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Business persons in Tanzania pleads for Scrapping of Nuisance Taxes

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Business persons in Kilimanjaro Region have pleaded with the government to scrap nuisance taxes and charges saying they are crippling their businesses and undermining growth.

Speaking here during a training to public officials and businesspersons from all districts of Kilimanjaro Region, the businessmen said there multitude of charges which have led to closure of many businesses in the region.



The training is organised by the regional Chamber of Commerce, Industry and Agriculture (TCCIA) and Best Dialogue. Mr Christopher Shayo ‘Chrisburger’ who runs restaurants in the region said there were between 18 to 20 taxes to new entrants in business that make it difficult for newcomers to be able to run businesses, while others more are charged to going-on businesses.

Mr Shayo said the difficult periods are during auditing, whereby apart from being required to pay respective taxes, traders are slapped with hefty fines. He said that he was optimistic the situation would change as he sees the government noticing some improper issues and seeking to address the them.

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 The Moshi based businessman said the Fire and Rescue Services and Occupational Safety and Health Authority (OSHA) officers charge more than a business licence fee. TCCIA Vice Chairman (Trade), Mr Dismas Dede pleaded with the government to make early payments to suppliers and constactors as it is making it difficult for them to operate as well as paying salaries and procurement of other items.

He said it was sad that everything was referred to Dar es Salaam for action and it takes too long to pay. Mr Dede also called upon Tanzania Revenue Authority (TRA) to be closer and friendlier to businesspersons instead of the current situation where the two sides look at each other as if they are enemies

Officiating the training, Kilimanjaro Regional Commissioner (RC), Ms Anna Mghwira thanked TCCIA and Best Dialogue for facilitating the training, saying that it was necessary when the government is taking all efforts toimprove the economy and make industrialisation real.

In a speech read by Same District Commissioner, Ms Rosemary Senyamule, the RC said participants have to understand the investment climate in the region, challenges and how to solve them; get the knowledge on how to manage and develop dialogue between public and private sector and how to bring together private and public sectors and work in friendly environment.

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-AllAfricaNews

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Nigeria: Experts predicts Further Naira Depreciation As External Reserves Fall.

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The depreciation of the naira in the parallel market and the Investors and Exporters (I&E) window last week is expected to persist this week, even as the nation’s external reserves maintained its downward trend falling by $955 million in the first ten days of October.



Last week the naira depreciated by N1 in the parallel market where the exchange rate rose to N360 per dollar on Friday from N359 per dollar the previous week. In the I&E window, the indicative exchange rate crossed the N364 per dollar mark for the first time this year, rising to N364.12 per dollar on Friday from N363.42 per dollar the previous week.

On the other hand, data by the Central Bank of Nigeria (CBN) showed that the external reserves declined to $43.35 billion on Wednesday, October 10, from $44.305 at the end of September, translating to $955 million in the first day of the month.

The reserves have been declining steadily since July 5, when it peaked at $47.798 billion. Since then the reserves have declined by $4.448 billion or by 9.3 percent. The steady decline in reserves is driven by increased dollar sales by the CBN to meet increased demand prompted by foreign portfolio investors exiting the nation’s debt market.

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Last week, the CBN sustained its weekly injection of $210 million into the interbank foreign exchange market, allocating $100 million to the wholesale segment, $55 million to the SME window and $55 million for invisibles.

Analysts at Lagos based Cowry Assets Management Limited, projected further naira depreciation of the naira in most segments of the foreign exchange market this week due to persistent demand for dollar by foreign portfolio investors. They said: “This week, we expect further depreciation in the exchange rate in most market segments, especially at the I&E FX window as foreign portfolio investors’ demand for the greenback persist.”

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N494 billion inflow to moderate cost of funds

Meanwhile cost of funds is expected to further moderate downwards in the interbank money market this week in response N494.76 billion inflow from maturing treasury bills.

Last week, cost of funds dropped marginally in response to inflow of N277.07 billion inflow from matured treasury bills (TBs) which mitigated the impact of N244.1 billion mopped out of the market by the CBN through secondary market (or Open Market Operation, OMO) TBs.

Naira down to N360.3/$ in parallel market

According to FMDQ, interest rate on Collateralised lending (Open Buy Back, OBB) dropped by 169 basis points (bpts) to 19.17 percent on Friday from 20.86 percent the previous week. Also, interest rate on Overnight lending dropped by 230 bpts to 19.75 percent last week from 22.05 percent the previous week.

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-AllAfrica

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Singapore reclaims longest flight

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Such a lengthy flight would surely leave your body pleading for mercy if you had to endure it in a cattle-class seat, so the airline has opted to fit the plane with luxurious business seats as well as a number of still-not-that-comfortable-sounding premium economy seats.

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Taking 18 hours and 45 minutes between Singapore’s Changi Airport and Newark Liberty Airport just a short drive from New York City, the service, which starts on October 11, is actually a relaunch after the Asian carrier scrapped the route in 2013 due to running costs.

Having deemed it viable again, the carrier is using Airbus A350-900 ULR (ultra-long range) aircraft with 67 business class seats and 94 premium economy seats for the colossal 10,377-mile (16,700 km) flight. The airline’s other A350-900 aircraft are configured to carry a total 253 passengers instead of the 161 we see here.

In a bid to increase comfort for what sounds like a grueling journey — it does, after all, last just five hours short of an entire day — the aircraft has been designed with special lighting to reduce jet lag (there’s a 12-hour time difference), larger windows, and higher ceilings.

Perhaps wisely, Singapore Airlines also teamed up with health spa resort Canyon Ranch, which has knocked together a wellness plan to ease passengers through a flight that spans half the globe. It includes specially designed menus that focus on hydration, nutrition, and bold flavors; “subtle sleep strategies” to improve rest quality; and guided stretching exercises to ensure that your body doesn’t completely seize up halfway across the Pacific.

For in-flight entertainment, the airline has added 200 hours worth of movies and TV shows to the 1,000 already available as part of its regular services, and for anyone who needs to stay connected even at 38,000 feet, there’s Wi-Fi, though it’s not free.

Seat prices vary according to demand and date, but some passengers have been paying around $4,000 for a premium economy return ticket.

“Singapore Airlines has always taken pride in pushing the boundaries to provide the best possible travel convenience for our customers, and we are pleased to be leading the way with these new non-stop flights using the latest-technology, ultra-long-range [aircraft],” Singapore Airlines CEO Goh Choon Phong said in a release.

Singapore Airlines’ new service takes the place of Qatar Airways Doha-to-Auckland, New Zealand, route as the world’s longest flight. That one launched in February 2017 and takes 17 hours and 30 minutes to reach its destination.

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