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Hilbroy Advisory: TRA Defends Budget, It's Attainable
Hilbroy Advisory: TRA Defends Budget, It's Attainable
With growing economy, TRA said revenue collection will grow as well because output is the good determinant of tax collections.
Montreal,
Quebec,
Canada
(prbd.net)
16/06/2011
Montreal, Quebec, June 15th, 2011– Hilbroy Advisory Inc. (DeutcheBörse: 2H0) Hilbroy Advisory Reports: TANZANIA Revenue Authority (TRA) has defended the envisaged 17 per cent of GDP in tax collections, saying the target was attainable because the national economy was set to grow.
With growing economy, TRA said revenue collection will grow as well because output is the good determinant of tax collections.
TRA's Deputy Commissioner-General Mr. Placidus Luoga told the 'Daily News' in an interview on Monday that after all the targeted tax collection remains the same as that of last year's 18 percent.
"Though we failed to meet our last year target, effort to meet our projection is there and it's very possible that we will attain the new projections," Mr. Luoga said confidently.
The economy is projected to grow by 7 percent, after slowing down to 6 per cent in 2010. TRA has based attaining their goal on the GDP growth, which also ups government revenues.
Reading 2011/12 budget estimates in the Parliament last week, the Minister for Finance and Economic Affairs, Mr. Mustafa Mkulo, said the government's projection was to raise 17.2 per cent of GDP in taxes.
The government will continue to strengthen domestic revenue collections by deploying policy and administrative measures on both tax and non-tax revenues as well as widen revenue bases," Mr. Mkulo told the Parliament.
The idea is to cover large portion of unharnessed revenue potentials. The amount projected to be collected is 6.77trn/ which is equivalent to 17.2 per cent of GDP.
But while the government projected a new ambitious figure, it failed to collect its revenue in 2010 by almost 500bn/- blaming poor economic performance driven by high fuel price, drought and global financial crisis.
"The tax base remains rather narrow, collection mechanisms are inefficient and tax evasion and avoidance as well as exemptions are many" said Mzumbe University Dar es Salaam's Business School Dr Honest Ngowi.
He hinted on the possibilities of continuous revenue target missing due to high fuel prices and chaotic status of electricity in Tanzania, among other things.
Nevertheless, the government has a possibility of rising revenue after including Non-Governmental Organizations (NGOs) on tax bracket, previous these organizations were exempted from paying taxes.
About Hilbroy Advisory Inc.
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
Our specialists will customize a service package that includes reviewing, identifying and recommending a series of specific action and tasks that help their clients’ management decisions when seeking
• Go Public strategy,
• Debt and or equity financing
• Identify prospective investors
• Hire investor relations firm
• Cross listing decisions
• Planning road-shows and promotional campaigns.
Hilbroy Advisory has established numerous international relationships over the years with Broker Dealers, Hedge Funds, Institutional Investors, High net worth Investors as well as with investor relations firms and consultants. These relationships are made available to all Hilbroy clients and our team will manage the relationships from introduction to post financing activities.
Contact:
Jean François Amyot
HilbroyAdvisory, Inc.
1400 rue Begin
Montreal, QC H4R 1X1
info@hilbroyadvisory.com
www.hilbroyadvisory.com
Tel: 514-334-3131
Important Information About Forward-Looking Statements
All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates", "believes", "could", "expects", "intends", "may", "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.
About
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
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