In a bid to propel economic prosperity, Zanzibar has set its sights on a significant boost in revenue collection, aiming to elevate it from TZS 2.38 trillion in the current financial year to an impressive TZS 3.38 trillion in the next financial year. This ambitious vision was unveiled during the '2024/2025 Economy and Budget Annual Forum,' which brought together stakeholders from local government and non-governmental organizations (NGOs) at the esteemed Sheikh Idriss Abdulwakil Multipurpose Hall.
Dr. Juma Maliki Akili, the Principal Secretary in the Ministry of State, Office of the President, Finance and Planning, delivered this strategic announcement to a captivated audience. He revealed that the projected revenue collection for the current financial year, concluding in June, is expected to reach TZS 2.38 trillion.
Dr. Akili attributed the current success in revenue collection to a heightened commitment from stakeholders in tax payment and the promotion of voluntary tax contributions. Additionally, he commended the increased efforts by the Zanzibar Revenue Authority (ZRA) and Tanzania Revenue Authority (TRA), highlighting the strong relations between these authorities and key institutions.
"We predict a remarkable economic growth of 7.2 percent next year, accompanied by an anticipated surge in revenue collection to TZS 3.38 trillion. Concurrently, we expect the number of tourists to rise from 638,000 to 829,000, marking the end of the financial year," remarked Dr. Akili.
According to the Bank of Tanzania, Zanzibar experienced an impressive 6.8 percent expansion in its economy in 2022, driven by key sectors such as accommodation and food services, livestock, construction, and manufacturing activities.
Reflecting on the economic challenges posed by the COVID-19 pandemic in 2019, Dr. Akili emphasized the role of strategic planning in enabling Zanzibar to recover its pace and maintain single-digit inflation. He underscored the increasing knowledge about tax among ZRA and TRA staff, an improved business/investment environment, growing projects, and increased production from the blue economy as key contributors to Zanzibar's promising future.
Dr. Saada Mkuya Salum, Minister of State in the President's Office for Finance and Planning, emphasized the importance of accountability among tax authorities in achieving these ambitious revenue targets. She urged all citizens to actively participate in tax collection by fulfilling their tax obligations or encouraging voluntary contributions.
Issa Mahfoudh Haji, Principal Secretary in the Ministry of State, Office of the President (Regional Administration, Local Government, and Special Department), reiterated the crucial role that local government authority officials will play in ensuring sufficient revenue collection to fund various government programs and projects. The collaborative efforts of all stakeholders are seen as vital to realizing Zanzibar's economic aspirations in the coming financial year.