TANZANIA 2017/18 BUDGET SPEECH
The Minister of Finance and Planning, Hon. Dr. Philip I. Mpango, presented the 2017/18 Budget Speech to Parliament on 8 June 2017.
Key Highlights of the Budget Speech:
- No changes to taxation of Individual Income or Employment Income.
- The Tax Tables remain the same.
- Tanzanian Shilling remains stable in terms of the Exchange Rate and currently ranges between Tshs2,230/ US$ and Tshs2,260/ US$ in the 2017.
- The Bank of Tanzania proposes to move to a fully-fledged interest rate based framework during the course of 2017.
- Savings Deposit Interest Rate increased to 3.17% as at March 2017 and overall lending rate increased to 17.36% as at March 2017.
- Tanzanian Government is currently finalizing a Bill to ensure that membership to the Community Health Fund (iCHF) is mandatory for all Tanzanians. This will enable children under the age of 18 to be enrolled on the contributing parties plan, regardless of their relationship.
- GDP growth is expected to be vigorous averaging to 6.2% between 2017 and 2026.
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