Tanzania - funding development with innovative financing

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The importance of the tourism sector in Tanzania’s economy cannot be overemphasized.

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The importance of the tourism sector in Tanzania’s economy cannot be overemphasized. It comes as no surprise that a new Value-Added Tax (VAT) on tourism services and transit cargo through Tanzanian ports has been strongly opposed. Tour operators are of the view that this tax would have a devastating effect on tourism. However, the government defends its decision to collect more revenue for the numerous development challenges it is still facing, such as the alleviation and eradication of poverty, health and housing priorities, and increasing the access to water, electricity, and especially education. In the face of dwindling foreign aid, Tanzania must find alternative sources of revenue to lessen its dependence on foreign aid.

 

One sustainable and secure way of providing the funds for these challenges is to utilize Innovative Financing for Development (IFD) to create funding mechanisms using a country’s own resources, without increasing foreign aid. This involves placing micro-contributions on globalized activities which offer the best opportunities in terms of volumes and growth potential, to create sustainable, dependable new revenue streams. A great number of untapped resources can be mobilized in this way to fund Tanzania’s development priorities.

 

Read the full article.

 

 

 

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The importance of the tourism sector in Tanzania’s economy cannot be overemphasized.

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The importance of the tourism sector in Tanzania’s economy cannot be overemphasized. It comes as no surprise that a new Value-Added Tax (VAT) on tourism services and transit cargo through Tanzanian ports has been strongly opposed. Tour operators are of the view that this tax would have a devastating effect on tourism. However, the government defends its decision to collect more revenue for the numerous development challenges it is still facing, such as the alleviation and eradication of poverty, health and housing priorities, and increasing the access to water, electricity, and especially education. In the face of dwindling foreign aid, Tanzania must find alternative sources of revenue to lessen its dependence on foreign aid.

 

One sustainable and secure way of providing the funds for these challenges is to utilize Innovative Financing for Development (IFD) to create funding mechanisms using a country’s own resources, without increasing foreign aid. This involves placing micro-contributions on globalized activities which offer the best opportunities in terms of volumes and growth potential, to create sustainable, dependable new revenue streams. A great number of untapped resources can be mobilized in this way to fund Tanzania’s development priorities.

 

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The importance of the tourism sector in Tanzania’s economy cannot be overemphasized. It comes as no surprise that a new Value-Added Tax (VAT) on tourism services and transit cargo through Tanzanian ports has been strongly opposed. Tour operators are of the view that this tax would have a devastating effect on tourism. However, the government defends its decision to collect more revenue for the numerous development challenges it is still facing, such as the alleviation and eradication of poverty, health and housing priorities, and increasing the access to water, electricity, and especially education. In the face of dwindling foreign aid, Tanzania must find alternative sources of revenue to lessen its dependence on foreign aid.

 

One sustainable and secure way of providing the funds for these challenges is to utilize Innovative Financing for Development (IFD) to create funding mechanisms using a country’s own resources, without increasing foreign aid. This involves placing micro-contributions on globalized activities which offer the best opportunities in terms of volumes and growth potential, to create sustainable, dependable new revenue streams. A great number of untapped resources can be mobilized in this way to fund Tanzania’s development priorities.

 

Read the full article.

 

 

 

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