Dar es Salaam. Executive director of Tanzania Investment Centre (TIC) Geoffrey Mwambe has condemned the tendency of Tanzania Revenue Authority (TRA) officials to close businesses and over tax disputes.

Mr Mwambe further said the tendency the move not only denies the government revenue, but it also discourages new investors from coming into the country.

He therefore advised TRA to find alternative and friendly measures to deal with tax defaulters without affecting their operations and businesses.

"Many businesspersons and companies have loans from banks and other financial institutions. Closing their businesses over tax disputes is not the best solution," said Mr Mwambe.

He added: "As a result, they fail to repay the loans and ultimately they face legal consequences and bankruptcy."

Mr Mwambe made the remarks when he spoke to journalists at a press conference held at the TIC head office in the city on Thursday, April 25, 2019.

Referring to the current investment trend in the country, the TIC boss further said the investment centre between January and March this year had registered 80 new development projects worth $383.2 million.

He further revealed that 55 of the newly registered projects were related to manufacturing sector, followed by transportation sector (11 percent) and tourism (6 percent).

Furthermore, Mr Mwambe revealed that the government recently had issued 892 residence permits, 1076 work permits to foreign investors and experts with a view to facilitating them to freely engage in various investment activities in the country.

"More efforts are required to promote our investment opportunities so as to attract both domestic and foreign direct investments (FDI)" said Mr Mwambe.

Meanwhile, the TIC boss revealed that the investment center plans to organize an exhibition dubbed "Tanganyika Business Summit and Festival" to be held in Kigoma on May 9-11.

The Vice President Samia Hassan will officiate the opening of the event which will bring together participants from neighbouring countries such as Zambia, Rwanda, Burundi, DRC and the host Tanzania, revealed the TIC boss.

"Over150 exhibitors will participate in the exhibition. The aim is to promote investment opportunities in the key sectors of Industry, agriculture, fishery, and more," said Mr Mwambe.