On Tuesday, during the ‘2024/2025 Economy and Budget annual forum, Dr. Juma Maliki Akili, the Principal Secretary in the Ministry of State, Office of the President, Finance, and Planning, unveiled promising projections for Tanzania’s tourism sector.
.Anticipating substantial growth, he disclosed that the sector could yield an additional Sh3.38 trillion in the upcoming financial year, surpassing the current financial year’s Sh2.38 trillion.
Addressing stakeholders from local government and non-governmental organizations at the Sheikh Idriss Abdulwakil Multipurpose Hall, Dr. Akili outlined that revenue collection until the end of the current financial year concluding in June, is expected to reach Sh2.38 trillion.
He emphasized that this figure could see a significant boost through heightened commitment from stakeholders in tax compliance, encouragement of voluntary tax contributions and intensified efforts by the Zanzibar Revenue Authority (ZRA) and Tanzania Revenue Authority (TRA). Additionally, robust collaboration between authorities and principal institutions is poised to contribute to this optimistic financial outlook.
According to Dr. Akili, the forecasted economic growth of 7.2 percent in the next year is aligned with expectations of increased revenue collection, reaching Sh3.38 trillion. Simultaneously, the number of tourists is anticipated to rise from 638,000 to 829,000 by the end of the financial year, reflecting a positive trend in Tanzania’s tourism landscape.
Expressing confidence in achieving these targets, Dr. Akili attributed Zanzibar’s recovery to effective planning following the economic slowdown in 2019 due to the impact of COVID-19. He emphasized key elements contributing to Zanzibar’s bright future, including enhanced tax knowledge among ZRA and TRA staff, improvements in the business and investment environment, increased project initiatives, and amplified production from the blue economy.
Tanzania’s tourism industry, which faced a downturn due to the COVID-19 pandemic, is now experiencing a noteworthy resurgence. In the previous year, data from the Bank of Tanzania indicated a remarkable recovery, with tourism contributing $2.99 billion to foreign exchange earnings in July 2023, compared to $1.95 billion in July 2022.
The bank highlighted that this revival, coupled with increased earnings from gold, has played a pivotal role in propelling Tanzania’s service earnings to over $5 billion marking a historic milestone.
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