House on Tuesday before it is dissolved ahead of the general elections in October.

The 34.88 trillion Shillings (US$16.32 billion) budget tabled in Parliament on 11 June 2020 by the Minister for Finance and Planning, Dr Philip Mpango, was passed by 371 Members of Parliament while 63 others, mostly opposition MPS, voted against it. The budget takes effects from 1 July 2020.

Among other issues, the budget has addressed tax relief, with reduction of Pay As You Earn (PAYE) for employees by 50,000 shillings (US$18.18).

Taxable income for employees has also moved from 170,000  shillings (US$ 61.81) to 270,000 shillings (US$98.18).

Debating the budget proposal, most MPs commended President Magufuli’s administration for taking fiscal and monetary policy measures to improve business environment in the East African nation.

The MPs called for a more effective tax system to enable domestic resources to meet the Global Sustainable Development Goals (SDGs).

Tanzania will hold general elections in October 2020 to elect the president and Members of the National Assembly.

Political parties in the country have already started nominations ahead of the much awaited elections.

FIN/ INFOSPLUSGABON/GBJ/GABON2020

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